Binance announces Yearn.finance listing; YFI price rockets to fresh highs

Finance has been seeing tremendous growth in recent times, with the total value locked within the protocol reaching $150m while the YFI token price sees significant organic growth.

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.

At the time of writing, each YFI token is currently trading at just over $6,000.

The cryptocurrency had been seeing tremendous organic growth over the past couple of weeks, which began slowing once news reports of Yearn.

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.

"Binance will list yearn.finance and open trading for YFI/BNB, YFI/BTC,YFI/BUSD and YFI/USDT trading pairs at 2020/08/10 12:00 PM. 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.

Finance community continues showing signs of positive growth.

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 yesterday was something even I wasn't expecting."