Yearn.finance (YFI) is by far the biggest gainer in the Decentralized Finance (DeFi) market as its native token YFI is up more than 110,377 percent since July 2018. The protocol gained a lot of momentum in 2020 itself, thanks to the massive influx of various digital assets into the protocol’s multiple staking pools.
As a result, YFI is now getting listed on popular crypto exchange Coinbase Pro according to an announcement from the platform on September 10. The exchange is set to launch its YFI-USD order book on September 14 and accept transfers of YFI.
Trading is set to start from 9 am Pacific Time, if there is sufficient liquidity.
“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,” the exchange wrote.
However, the exchange noted that in case the new addition doesn’t meet its “assessment for a healthy and orderly market,” the pair might be suspended.
Since YFI is among the most popular DeFi tokens, the listing is expected to further boost the token’s prices as more users get access to this asset.
A new DeFi protocol
Meanwhile Andre Cronje, creator of Yearn.finance, announced a new DeFi protocol dubbed Stable credits, which describes as “a protocol that combines tokenized debt stable coins, lending, [automated market makers], and single-sided AMM exposure to create a completely decentralized lending protocol.”
In a medium post, Cronje said that users can deposit popular stablecoin USD coin (USDC) to mine the new StableCredit USD at a utilization ratio of up to 75%, and this, in turn, can be used as “lending credit” to borrow other assets.
“If another user provides LINK as collateral, you can borrow LINK by “selling” your lending credit. When you want to repay your debt, you can “sell” the LINK back for StableCredit USD, pay off your debt, and receive your USDC,” Cronje explained.
In order to release the locked USDC, users will have to deposit the borrowed StableCredit USD back in the protocol.
With this new product, the Yearn.finance seems to be moving away from the DeFi landscape which Cronje terms as “degenerate finance”, as the protocol doesn’t have a governance token, which is commonly used to incentivize users.
This is despite the fact that Yearn Finance’s own governance token YFI has boomed lately and hit an all-time high above $38,000.
As of now, StableCredit’s user interface is currently being finalized, and the protocol will be publicly launched “in the coming weeks.”
