Coinbase Pro to Launch YFI Trading Support Next Week

UTC by staff writer · 3 min read
Coinbase Pro to Launch YFI Trading Support Next Week
Photo: Shutterstock

Beginning next week, yearn.finance’s token is set to be available for trading on Coinbase Pro. Recently, the platform has added a number of new tokens, including UMA, CGLD, OMG, NMR, MKR, BAND and COMP.

According to the Californian crypto exchange Coinbase‘s announcement on Thursday this week, Yearn.Finance (YFI) will be listed on Coinbase Pro on September 14. Although inbound transfers of YFI to Coinbase Pro will be accepted on that Monday, full trading is intended to occur from Tuesday, September 15, beginning at 9 AM Pacific Time (PT).

Per CoinMarketCap data, YFI has a daily volume of $546 billion and a market cap of $1 billion- making it one of the immensely popular stablecoins around. Hence, during the DeFi-inspired bull-run this summer, YFI has been a success.

On August 31, the price of one YFI peaked at $39,306. At the beginning of September, unfortunately, YFI’s price dipped as the price Bitcoin (BTC) and Ethereum (ETH) was also declining. However, during the past 24 hours, its price has climbed by a significant 26%.

In this perspective, this is an outstanding performance considering that they are currently around 29,967 YFI in circulation in comparison with 18 million Bitcoin coins, and the market cap of BTC is 200x YFI’s.

YFI Trading Rules on Coinbase Pro

The company further said in that statement that certain liquidity conditions would have to be met for trading to take place. YFI must be sufficient in supply after an adequate assessment is done. Trade on Coinbase’s YFI-USD order book will thereafter launch in four phases, namely; full trading, post-only, transfer-only, and limit-only. However, in the event that either of the new order books falls short of the orderly and healthy market requirement needed after the assessment, Coinbase would either choose to suspend trading as the Trading Rules dictate or decide to maintain the book in a single state for an extended time period.

Immensely Popular Governance Token

yearn.finance’s first launch took place just less than two months ago. This portal is a kind of decentralized finance (DeFi) platform that aggregates different protocols. YFI is the platform’s native token earned whenever smart contracts using stake cryptocurrency are performed on yearn.finance.

Using the token, users can perform aggregated liquidity as well as automated marketing functions, thereby generating high interests on cryptos in smart contracts. Stakeholders are able to utilize YFI to disperse funds between platforms such as dYdX, Compound and Aave based on diverse DeFi liquidity and lending protocols.

Yearn.finance has an “Earn” section that maximizes yields on lending protocols as well as a “vaults” feature that does likewise for liquidity protocols. For that matter, it has now evolved into what can be described as a DeFi super app.

As of now, the platform is the fifth-most popular DeFi protocol, after Uniswap, Curve Finance, Maker, and Aave, since almost $804 million is locked in its smart contracts.

Coinbase Pro is Coinbase’s fully-fledged exchange that enables uses to trade between other exchanges. Earlier on, Coinbase Pro added trading support for UMA, CGLD, OMG, NMR, MKR, BAND and COMP.

Altcoin News, Blockchain News, Cryptocurrency news, News

Related Articles