Yearn.Finance Jumps 11% After Coinbase Announce to List YFI

September 11, 2020 3:23 PM UTC

Coinbase, a giant cryptocurrency exchange, has announced to list Yearn Finance governance token YFI to its Pro trading platform.

YFI is not the first DeFi governance coin to be listed on the exchange’s platform. Maker, Compound, and Band tokens have already been listed on Coinbase so far in 2020. However, in response to Coinbase Pro listing YFI has grown more than 11% in the past 24 hours.

According to the exchange blog post:

“On Monday, September 14, we will begin accepting inbound transfers of YFI to Coinbase Pro. Trading will begin on or aft9 AM9AM Pacific Time (PT) Tuesday September 15, if liquidity conditions are met, Once a sufficient supply of YFI is established on the platform, trading on our YFI-USD order book will launch in four phases, transfer-only, post-only, limit-only and full trading.”

Yearn Finance Introduce Stablecoin Lending Protocol 

yearn.Finance has emerged as a popular decentralized finance platform. As per CoinMarketCap data, yearn.Finance has more than $540 billion daily trade volume, with a market capitalization of $1 Billion. Moreover, on August 31, YFI rallied to attain an all-time high of $39,300, almost four times the price of leading crypto asset Bitcoin.

The user interface is initially completed, as per the September 10 announcement. “In the coming weeks,” the protocol will be available for public use. Investors are allowed to earn stableCredit USD at a ratio of 75% by transferring USD Coin. However, investors need to return borrowed stableCredit in order to release the locked assets.

At the time of reporting, Uniswap still leads the DeFi market space, even after the ‘vampire attack’ from SushiSwap, followed by Curve Finance, Maker, and Aave. Whereas, Yearn Finance stands at 5th spot with more than $804 million locked in its smart contracts.

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