Yearn Finance Coinbase Pro launch is going to happen on 14th September,2020 which is next Monday. $YFI is a well favored governance token that fully powers the Yearn Finance Platform. Yearn.finance is a great platform that performs the role of a yield aggregator in the decentralized finance ecosystem.
Coinbase Pro launch on Monday marks another DeFi governance token launch on the behemoth exchange. They already have Maker (MKR) governance token and Compound (COMP) governance token and Band Protocol (BAND) governance token.
Yearn Finance Pricing Update
$YFI is really the talk of the town with its parabolic run in the last few weeks. It is massively famous, with a unicorn market cap of $1B and a $546B daily volume, according to CoinMarketCap.
The peak in price of YFI is at $39.3K on Aug 31. It is twice the all the time peak of bitcoin and 4 times the current market price of Bitcoin. But, understand that YFI tokens in circulation is really low, just shy of 30K. It is nowhere close to Bitcoin’s market cap, which is 200 times bigger than Yearn Finance Governance Token YFI.
YFI’s price moves along with the price of Bitcoin (BTC) and Ethereum (ETH). So, after a huge dip in the last week, we now see recovery in prices this week. YFI’s current market price is around $33K. If you have not invested in Bitcoin, learn how to invest in Bitcoin first, before you venture into altcoins.
What is Yearn Finance?
Andre Cronje, the creator of yearn.finance, says the token has zero value. And, he asks everyone to not purchase Crypto and instead learn how to earn Crypto.
You earn YFI token when you stake cryptocurrency in Yearn Finance’s smart contract. Mission of Yearn.finance is to help you earn the highest amount of interest on the cryptocurrency you deposit, by moving it efficiently across multiple DeFi yield farming and lending protocols. YFI’s smart contract does all the hard work for you.
Since its genesis, Yearn Finance has gradually transformed into Decentralized Finance super app. It has two features, one is vault and the other is earn. Yearn Finance Vault help maximize yield in liquidity protocols. Yearn Finance Earn feature helps maximize yield from lending protocols.
Yearn.finance is the 5th highest popular DeFi platform, with $804M in its smart contract. Fourth position goes to Aave, third to Maker, Second to Curve Finance and the top spot goes to Uniswap.
Yearn Finance Coinbase launch
Coinbase Pro is the advanced version of Coinbase for expert traders. Generally, when a token launch happens, it first goes into Coinbase Pro, achieves necessary liquidity before its launch on Coinbase exchange.
Coinbase has a simple no brainer user interface for new investors who want to invest few hundred dollars into crypto. After getting feet wet, you need to move to Coinbase Pro to save on excessive fees.
Coinbase Pro will house YFI token for you to trade next week. Although, we say the launch is on Monday, you cannot get trading access to the token until Tuesday. On Monday, you can only transfer YFI tokens to the behemoth exchange.
Astonishingly, the YFI Coinbase launch is happening within less than 2 months of its launch. The aggregation portal, yearn.finance, is now a popular protocol for DeFi ecosystem and yield farmers. YFI governance token enables token holders to have a say in the future of yearn.finance protocol. Thus, a lot of users rush to grab the governing seat.
Yearn Finance Coinbase launch is something to rejoice. It’s a great protocol which helps people maximize their yield. I understand that Coinbase IPO and Binance launching a lot of DeFi tokens on its exchange is forcing Coinbase to up the game.
As anyone will guess, investors in Coinbase will want to rock and roll high on their Coinbase IPO launch date. So, Coinbase is adding quality projects and improving its status of assets under management, considering most users store crypto in the exchange. Please don’t do that, get a hardware wallet! Trade on exchanges and take your long term holding to a air gapped wallet.
Another word of caution, be careful with your yield farming or liquidity farming strategy. These techniques carry a smart contract risk. Only invest in projects whose codes are audited and are in the market establishing their reputation for at least three months.
I haven’t FOMO into YFI yet. I will take time to analyze more, see how the launch in Coinbase goes and also wait for Bitcoin to consolidate and move higher. As always with Crypto, DYOR!
I am a data analyst by profession who loves to crunch numbers at daytime and come home wondering how my passive income numbers for the day look like. I believe in being rich rather than looking rich. Follow me for Cryptocurrency, FIRE, Personal Finance, Credit Cards and Digital Nomad updates