- Binance’s Yearn Finance token YFI reached $10,405 at its highest level
- YFI traded at $7,400 in the previous week. The YFI price surged on the news that the Yearn team was planning a liquid staking to create a new ETH liquid staking.
- yETH will allow you to access a range of liquid staking derivatives.
YFI, which is the native token of Yearn Finance trades at just below $10,000 Friday morning, having fallen from a six month high that was reached late Thursday.
YFI/USD trending at $9,420 right now, slightly in the red but up more than 30% over the last 30 days.
Yearn Finance provides Ether liquid staking assets, causing a surge in YFI prices
YFI traded as low as $7,400 on Tuesday. It also printed four consecutive green candles prior to today.
Binance has seen a spike in YFI prices over the past few weeks to reach $10,405 Source: TradingView
The chart shows that the Yearn Finance token traded at $10,405 on Binance when traders were looking to purchase YFI. The governance token’s price has been surging amid the latest positive news around it.
YFI may have lost some intraday gains but it will likely see a fifth consecutive green candle, and further gains if bullish sentiment returns.
The Yearn Finance team of developers will meet Tuesday. announced The platform was ready to announce a liquid derivative (LSD), product for Ethereum.
Introducing yETH: An LSD of LSDs.
💊 You can get exposure to all of the LSDs you want in one token.
🌈 Spread your risk.
🍄 Boosted yields
Prepare to expand your mind.
— yearn (@iearnfinance) February 21, 2023
Liquid staking is the process of locking up staked tokens for tokenized versions that can be used across decentralised finance. This includes as collateral on lending platforms or margin trading, and yield generation.
The DeFi platform’s new product will allow exposure to a single token offering to multiple LSDs. The team claims that yETH allows investors to spread their risk while increasing their yield.
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