Longing. Economie [YFI] The sound-blocking model could be the upgrade that speeds up the DeFi project to build value despite the market downturn.
According to Messari, a soon-to-be-launched vToken could help improve YFI’s revenue-sharing protocol. The crypto intelligence platform explained that the upgrade, if implemented, would improve the health of the YFI network.
over here Predict AMBCrypto prices for YFI For the year 2023-2024
Despite some anticipation for an upgrade, YFI achieved a lot for the price. In the last 24 hours, YFI has lost 2.50% of its value. According to CoinMarketCap, YFI is worth $7,465 at the time of writing.
Can’t keep up here
Notably, YFI recorded a 2.54% decrease in all foreign exchange reserves. According to CryptoQuant, YFI’s foreign exchange reserves It was 6600 at the time of writing.
An assessment of the reserves showed that the reserves have been declining since June 26 with no end in sight.
However, with the decline in reserves, he indicated that fewer YFI investors sold their holdings. However, this did not result in a reversal of the YFI price.
Additionally, CryptQuant showed that the exchange’s net flow rate was 4.45%. scale down from the previous day. It is clear that YFI has been in a very volatile state.
Increased selling pressure from the spot market. The implications of this will not be good news for YFI investors as the increased selling pressure could lead to further price drops.
Still HODL but…
But sales don’t seem to affect YFI HODLers with big bags. This is revealed by the status of the top 1% headlines. Based on Glassnode dataThe proportion of YFI supply held by the top 1% addresses remained flat, holding onto the 90%-95% range.
This could mean that major investors in YFI were confident of a price hike. While it may not happen anytime soon, it probably will in the long run.
As the veToken upgrade approaches, YFI’s development activity appears to be in line with the protocol’s deployment. At the time of writing, the YFI development activity metric, which fell to 3.02 on October 12, is back at 4.6.
Because of this increase, the YFI team was almost certainly under development.
In addition, YFI investors may not expect significant gains in the short term. This is due to the declining market value of the realized value ratio (MVRV).
in pressure time MVRV . Ratio It was -7.27%. With it trending lower, investors may have to rely on the voting ban and the peg in the event of any price hikes.