In what has to be one of the fastest turnarounds ever, Yearn.finance’s YFI token is being listed on Coinbase just two months after its launch.
The leading decentralized finance coin, which is currently the only one with a market capitalization over $1 billion, was just revealed to have garnered a coveted Coinbase listing.
On September 10th, the official Twitter account of Coinbase Pro wrote:
“On Monday September 14, our YFI-USD order book will enter transfer-only mode, accepting inbound transfers in supported regions. Orders cannot be placed or filled. Trading will begin on or after 9AM (PT) Tuesday Sept 15, if liquidity conditions are met.”
On Monday September 14, our YFI-USD order book will enter transfer-only mode, accepting inbound transfers in supported regions. Orders cannot be placed or filled. Trading will begin on or after 9AM (PT) Tuesday Sept 15, if liquidity conditions are met. https://t.co/6UTHK3Htpf
— Coinbase Exchange 🛡️ (@CoinbaseExch) September 10, 2020
As the announcement notes, Coinbase’s order books/trading pairs for the Ethereum-based coin are not yet activated. They will be activated once there is enough liquidity in the books.’
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YFI Surges 20% On Announcement
YFI has surged over 20% off the announcement. In the past thirty minutes alone, the coin is up by over 14%. But in the past day, it has gained over 20% despite stagnation in the prices of Bitcoin and Ethereum.
Chart of YFI's price action over the past few days from TradingView.com
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The Ethereum DeFi Coin Has Room to Rally
Analysts think the coin will rally further than it already has.
Yearn.finance is getting into decentralized insurance, which is a trend that analysts say is worth billions of dollars. On the potential that decentralized insurance has, Fred Ehrsam, partner at Paradigm, said:
“Crypto-native insurance – on-chain insurance covering protocols and DAOs – has the potential to be the next big financial primitive in DeFi. The market size could be enormous and the initial wedge is credible.”
Santiment reported last week that these following on-chain trends signal that YFI is likely to move higher in the weeks ahead:
- YFI is being deposited into Aave’s lending pool.
- Yearn.finance’s social media volume has maintained despite recent price action.
- YFI is being withdrawn from centralized exchanges and put to work in DeFi.
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Photo by Jason Leung on Unsplash Price tags: yfiusd, yfibtc Charts from TradingView.com Yearn.finance (YFI) Just Surged 20% Due to Coveted Coinbase Listing