DeFi token Yarn Finance (YFI) rises 7% ── despite market plunge | coindesk JAPAN | Coindesk Japan

YFI, the native token of decentralized finance (DeFi) protocol Yearn Finance, is a bearish cryptocurrency market force as investors look to the upcoming Liquid Staking Derivatives (LSD). successfully dodged and increased by 7%.

Over the past 48 hours, YFI has surged 22.61% against Bitcoin (BTC) and 18.87% against Tether (USDT), according to Cryptowatch data.

YFI traders’ optimism came from last week’s announcement that yarn finance would move to LSD. LSD is a type of token that offers investors exposure to the underlying asset while receiving staking rewards as part of Ethereum’s Proof of Stake (PoS) network.

“Get exposure to a basket of LSD with one token,” says Yarn Financetweeted. “You can spread your risk and receive a boosted yield.”

At the time of writing, YFI is trading at $10,790, with a 24-hour trading volume of over $252 million across all exchanges.

Meanwhile, both Bitcoin and Ethereum (ETH) are down more than 4% as fear hits the crypto market following concerns about the finances of crypto-focused bank Silvergate Capital. .

｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Image: YFI chart (Cryptowatch)
｜Original: DeFi Protocol Yearn Finance’s Token Rises 7% Despite Market Plunge