YFI price hits $10k as Yearn Finance announces new liquid staking product
Yearn Finance token YFI rose to highs of $10,405 on Binance.
YFI traded around $7,400 earlier in the week before surging on news the Yearn team was planning to launch a new ETH liquid staking token.
yETH will offer access to a basket of liquid staking derivatives (LSDs) in one token.
YFI, the native token of Yearn Finance, is trading just under $10,000 on Friday morning having retreated from a six-month high reached late Thursday.
At the moment, YFI/USD is trending near $9,420, just in the red on the day but more than 30% up over the past 30 days.
YFI price surges as Yearn Finance offers Ether liquid staking asset
YFI traded at lows of $7,400 on Tuesday and printed four consecutive green candles before today.
YFI price has surged over the past few days to hit $10,405 on Binance. Source: TradingView
As can be seen from the chart above, the Yearn Finance token traded as high as $10,405 on Binance as traders looked to buy YFI. The governance token’s price has been surging amid the latest positive news around it.
While YFI has given up some of the intraday gains, it is likely to see a fifth consecutive green candle and eye further gains if the market returns to bullish sentiment.
On Tuesday, the Yearn Finance developer team announced the platform was ready to unveil a liquid staking derivative (LSD) product for Ethereum.
Introducing yETH, an LSD of LSDs.
💊 Get exposure to a basket of LSDs in one token.
🌈 Spread your risk.
🍄 Boosted yields.
Get ready to expand your mind anon.
— yearn (@iearnfinance) February 21, 2023
Liquid staking involves the locking up of staked tokens in exchange for tokenised versions that holders can then use across decentralised finance, including as collateral at lending platforms, margin trading or yield generation.
The DeFi platform’s new product will allow exposure to a single token offering to multiple LSDs. According to the team, yETH gives investors an opportunity to spread their risk even as they look to boost their yield.
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