Today, Aug. 10, the Binance (BNB) leading cryptocurrency exchange ecosystem announced that the native asset of the Yearn.Finance decentralized "yield farming" protocol, YFI, will be listed for trading.
Binance (BNB) adds Yearn.Finance (YFI), depositing is live
According to an official announcement by Binance (BNB), Yearn.Finance's token, YFI, will start trading at 12:00 p.m. UTC. YFI deposits are open for all traders.
#Binance Lists @iearnfinance $YFI— Binance (@binance) August 10, 2020
From day one, four YFI trading pairs will be available. Binancians can exchange YFI against Binance Coin (BNB), Bitcoin (BTC) and two dollar-pegged stablecoins, Binance USD (BUSD) and the U.S. Dollar Tether (USDT). Due to significant interest in DeFi assets trading, YFI is listed with no listing fee.
The team at Binance (BNB) warned traders and "yield farmers" that newly listed assets are subject to high volatility, so users should place orders cautiously.
Binance (BNB) has already listed some native assets of decentralized financial instruments, e.g., Balancer Protocol token (BAL) and Compound Finance token (COMP).
YFI has probably witnessed fastest 100x rally in entire history of crypto trading
The YFI listing is special for various reasons. First of all, the Yearn.Finance team—led by well-known Ethereum developer Andre Cronje—has repeatedly stressed that this token has no value. It has no pre-mine and acts as a governance token of the protocol.
However, amidst the ongoing DeFi craze, its price surged 100 times in the first week of its creation. Cryptocurrency expert and podcast host Luke Martin called this rally the "fastest 100x in crypto," while ex-Messari analyst Qiao Wang claimed that the "fair price" of YFI exceeds $10,000.
Prior to listing on Binance (BNB), FTX crypto derivatives exchange launched contracts on the YFI price. YFI/USD contracts trading went live on July 25; the price per contract surpassed the $5,000 level in the first 24 hours.
At press time, YFI token is changing hands at $6,353, according to CoinGecko analytical portal. Binance listing its announcement has pumped the price almost 50%.