Yearn Finance, a seasoned decentralized finance platform,<a href="https://blockworks.co/yearn-finance-launches-yfi-buyback-program-markets-wrap/" target="_blank" rel="nofollow noopener"> declared</a> that it would aggressively purchase back its native coin, YFI. As a result, the price has already risen dramatically.

In a tweet from yesterday, Yearn Finance announced that they had purchased $7,526,343 worth of YFI on the open market for an average price of $26,651.
<h2>Yearn Finance Announces Aggressive Buy-Back Program</h2>
Yearn has purchased $7,526,343 worth of YFI from the open market. We got 282.4 YFI (0.77% of total supply) at an average price of $26,651. More YFI has been repurchased in the past month than in the prior year.

Yearn's treasury also had "over $ 45 million in savings, and with more profits than ever, expect even more aggressive buyouts," according to the report.

Analyst Adam Cochran reported the move in a separate Twitter feed, as well as other projects Yearn, is working on, such as a revamped tokenomics "to perform fee distribution to cardholders, now reviewing xSushi veCRV models." All of this appears to have had a significant impact on the price of YFI, the company's native token.

YFI is currently selling at roughly $ 27,000 as of this writing, and the coin sank to approximately $ 19,000 just a few days ago. This equates to a 41 percent spike in the last three days, with 30 percent of that occurring in the last 24 hours.
<h2>Overview of Yearn Finance</h2>
Yearn Finance (<a href="https://www.cryptoknowmics.com/news/yearn-finance-yfi-and-compound-comp-technical-analysis-assets-deep-in-red/">YFI</a>) is a Decentralized Finance (DeFi) product suite that combines loan, yield creation, and insurance on the Ethereum blockchain. According to materials on the project's website, the protocol is maintained by multiple independent developers and overseen by YFI holders.

Vaults, Labs, and Iron Bank are the protocol's three main product offerings.

Yearn Finance is a decentralized application with a decentralized governance model. "YFI token holders control the Yearn ecosystem by submitting and voting on off-chain proposals that govern the ecosystem." A nine-member multi-signature wallet implements proposals with majority support (&gt;50 percent of the vote). To be implemented, changes must be signed by six of the nine wallet signers, according to the protocol's documentation.

On July 17, 2020, the project launched one of the first community-fair token distributions, awarding 30,000 YFI tokens to early protocol users via a surprise yield farming announcement. The entire maximum quantity of 36,666 YFI tokens has been distributed.

Yearn Finance Announces Aggressive Buy-Back Program, Causing YFI to Skyrocket 30%.

Yearn Finance, a seasoned decentralized finance platform, declared that it would aggressively purchase back its native coin

Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

Yearn Finance Announces Aggressive Buy-Back Program, Causing YFI to Skyrocket 30%.

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