Coinbase Effect Hits DeFi as yEarn's YFI Token Surges 10% on Pro Listing News

The already highly priced YFI governance token for yEarn.Finance has jumped an additional $6,000 on the news it'll be listed on Coinbase Pro.

AccessTimeIconSep 11, 2020 at 10:18 a.m. UTC
Updated Mar 6, 2023 at 2:54 p.m. UTC

A coming listing on Coinbase Pro has brought a boost to yEarn.Finance's already highly priced token.

  • The YFI token soared an additional $6,000 – more than half the current price of a bitcoin – on the news it will be listed on the more advanced level "Pro" exchange.
  • Coinbase announced Thursday it will begin accepting deposits for the decentralized finance (DeFi) coin on from next week.
  • In response, YFI tokens jumped approximately 10% from just over $29,000 to nearly $35,000 in the space of a couple of hours.
  • Most tokens listed on Coinbase have experienced, to varying degrees, a market increase in price, a market phenomenon called the "Coinbase Effect."
  • Today's market movement shows the Coinbase name, once closely associated with its reputation for listing very few digital assets, still carries considerable influence in the cryptocurrency market.
  • YFI has since tracked back slightly to $32,800 by press time.
  • yEarn is a decentralized investment protocol that identifies and executes various DeFi-related trading strategies using digital assets deposited by users.
  • Since launch in June, total value locked in yEarn has skyrocketed from $2.5 million to well over $1 billion at press time, according to its website.
  • Liquidity providers receive YFI tokens for providing certain tokens and give holders a say on the direction of the protocol.
  • Since it began circulating in mid-June, the token has moved from approximately $800 to its current valuation, making it one of the most valued tokens in the digital asset class by price.
  • Although the price of an individual YFI token is roughly three times that of a single bitcoin, there are only 30,000 YFIs in circulation, meaning its $983 million market cap is dwarfed by bitcoin’s $190 billion cap.
  • yEarn's founder, Andre Cronje, unveiled a whole new protocol this week that would allow users to borrow digital assets from a liquidity pool, using staked stablecoins as collateral.
  • Coinbase Pro said it will launch the yEarn order book in four phases once there's enough liquidity, and will only open up full trading once it's satisfied there's a "healthy and orderly market."
  • Excepting New York State, YFI will be available in all existing Coinbase jurisdictions. The exchange has not yet confirmed whether YFI will be listed on its retail-orientated exchange.
  • Coinbase listed the "COMP" governance token from Compound in mid-June – which in the frothy market conditions at the time contributed to its price spiking to over $350 before it corrected back to $200 just days later.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.