Yearn.finance has been seeing tremendous growth in recent times, with the total value locked (TVL) within the protocol reaching $150m while the YFI token price sees significant organic growth.
This growth was further perpetuated overnight after news broke regarding the token garnering a coveted listing on cryptocurrency trading platform Binance.
This listing put a firm end to the consolidation phase that the governance token’s price was currently caught within, and also helped ease fears regarding a downtrend induced by reports of the Yearn.finance founder potentially leaving the protocol.
YFI token price surges on news of Binance listing
At the time of writing, each YFI token is currently trading at just over $6,000. This marks a massive 41 percent surge from its daily lows.
The cryptocurrency had been seeing tremendous organic growth over the past couple of weeks, which began slowing once news reports of Yearn.finance’s founder and main developer – Andre Cronje – potentially leaving the protocol began spreading.
This caused its price to see a sharp selloff, but it quickly recovered virtually all of these losses.
Its price has now shrugged off all the technical weakness that came about as a result of this volatility, with news of YFI receiving a coveted Binance listing sending it rocketing higher.
The exchange announced the new listing today:
“Binance will list yearn.finance (YFI) and open trading for YFI/BNB, YFI/BTC,YFI/BUSD and YFI/USDT trading pairs at 2020/08/10 12:00 PM (UTC). Users can now start depositing YFI in preparation for trading.”
Immediately after this was announced, the token’s price added $80 million to its market cap, with its price reaching highs of $7,100 before it faced an influx of selling pressure.
Yearn.finance community continues showing signs of positive growth
YFI’s recent growth has taken place in the absence of any organized investments from venture capital.
This has given rise to a large community that has helped incubate growth seen by both the protocol and the token.
Spencer Noon, the head of DTC Captial, spoke about the strength of the YFI community, noting that he has been impressed with how they have handled the situation surrounding Cronje’s potential exit from the protocol.
“I continue to be amazed with the YFI community – it’s already pound for pound one of the best in all of DeFi w/r/t active members & sheer brainpower. But how the community rallied around [Andre Cronje] yesterday (incl. behind the scenes) was something even I wasn’t expecting.”
The confluence of Yearn.finance’s growing TVL, large community, and the upwards trajectory of YFI’s price, all suggest its future is bright.
The post Binance announces Yearn.finance listing; YFI price rockets to fresh highs appeared first on CryptoSlate.
By: Cole Petersen
Title: Binance announces Yearn.finance listing; YFI price rockets to fresh highs
Sourced From: cryptoslate.com/binance-announces-yearn-finance-listing-yfi-price-rockets-to-fresh-highs/
Published Date: Mon, 10 Aug 2020 19:02:58 +0000