This Yearn.finance competitor surged 60% in the past day alone

Finance has rapidly become the darling of the burgeoning DeFi space.

Simultaneously, the total value locked by the protocol surged to $1 billion.

Finance is a yield aggregator, which leverages multiple DeFi protocols like Aave and Curve Finance to maximize the returns that it depositors will get.

The first competitor was Harvest Finance, which was launched by anonymous developers.

More have since launched, including Pickle Finance, APY Finance, backed by investors like Sam Bankman-Fried's Alameda Research and CoinGecko, and Rari.

Though its coin YAX launched months ago, only recently has the project began to make an actual impact on DeFi.

With the DeFi bull run returning, investors have once again begun to look for places where they can park their capital to earn a steady yield on their investment.

According to CoinGecko, the coin has surged approximately 60% in the past day alone from $6.50 to highs around $11.00, making it one of the better-performing DeFi coins of the past day.

Tyler Reynolds, a Google Payments developer that moonlights as a DeFi analyst, noted that he appreciates yAxis' "Wonderful user experience," likening the platform to platforms like Betterment or Wealthfront.

The main developer behind yAxis, "Delta y," was also recently spotted talking with Artem "Banteg" K, one of the lead developers of Yearn.