Ha, I saw this on my news feed from like 3 different articles. Weren't we just talking about how unit-bias is bad? I just checked, and yearn unsurprisingly has a cap of 30,000 coins, whereas Bitcoin has 21M.
Once again, everyone falls victim to unit-bias and acts like it's a big deal that a coin of arbitrary value is now worth more than Bitcoin. I seriously can not wait for a network to come out that just has 1 coin... so that one coin's value will just be equal to the market cap. It's happening, just you wait.
Hopefully you caught the tongue and cheek of it all and the statement about bitcoin's market cap being north of $200 billion while YFI's was around $500 million? No where in there was it ever stated that this coin was now better than bitcoin or more "valuable"...
Oh yeah for sure! I'm not like insulting you or anything or saying you don't understand the issue. It's just that many many other people are going to do just that. I've seen this news in multiple places by multiple sources. It will be misinterpreted by a lot of people. Stuff like this kinda creates FOMO out of thin air. Fuel for the bubble I guess.
As far as people talking about it, it's one of the few times that a coin has traded north of bitcoin with actual real volume instead of painting the tape. It's worth $500 million with heavy trading volume, it's not like it's a paint job.
I just hope this DeFi bubble continues into the real bitcoin bubble.
I'd hate to run out of steam before then.