DFI.Money (YFII), a decentralized finance (DeFi) altcoin project, suffered a massive crash caused by rug pull claims. After the crash, investors are trying to guess whether DFII is the “new LUNA event”. Here are the details…
Concerns grow for altcoin YFII
The cost of the DFI.Money project’s YFII token suddenly fell sharply at noon on May 25 just after rug pull accusations came to the fore after a series of reviews. On the morning of May 25, the cost of the YFII token on major exchanges suddenly dropped, dropping from $1,212 to $320 in just 15 minutes, losing almost 70 percent of its value. As we reported as Kriptokoin.com, the announcement of Binance, the world’s largest cryptocurrency exchange by trading volume, that it would remove DFI from trading with the Binance USD (BUSD) pair, dealt a blow to the crypto money.
It’s not clear why the cost of YFII has dropped so dramatically, but most theories at this stage are due to the fact that the power of progress at DFI Money has taken a hit. originates. The reason for the discussion towards the altcoin is thought to be the fact that DFI.Money has not shown any significant progress, while the communication channels of the startup have remained “silent” so far regardless of the token’s decline.
YFII appears to have rebounded
At the time of writing, YFII appears to have rebounded to $720 levels, but is down 38 percent in the last 24 hours. As we reported as Kriptokoin.com, the Terra (LUNA) ecosystem declined after the project’s algorithmic stablecoin, named UST, collapsed. This situation sent shock waves to the market, causing many investors to experience losses.
DFI.Money is a fork of popular decentralized finance (DeFi) aggregator platform yearn.finance (YFI). Launched in July 2020, an update plan called YIP-8 aims to optimize returns for DeFi investors while adhering to the proposed changes. According to the project’s own statement, “In addition to the protocol changes, DFI.MONEY has also launched new products such as Vault. The native token of DFI.MONEY is YFII, a stable supply token earned by liquidity providers based on network interactions”.
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