The biggest token in the DeFi sector is about to get listed on the biggest crypto-asset exchange, Coinbase. After the news of listing came to light, YFI rose by more than 14%. Yearn.Finance becomes the very first DeFi-related token to be listed on Coinbase.
This stance of Coinbase outlines that the future looks promising for the DeFi tokens. And why not so, the DeFi sector’s growth took everyone by surprise, becoming the first industry to surpass 10 billion USD within months. YFI will be available for buying/selling on Coinbase Pro from 15th September.
yEarn Finance sets DeFi to next level
Following yEarn Finance’s listing on Coinbase, other crypto-exchanges are now aiming to add support for them. A few hours ago, Binance posted a tweet that hints that it is set to list the DeFi tokens. Besides, Binance is known to be availing and creating opportunities at the right time.
Hence the DeFi market is in the green zone and rising impressively, Binance seems to be planning to enlist best performers in the DeFi sector. However, details about the listing are yet to be announced. Binance has us all excited about its new move.
In addition, such big moves by these exchanges indicate that they are adapting an abiding approach as well as contemplating the potential DeFi industry holds.
YEarn Finance’s road to gaining recognition
What started as an endeavor to collect yields in February 2020, became the most valuable DeFi-related token in the industry. For those who don’t know, initially yEarn Finance was dubbed as iEarn Finance.
After making its way to the top, yEarn Finance has had the community by surprise. Notably, role of YFI in cutting Ethereum’s transaction fee and providing high return on investments are key factors of setting it apart from other tokens.
After a successful launch, the token traded at $30.65 in July 2020. And now when we look back at the journey it reminds the early Bitcoin era. When the community was skeptical, investors were bearish and the world was unacceptable.
Coinbase listing results in the upward trend
There is no shred of doubt about listing news bolstering the price of YFI. Coinbase always approaches reputable projects to add support for, and YFI is clearly a worthy contender. Ever since the price went up, people are referring to it as the “Coinbase effect”.
In the last two months, the DeFi market has noticed a booming force pushing its market value to new levels. As per the statists, the DeFi market was grossing $12 billion at the start of September.
At the time of ongoing SushiSwap drama when people were losing interest, this news of listing comes as a hope for the DeFi community. At last, yEarn Finance is the fastest horse in the DeFi race soaring by 23%.