The YFL governance token for the highly anticipated Linkswap automated market maker has doubled in price in less than a week as the big launch nears.
The Linkswap automated market maker DeFi platform has not even launched yet and already its governance token YFL has doubled in price since the same time last week.
On initial glance, it appears that this one is chasing the monumental gains that Yearn Finance’s YFI token made as DeFi governance tokens remain popular despite large corrections for many of them.
The YF Link token surged over 27% since Sunday to top out just over $1,000 for the first time since it spiked over $1,600 in September. Traders think this is just the beginning and prices could go a lot further:
— Fonship is a joke (@fonship) November 22, 2020
Popular twitter analyst Josh Rager has also been plugging YFL and a number of related tokens recently, stating;
“Don’t forget #LINKSWAP launches in 4 days. And Gameswap launches in the coming month with a limited supply. I will be staking $GSWAP, $LINK and $YFL on Linkswap. The first people who stake early in the coming weeks will earn the most rewards, remember that,”
So What is Linkswap?
Linkswap is a DeFi automated market maker for the Chainlink community designed to rival Uniswap. The team envisioned a product targeted to ‘Link Marines’ which are somewhat fanatical about the token and project.
The AMM goes live on November 25 and brings with it a range of liquidity farms for various tokens that have yet to gain traction elsewhere. There will be big incentives for LINK holders and big rewards in YFL which is currently driving market momentum.
The latest announcement from the yet to launch project is a partnership and collaboration with UniLayer, a next-generation trading infrastructure that focuses on the implementation of limit orders for AMMs.
Happy to be collaborating with another up and coming project in the space, $LAYER!
— YF⛓LINK (@YFLinkio) November 22, 2020
LAYER is one of the tokens among several that are supported by Linkswap, and most of them are surging at the moment as the hype builds.
LINK Still Strong
Naturally, Chainlink’s native LINK token will also benefit from Linkswap as it will be the primary pair for many of the yield farms offered.
LINK prices are currently approaching $15 after gaining around 7% over the weekend. The token is up around 23% since the same time last week and is approaching its all-time high of a little over $19 which occurred in mid-August.
Chainlink is currently fifth in the market cap charts, just ahead of Litecoin which has also rallied strongly, with $5.8 billion.