On Sept. 10, Coinbase Pro made an announcement about listing yearn.finance (YFI), the hottest DeFi token that is up over 110,377 percent since July 18.
YFI immediately popped almost 20 percent to $35,035 on the FTX exchange before paring some of its gains and settling at $33,275.
The exchange will kick off a four-phase launch of its YFI-USD orderbook on Monday, Sept. 14, by starting to accept inbound transfers:
“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.”
A “huge” deal for YFI
Getting listed on Coinbase, the largest retail exchange in the U.S. holds great significance for any altcoin, let alone YFI.
The meteoric rise of the fledgling governance token continues to raise eyebrows given that Andre Cronje, the founder of yearn.finance (YFI), called it “completely valueless” upon its launch:
“In further efforts to give up this control (mostly because we are lazy and don’t want to do it), we have released YFI, a completely valueless 0 supply token. We re-iterate, it has 0 financial value.”
Coinbase’s former lawyer and product lead Reuben Bramanathan claims that the listing is “huge” for YFI because it means that America’s number crypto exchange doesn’t view it as a security.
“This benefit of a fair launch cannot be overstated.”
A listing spree
Coinbase, which is known for its conservative listing policy, has been adding new coins left and right as of recently.
Yesterday, it also added support for the Loopring (LRC) token that caused a spike of similar magnitude.
The fabled Coinbase effect remains a self-fulfilling prophecy as traders frantically rush to push the green button upon every listing announcement but these gains tend to taper off in the blink of an eye.