Coinbase Pro, a platform for experienced traders, revealed that they have decided to list the Yearn Finance (YFI) token on their platform.
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
Indeed, YFI has reached peaks of $38,000, more than 3 times the price of Bitcoin (BTC).
The project could be said to be a pioneer in alternative token distribution, following in the wake of what Compound (COMP) did.
This has also inspired many new protocols, like for example Sushi Swap, which copied the Uniswap model.
Yearn Finance and DeFi on Coinbase
In any case, the YFI token will be available for transfer to Coinbase from next Monday, September 14th. As soon as there is sufficient liquidity, trading will probably open the next day.
The Yearn Finance token is currently trading at around $33,000 and has a small supply.
Yearn has recently also announced that it is working on its insurance for all types of assets. The system will be managed by the community that will have to do the claim, because there will not be a minimum quorum, precisely to encourage users to be proactive.
Furthermore, Binance also listed the Yearn Finance token last month, which surprised everyone, considering that it was a project that had some security problems due to a bug that caused the token to lose 90% of its value.