Coinbase will list YFI, the yearn.finance native token on the Pro exchange starting September 15 around 4:00 as we are reading in today’s coinbase news.
The token increased by 15% immediately after the announcement and gained over $4000 within a few minutes. Coinbase will list YFI on Coinbase Pro trading which is the next event that will boost the price of the coin even further.
From the start, iEarn Finance in February of this year, known as yEarn Finance, took the world of Defi by storm. The project was the first to try and aggregate yields. Instead of lipping between different DeFi protocols, Yearn.finanace allocated the user funds to platforms that have the highest returns. The project reduced ETH transaction and gas fees by pooling fees from many users. these features are responsible for leading the asset to new highs every day. The YFI governance token debuted with a price of $31.65 after the launch in July. Since then, yEarn Finance saw a huge rise and is now trading at more than $30,000.
Responding to today’s listing news, the token increase another 15% to $33,721 and this is for the cryptocurrency that Andre Cronje, its founder, said to be completely valueless. The sudden increase in price is not unexpected. Coinbase has credibility when choosing reputable projects that are soon to be listed on the exchange. Listing on Coinbase Pro will make the token available to hundreds of US retail buyers that are expected to boost the demand for YFI. The effect is so profound that it even has a name among the traders, known as the “coinbase effect.”
However, it does come as a surprise that YFI will be listed at all. Coinbase initially announced that it was exploring a range of DeFi assets for listing consideration. Most of them were well-established crypto projects such as Band, Balancer, Blockstack, Kava, and Curve. The exchange mentioned as well that a few obscure tokens such as the Graph or Helium should be listed but they never said they will consider listing yearn.finance’s YFI token.
This way, the surprise listing shocked the traders and YFI as well since it skyrocketed by 15%. The prices have gone up by 1000 times in two short months and there’s no end in sight.
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