YFI token jumps nearly $100,000 in value! YFI introduces a new "unit token" WOOFY with reduced denomination and meme-like features.
yearn.finance YFI has surged by as much as 91.53% since 5/10, driven by the launch of a new meme token called Woofy by yearn. YFI is pegged to Woofy at a ratio of 1:100, riding on the meme trend of dog coins and reigniting investor confidence in this top DeFi protocol that has not shown a standout performance for quite some time.
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Woofy.Finance
Yearn Finance core developer Banteg announced the launch of Woofy Finance on Twitter earlier today, May 12th. 1 YFI = 1,000,000 WOOFY, allowing the high-priced YFI to have a more affordable unit price. He jokingly mentioned:
The Blue Dog Companion Token utilizes special Woof technology that enables bi-directional conversion between WOOFY and YFI, allowing users to easily participate in both the dog-themed tokens and DeFi blue-chip stocks.
Why Was WOOFY Created?
As of now, there are no official documents related to WOOFY. Core developer Banteg shared a Twitter analysis from BrotherMuozone.
He pointed out a similar issue to Bitcoin, where the high price and scarcity of YFI are not favorable for speculators. Many traders seek tokens priced below $1, and with WOOFY's meme-like characteristics and being one millionth of the price of low-priced YFI, it can combine with the trend of dog-themed tokens like Shiba Inu coins.
Holders of YFI and WOOFY can convert between the two tokens. BrotherMuozone stated:
While this may seem unwise, it's actually a great time to test the "unit bias" cognitive bias. Banteg recognized this and seized the opportunity.
1/5 So why is $YFI price up so much? This blue chip with strong fundamentals is pumping because….a dog coin.$WOOFY (or $WUFFY)
This is thanks to the mad scientist, @bantg pic.twitter.com/pBkduuo1zC
— BrotherMuozone (@BrotherMuozone) May 11, 2021
Yearn Founder: I Hate Dog Coins
Yearn founder Andre Cronje had previously expressed his subtle views, stating:
I don't like dog coins; they are a meme, and I don't like cat meme pictures lolcats either. But lolcats caught people's attention and played a role in the early development of the internet. The impact of lolcats on the internet may be similar to the impact of dog coins on cryptocurrencies. From this perspective, dog coins may be more meaningful than most projects.
To ensure everyone understands, Andre Cronje even brought up lolcats.
— Thomas (🪄, ✨) (@ThomasCryptoast) May 8, 2021
"Lolcat" refers to funny cat pictures with captions, composed of "LOL laughing out loud" and "cat" in English.
With positive news, YFI briefly reached $95,000, but at the time of writing, it had retraced to $87,466, while WOOFY was priced at $0.0864, ranking 831st by market capitalization.
Currently, WOOFY has liquidity on Uniswap v2, v3, SushiSwap, and Matcha.