YFI Now Trading on Leading Spot Exchange, Price Explodes to a New ATH Approaching $7k
- The hot DeFi token YFI has been listed on the leading spot exchange Binance, announced the exchange today.
- The exchange announced four trading pairs — YFI/BNB, YFI/BTC, YFI/BUSD, and YFI/USDT.
While today, YFI went live on Binance, last night Andre Cronje, the developer behind the yEarn project, and YFI took to Twitter to share that he doesn’t care about centralized crypto exchanges listing the decentralized token as whatever they offer DeFi has it all covered.
Secret guilty pleasure: telling CEXs that want to list we arent interested. Other than being fiat onramps, what value do they add that defi doesnt have covered?
— Andre Cronje (@AndreCronjeTech) August 9, 2020
The listing, however, had the price of the digital asset skyrocketing. YFI price went as high as $6,941. At the rate YFI is growing, it won’t be long before YFI hits $10,000 and surpasses even bitcoin.
It’s not even a month since YFI was launched, July 18, but the coin that started with zero financial value and no supply has exploded from zero value to nearly $7,000, trading at $6,403 at the time of writing as per CoinGecko, and capped its supply at 30,000.
Even Cronje didn’t think it would gain so much value, no more than between “$2 or $3.” As such, if you are in “for speculative reasons and you don't care about the protocol or governance, no offense, but you shouldn't have this thing,” he said.
Just last week, the price of YFI dropped 30% from its previous ATH after the reports that Cronje is quitting because of the “toxic” community, yet again, but as we reported, he isn’t going anywhere any time soon.
He is very clear about the DeFi space, “it's a beautiful concept, but it comes with certain responsibilities. It means you need to understand what you're doing with your money,” said Cronje in an interview with The Defiant.
But Centralized Exchanges want DeFi
Decentralized finance (DeFi) tokens are getting a lot of traction on centralized exchanges lately. As we are seeing with Coinbase, the exchange is particularly interested in DeFi and released a potential list of tokens to be listed, which was skewed towards DeFi projects.
Coinbase’s DeFi craze started with COMP listing on its platform, the exchange is also an investor in the project and so far has listed four tokens including Maker, Kyber, and 0x. According to Coinbase, DeFi is like Bitcoin ten years back when it was just starting, and no one understood it but was attracted to its wild price action.
Binance and Poloniex have also jumped in to take full advantage of this mania. Binance has been actively listing DeFi governance tokens, including COMP, MKR, SNX, BAL, and many others.
FTX didn’t only list the DeFi tokens but has also announced a derivatives decentralized exchange (DEX) itself in collaboration with Solana blockchain.