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Yearn Finances native token YFI has been seeing significant capitulation as the price has dropped from an all-time high (ATH) of $43k in mid-September to todays $13,875 USD value. Despite the -67.7% loss since the tokens ATH, the Yearn Finance project still has around $624 million total value locked into the platform.

Yearn Finance and the native token YFI has been a hot topic during the latter half of 2020. This is because the YFI token went from an all-time low of $739 on July 21, 2020, to reaching an ATH of $43k on September 12. In between that time, YFI saw a whopping 5,718% gain for anyone who held YFI at those times. Additionally, on August 29, the Yearn Finance project had around $967 million locked into the protocol according to Defipulse.com stats.

However, since these recent ATHs, both the projects TVL (total value locked) and the native tokens value has plummeted. The projects TVL has slid to $624 million in assets locked on Wednesday, October 7, 2020. Thats a large decent of around -35% since the August 29 TVL-ATH locked into the Yearn Finance project. The coin itself, YFI has lost a critical -67.7% since the September 12 ATH and has been sliding relentlessly since that day.

Some people blame the drop on the lack of trust in Yearn Finance founder Andre Cronje. Not too long ago the decentralized finance (defi) crowd witnessed a mishap with Cronjes secret Eminence (EMN) project. YFI has been getting creamed, tweeted the crypto proponent Alex Krger in regard to the declining YFI value. Recent underperformance relative to other cryptos has been notable. One could argue it is the chart. But it is not. One can find plenty of equally poor charts across crypto. This IMO is the marketplace punishing YFI by removing the Cronje premium, Krger added.

Krger also said:

The main reason IMO was Yearns blatant negligence around the EMN launch, and how poorly the aftermath was handled. Said so when it happened, not in hindsight later. Many exited/reduced YFI positions because of it.

The Eminence (EMN) project was considered bizarre as the unfinished project was hacked for $15 million before it even launched. Even after the incident, Cronje said that he was going to continue building Eminence.

I am still building [Eminence], the Yearn Finance developer wrote on Twitter. I love the metaverse and metaconomy. I am also going to continue deploying test contracts. I have over ~100 deployed contracts, of which probably >half have vulnerabilities.

Still, Cronje was criticized for putting unfinished work on the main network instead of using an Ethereum testnet.

Why put unfinished code on mainnet to be tested? an individual asked Cronje after his statement. The contract should have been on a testnet. Any noob programmer knows not to test on a live server. With great reputation comes great responsibility. You need to own this and return funds fully before the hack.

What do you think about the Yearn Finance and YFI decline, as well as the Eminence controversy? Let us know in the comments section below.

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Yearn Finance Token Value Slides 67%, While Locked Value Loses Over $300M | Altcoins - Bitcoin News