In what has to be one of the fastest turnaround times ever, Yearn.finance’s YFI token is listed on Coinbase just two months after launch.
The leading decentralized financial currency, which is currently the only one with a market cap of more than $ 1 billion, was just revealed to have amassed a coveted Coinbase listing.
On September 10, the official Coinbase Pro Twitter account wrote:
“On Monday, September 14, our YFI-USD order book will transition to transfer-only mode and accept inbound transfers in supported regions. Orders cannot be placed or executed. Trading begins on or after 9:00 a.m. (PT) Tuesday, September 15, if liquidity conditions are met. “
On Monday, September 14, our YFI-USD order book will go into transfer-only mode, accepting incoming transfers in supported regions. Orders cannot be placed or executed. Trading will begin on or after 9AM (PT) Tuesday, September 15, if the liquidity conditions are met. https://t.co/6UTHK3Htpf
– Coinbase Pro (@CoinbasePro) September 10, 2020
As the announcement notes, Coinbase’s order books / trading pairs for the Ethereum-based coin have not yet been activated. They are capitalized as soon as there is sufficient liquidity on the books. ‘
YFI has gotten more than 20% off the announcement. In the past thirty minutes alone, the currency is up more than 14%. But over the past day, it is up more than 20% despite Bitcoin and Ethereum prices stagnating.
Chart of YFI's price action over the past few days from TradingView.com
Analysts believe the currency will rise further than it has already.
Yearn.finance is getting into decentralized insurance, a trend analysts say is worth billions of dollars. On the potential of decentralized insurance, Fred Ehrsam, partner at Paradigm, said:
Crypto-native insurance – on-chain insurance that covers protocols and DAOs – has the potential to become the next big financial primitive in DeFi. The market size can be huge and the initial wedge is credible. “
There are also on-chain trends that indicate growth is imminent.
Santiment reported last week that these following on-chain trends indicate that YFI is likely to rise higher in the coming weeks:
Photo by Jason Leung on Unsplash Price tags: yfiusd, yfibtc Charts from TradingView.com Yearn.finance (YFI) Just Surged 20% Due to Coveted Coinbase Listing