After a significant cooling-off period, the DeFi market appears to be moving towards another round of massive price movements.
Coinbase Expands Order Book with DeFi/BTC Trading Pairs
Coinbase announced the order book expansion via a blog post published on Dec. 1. According to the announcement, Coinbase Pro is set to offer new order books for popular DeFi “coins” including Yearn.Finance (YFI) and Uniswap (UNI).
The order book expansion plan comes on the heels of the platform discontinuing margin trading due to pressure from regulators.
Starting from Dec. 8, Coinbase Pro will allow users to trade some blue-chip DeFi coins against bitcoin. Apart from YFI and UNI, the other tokens involved are Chainlink (LINK), Algorand (ALGO), and Loopring (LRC). The plan will also introduce support for the Zcash (ZEC)-BTC trading pair.
According to Coinbase Pro, the roll-out of the expansive plan will proceed via three stages; post-only, limit only, and full trading. It added:
“If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book(s) in one state for a longer period of time or suspend trading as per our trading rules.”
The announcement says Coinbase Pro will provide regular updates as to the status of each order book. These tokens are already part of the platform’s trading catalog and tradable against the USD Coin (USDC). Coinbase Pro first listed YFI back in early September.
DeFi Tokens Post Gains
Coinbase Pro’s announcement comes amid a resurgence in DeFi token prices within the general bullishness of the crypto market.
Indeed, data from DeFi aggregator DeFi Pulse shows an almost 30% increase in total value locked (TVL) in the Ethereum DeFi space. As of press time, TVL is only $250 million shy of its all-time high (ATH) value.
As previously reported by BeInCrypto, some crypto traders tip DeFi/BTC pairs to post between 50% and 100% gains in the short term. YFI is up over 180% in the last 30-day trading period.