#Yfi coinbase full

#Yfi coinbase full

YEarn’s founder, Andre Cronje, unveiled a whole new protocol this week that would allow users to borrow digital assets from a liquidity pool, using staked stablecoins as collateral.Ĭoinbase Pro said it will launch the yEarn order book in four phases once there’s enough liquidity, and will only open up full trading once it’s satisfied there’s a “healthy and orderly market.”Įxcepting New York State, YFI will be available in all existing Coinbase jurisdictions. Since it began circulating in mid-June, the token has moved from approximately $800 to its current valuation, making it one of the most valued tokens in the digital asset class by price.Īlthough the price of an individual YFI token is roughly three times that of a single bitcoin, there are only 30,000 YFIs in circulation, meaning its $983 million market cap is dwarfed by bitcoin’s $190 billion cap. Liquidity providers receive YFI tokens for providing certain tokens and give holders a say on the direction of the protocol. Since launch in June, total value locked in yEarn has skyrocketed from $2.5 million to well over $1 billion at press time, according to its website. YEarn is a decentralized investment protocol that identifies and executes various DeFi-related trading strategies using digital assets deposited by users.

YFI has since tracked back slightly to $32,800 by press time. Today’s market movement shows the Coinbase name, once closely associated with its reputation for listing very few digital assets, still carries considerable influence in the cryptocurrency market. Most tokens listed on Coinbase have experienced, to varying degrees, a market increase in price, a market phenomenon called the “Coinbase Effect.” In response, YFI tokens jumped approximately 10% from just over $29,000 to nearly $35,000 in the space of a couple of hours.

The YFI token soared an additional $6,000 – more than half the current price of a bitcoin – on the news it will be listed on the more advanced level “Pro” exchange.Ĭoinbase announced Thursday it will begin accepting deposits for the decentralized finance (DeFi) coin on from next week. A coming listing on Coinbase Pro has brought a boost to yEarn.Finance’s already highly priced token.