On Thursday (September 10), Coinbase announced that it is going to list two exciting decentralized finance (DeFi) tokens on Coinbase Pro, its trading platform for experienced/professional traders.
These two cryptoassets are DeFi platform yearn.finance’s YFI token and exchange protocol Loopring’s LRC token.
Here is how Coinbase describes YFI:
“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.”
And here is how Coinbase describes LRC:
“Loopring (LRC) is an Ethereum token that describes itself as ‘an open-sourced, audited, and non-custodial exchange protocol.’
“It aims to allow anyone to build non-custodial, orderbook-based exchanges on Ethereum by leveraging zero-knowledge proofs.”
According to Coinbase, on September 14, customers can send their YFI and LRC tokens to Coinbase Pro and that trading on the YFI-USD and LRC-USD order books will begin on/after 09:00 Pacific Time (PT) on September 15 (once liquidity conditions are met). YFI and LRC will be available on Coinbase Pro in all of Coinbase’s jurisdictions except New York State.
It is worth pointing out that, as usual, these two tokens will not be initially be available on Coinbase Consumer (i.e. Coinbase.com) or on Coinbase’s Consumer mobile apps.
Currently, according to data from CryptoCompare, YFI-USD and LRC-USD are trading at $34,921.62 (+29.04%) and $0.2396 (+8.22%) respectively.
The huge surge in the price of the YFI token started 10 minutes before Coinbase made its announcement:
Coinbase also had an announcement about UMA: from today, support for the UMA token is available at Coinbase Consumer’s website (Coinbase.com) and in Coinbase Consumer’s mobile apps. This support is available “in all Coinbase-supported regions, with the exception of New York State.”
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.