Coinbase Pro announced on Thursday that will add support for YFI, the token for Yearn.Finance beginning next week.
“On Monday, September 14, we will begin accepting inbound transfers of YFI to Coinbase Pro. Trading will begin on or after 9AM Pacific Time (PT) Tuesday September 15, if liquidity conditions are met,” the largest crypto exchange in the US said in a blog post. “Once sufficient supply of YFI is established on the platform, trading on our YFI-USD order book will launch in four phases, transfer-only, post-only, limit-only and full trading.”
Yearn.Finance (YFI) is a decentralized finance (DeFi) platform which aims to perform a host of functions such as aggregated liquidity and automated marketing making by moving providers’ funds between platforms such as dYdX, Aave, and Compound. YFI is the native token in the yearn.finance platform. Users can earn it by contributing liquidity to yearn.finance’s liquidity pool and use the token for platform governance.
Founder Andre Cronje created yEarn Finance to automate the process of manually moving funds between DeFi money markets to secure the best lending rate. iEarn Finance, as it was then called, was released to the public. What started as a yield aggregation instrument evolved into a platform that supported automated liquidity mining strategies.
At press time, the price of YFI is up more than 18% in the past 24 hours, according to Coinmarketcap, trading hands at about $33.2K per token.
Read more:
- Coinbase Pro Lists Loopring (LRC), Token Price Rises Up 30%
- Yearn.Finance Price Achieved A New Record High At $38.883, As Its Market Capitalization Surpassed $1 Billion