Yearn.finance now back at price parity with Bitcoin after spiking to $44k

Finance's YFI coin launched in July, changing the Ethereum DeFi world forever, the pseudonymous Crypto Twitter personality "Blue Kirby" began to popularize the "1 YFI = 1 BTC" meme.

The theory was that the price of one YFI would hit the price of Bitcoin, then around $11,000.

After weeks of upward price action, the cryptocurrency finally achieved this milestone, leading to celebrations on Twitter and a custom website that trounced on the graves of "Bitcoin Boomers."

YFI shot as higher as $44,000 by the end of August in a spectacular rally that generated wealth for the early adopters that mined the coin for basically no upfront cost.

Unfortunately for YFI holders, CryptoSlate market data now shows that one YFI now equals one BTC once again.

As of now, YFI, trading at $13,000, is now worth around 0.93 BTC - a far cry from the all-time highs set a few weeks ago.

Su Zhu, head of Three Arrows Capital, attributed this price trend to the rapid nature of Bitcoin's ongoing rally, which is forcing capital and attention on BTC:. "$BTC going up swiftly is not only not bullish for alts but it's bearish reasons for this are myriad but boil down to the fact that money is a coordination game and Bitcoin is the Schelling point; this is independent of how you feel about it, community is literally irrelevant.

"The argument that YFI / Yearn value is dependant on crazy yields is missing the forest for the trees. Yield opportunities continue to grow Future strategies: - 10x-100x leveraged short DAI - Basis/Funding trades - UNI Farming - BAL Farming - L1/L2 Liquidity Bridging - etc."

Finance developers roll out new vaults such as the 3pool LP vault and the gUSD vault.

These extraordinary Curve yields today will filter down to yearn vault yields tomorrow.