Dog-themed tokens continue to gain in popularity despite the correction that Dogecoin is experiencing at $ 0.70. Yearn Finance, one of the leading DeFi protocols, also plans to profit from this madness with the WOOFY token.
But YFI fans who joined the stream early may not have fully understood the use of cryptocurrencies.
In the last 24 hours, rumors of the new project have started to circulate on Twitter, and users associated with Yearn have gave the hints. Rumors of airdrops for users who posted photos of their faces licked by a dog and tagged Yearn developer “Banteg” have prompted Twitter to be flooded with photos of this kind.
— Max Crypto Headroom (@maxcryptohead) May 11, 2021
Community members rushed to buy the token, not fully understanding the use of the new token.
WOOFY’s actually only function is to offer a way to transform YFI savings. Woofy Finance offers one-to-one conversion from YFI to WOOFY. Excited buyers have raised the price of WOOFY so much that YFI needs to reach $ 1.5 million to match.
YFI, on the other hand, gained 43 percent to $ 88,200.
$1.5 per woofy means you essentially paid $1.5million for $ yfi
— Eth Lab ⟠ (@EthLaboratory) May 11, 2021
It does not matter which of the two tokens will be chosen by investors, as it does not affect Yearn’s overall market value. Still, WOOFY can reduce the volatility in the YFI price by offering arbitrage between the two tokens.
WOOFY is trading at $ 0.083 as of the time of translation broadcast, while YFI is trading at $ 82,730.