Yearn Finance’s native token, YFI, has been on the rise for the past few hours after a listing announcement on Coinbase Pro.
YFI snatched the crypto universe last month when it did the unthinkable and exceeded the price of Bitcoin at the time.
Since its launch in mid-August, the DeFi token has pumped monumentally to reach about $ 39,000. It is an excellent example of demand due to scarcity, since the great attraction of this asset is the fact that there are only 30,000 existing units.
Since that dizzying height, YFI has retreated to around $ 18,500 on September 5. The news that Coinbase Pro will list the token has given it new life and the bulls are running again.
Coinbase Pro pumps YFI
In a lingering move from crypto exchange-induced altcoin bombs in 2017, YFI has risen more than 63% since the end of Wednesday’s trading session. From a minimum of around $ 22,000, the DeFi token soared to reach $ 35,000 at Binance.
In the past few hours, it has retreated slightly to trade at $ 32,700 at the time of writing, which still represents a gain of almost 20% in less than 24 hours.
Coinbase announced that it would open the doors of its Pro platform to YFI deposits on Monday, September 14, and would allow negotiations to begin the next day, provided there is sufficient liquidity.
On Monday September 14, our YFI-USD order book will enter transfer-only mode, accepting inbound transfers in supported regions. Orders cannot be placed or filled. Trading will begin on or after 9AM (PT) Tuesday Sept 15, if liquidity conditions are met. https://t.co/6UTHK3Htpf
– Coinbase Pro (@CoinbasePro) September 10, 2020
“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 filled. Negotiations will begin at 9:00 am (PT) on Tuesday, September 15, if liquidity conditions are met. ”
UMA listed on Coinbase
The company has been busy listing DeFi tokens to keep up with rivals Binance and Huobi Global who have done the same.
In a separate announcement, Coinbase’s regular exchange said it would list Universal Market Access, UMA. The DeFi platform calls itself “an open source protocol that allows developers to design and create their own financial contracts and synthetic assets.”
Unlike YFI, UMA prices did not receive a bomb with the news and, in fact, fell almost 7% today. From an intraday high of just over $ 17 a few hours ago, UMA prices plummeted to $ 16 at the time of writing.
In the past 30 days, however, it has been on fire with a 440% increase from $ 5 to peak at $ 27 on September 2. Most DeFi-related tokens retreated last week after their epic rallies.