Coinbase is riding the DeFi mania all the way.
This, however, shouldn’t come as a surprise, given that the San Francisco-based cryptocurrency exchange likened DeFi extravaganza with that of the early days of Bitcoin when people didn’t understand it. Still, its price action was driving them to the crypto king.
Yesterday, as we reported, Coinbase announced UMA’s launch on Coinbase.com and both of its apps iOS and Android, along with Loopring to start trading on Coinbase Pro.
Another announcement came from Coinbase on Thursday in the form of a YFI DeFi token listing.
Coinbase Pro will start the deposits for YFI ahead of trading on Monday, which will be available on all the exchange’s supported jurisdictions, except for New York State.
The trading for YFI will begin on Sept. 15, if liquidation conditions are met.
For now, YFI won’t be available on Coinbase.com or its mobile apps.
YFI, the governance token of decentralized finance platform Yearn.Finance is a community favorite that is currently trading at $32,700. Users can earn this 24th largest cryptocurrency by a market cap of $990 million by contributing liquidity to yEarn’s liquidity pool.
One of the goals with YFI was to launched without being qualified as a security.
There are 3 basic principles;
1. Was money exchanged
2. Is there a promise on future value creation
3. Is the team responsible for value creation
Having my theory validated, is pretty cool
— Andre Cronje (@AndreCronjeTech) September 11, 2020
The token is famous and loved by the crypto community because of its fair launch. Following a decentralized approach, in mid-July, YFI came to birth as a zero supply, zero value token without any VC funding or team allocation.
According to the trader and economist Alex Kruger, “Unlike most crypto pet rocks it adds value and produces cash flows.”
That’s why he believes YFI can easily reach $50,000 within a month.
The trader has been extremely vocal about his love for the token much like many in the community, and attributed the reason to the project creator Andre Cronje. He said,
“The reason I like yearn.finance so much is that it is a cash flows generation machine driven by a team of innovators, mainly @AndreCronjeTech,”
“Even traditional finance investors who dislike bitcoin can see value in YFI.”
As we reported, Yearn.Finance introduced StableCredit yesterday, an attempt to completely decentralize the lending ecosystem. This latest move came after the project recently formed a team and announced vaults, tokenized debt, and tokenized insurance.
This third biggest DeFi protocol has a TVL (total value locked) of $772 million, which performs a host of functions including aggregated liquidity and automated market-making.