An Ethereum (ETH)-based decentralized finance (DeFi) protocol has experienced a significant price surge due to a recent increase in whale activity and the emergence of new addresses, as reported by the cryptocurrency analytics firm Santiment.

YFI, the native token of the automated yield-farming protocol Yearn.Finance, is currently trading at $10,242.

Santiment has observed that the volume of YFI transactions exceeding $100,000 has recently reached its highest level since July 2022. Additionally, the growth in new addresses has been on an exponential rise, as noted by the analytics firm.

Despite the recent increase in value, YFI is still trading at nearly 89% below its all-time high of $90,786, which it reached in May 2021.

Santiment also observes that Ethereum transaction fees have returned to their highest levels in the past four months.

Regarding the broader cryptocurrency market, Santiment suggests that digital asset traders maintain a bullish bias, a trend that has historically led to market stabilization or a decrease in momentum.

In the last week, the cryptocurrency currently ranked 129th by market capitalization has seen a remarkable surge of over 71%.