Liquidity mining is nearing its end and FTX announces listing, YFI token price once approached 5,000 USD.

The hottest DeFi token recently, YFI, has been listed on the FTX exchange, driving the price of YFI to nearly $5,000 at one point. On the other hand, YFI is approaching its initial circulation limit, which means that liquidity mining is nearing its end. How to modify the token economy in the future will require further proposals from the community.

FTX Lists DeFi Token YFI

Cryptocurrency exchange FTX announced today the listing of the DeFi token YFI, which is the platform token issued by the recent hot DeFi project yEarn. After being listed on FTX, the price of YFI surged from 3565 to 4970 at one point, marking a 39% increase. At the time of writing, the price of YFI has retraced to 3750.

However, it is worth noting that the primary trading markets for YFI are currently on decentralized platforms like Balancer and Uniswap, with liquidity on centralized exchanges still relatively low. This can result in discrepancies between the exchange-traded price and the actual market price.

Liquidity Mining Nearing Completion

The initial liquidity mining phase of yEarn.finance is nearing completion, with all tokens from Pool 1 and Pool 2 of YFI's mining pools fully distributed. The remaining Pool 3 is expected to conclude mining at 10 PM Taiwan time tomorrow.

The original proposal for additional issuance of Prop 8 tokens did not pass due to not reaching the total vote threshold, while other proposals are still under discussion and are expected to take at least 3 days.

Yearn.finance v2 Coming Soon

On another note, in the latest announcement by lead developer Andre Cronje, he mentioned that the liquidity mining mechanism of Yearn is too complex for regular users and the high transaction costs on Ethereum make it unfriendly for retail participants. In order to allow more users to participate in liquidity mining (if additional issuance proposals are approved), the team will launch Yearn.finance v2 within the next 3-4 days. The new version will significantly lower the mining threshold and gas fees required, while providing more new features for users.