Yearn.Finance’s YFI Gets Much-Needed Boost As CREAM Finance Binance Smart Chain Lists Token

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C.R.E.A.M Finance Binance Smart Chain platform announced listing  Yearn.Finance’s native token YFI on its platform on the 18th of October. With this, YFI becomes the 18th token to be listed on the platform. According to the official release, users will have to use a web3 wallet that supports BSC, such as Binance Chain Wallet or Metamask.

The collateral factor for YFI is set to 50%. This essentially implied that for every $100 worth of YFI supplied, users can borrow up to $50 worth of other tokens. Apart from YFI, C.R.E.A.M on BSC had added supports for BTC, ETH, BNB, BUSD, USDT, LINK, XRP, BCH, LTC, DOT, CREAM, ADA, BAND, EOS, DAI, XTZ, and FIL.

The official blog post further stated,

“Creating a YFI market allows yearn.finance token holders to stay long on YFI while getting leverage on the asset itself. For those who want to short YFI, this allows a capital efficient way to do so”

 C.R.E.A.M – Crypto Rules Everything Around Me

With the explosion of DeFi products, the C.R.E.A.M Finance ecosystem has attained significant popularity. Additionally, its core is forked over from DeFi protocols – Balancer and Compound. Launched on the 3rd of August this year, C.R.E.A.M Finance is the brainchild of Jeffrey Huang and was initially supposed to be launched on the Binance Smart Chain. However, it was deployed to Ethereum.

YFI’s Price Front:

Despite the fact that several DeFi tokens were on a bullish trend as Bitcoin and Ethereum breached several resistance levels, it was not the case with YFI. The token, which was already on a downtrend, suffered major blows when it neared $13,110. It is important to note that this coincided with the theft on Yearn.Finance Creator, Andre Cronje unaudited, and an incomplete project dubbed Eminence.

Blast from the past: In the last week of September, a vulnerability was exploited on Ethereum-based Eminence which enabled the hacker[s] to siphoned off $15 million. More recently, the victims who were affected by the case, started a crowdfunding campaign wherein they urged the supporters to donate ETH to an address they have set up to fund the lawsuit against Cronje. This further added to the woes of the governance token.

Source: YFI, CoinMarketCap

Back to the current price. A week after the lawsuit episode, YFI has sprung back up in action and the latest price action could have been triggered by the C.R.E.A.M Finance announcement. Over the past 24-hours, YFI noted a major 12.27% increase. At the time of writing, it was valued at $15,395 while it held a market cap of $461 million and a 24-hour trading volume of $2.496 billion. Additionally, YFI appeared to be heading for a potential breach of its immediate resistance of $16,000.

The post Yearn.Finance’s YFI Gets Much-Needed Boost As CREAM Finance Binance Smart Chain Lists Token appeared first on Coingape.

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