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Yearn.Finance Purchases $7.5 Million Worth of Tokens From The Open Market

Twitter icon  •  Published 2 years ago  •  Hassan Maishera

The Yearn.Finance team is aggressively buying back YFI tokens to reduce the number of coins in circulation

The Yearn.Finance team announced a few hours ago that it had purchased $7,526,343 worth of YFI from the open market. The team acquired 282.4 YFI (0.77% of total supply) at an average price of $26,651 as it intensifies its buyback efforts.

The team added that it intends to aggressively buy back more of its tokens from the open market over the coming months. Yearn.Finance is a DeFi platform designed to build products on aggregated liquidity provision, leveraged trading, automated marketing making, and more.

YFI had added nearly 20% to its value since the buyback event yesterday, and the token is now trading at $25,214 at press time.

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Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.