Yield Basis (YB) Sees 17% Rise After Upbit Listing

Upbit, the largest cryptocurrency exchange in South Korea, has confirmed the listing of Yield Basis (YB), with trading launching today.

Key Takeaways

Upbit has listed Yield Basis (YB), sparking a significant increase in its price.
Trading for the YB/BTC and YB/USDT pairs starts on December 26.
YB deposits and withdrawals will be supported on the Ethereum network.
Upbit will impose temporary trading restrictions to ensure stability during the launch.
Yield Basis has experienced a rapid increase in total value locked (TVL), boosting market interest.

This announcement has sparked significant market interest, leading to a notable increase in YB’s price. Ahead of the launch, trading activity also saw a surge, accompanied by a marked rise in volume.

Upbit Begins Trading for Yield Basis

Upbit has announced that the YB/BTC and YB/USDT trading pairs will commence on December 26 at 15:00 Korean Standard Time (KST). The exchange indicated that YB deposits and withdrawals will be facilitated via the Ethereum network.

Furthermore, Upbit cautioned that transactions sent using unsupported networks will not be credited. Users are advised to confirm their network details and contract addresses prior to transferring funds. The contract address for YB is 0x01791F726B4103694969820be083196cC7c045fF.

“To adhere to the Travel Rule, deposits from exchanges not included in the list of approved virtual asset service providers may not be credited, and processing may take a significant amount of time,” Upbit highlighted.

As with past listings, Upbit will implement temporary trading restrictions during the initial launch phase. For the first five minutes post-launch, buy orders will be limited, and sell orders priced more than 10% below the previous day’s closing price will also face restrictions.

Additionally, the exchange will permit only limit orders for about two hours following the start of trading. These measures aim to minimize volatility and ensure a stable market environment at launch.

Following the announcement, the price of YB surged by over 17%. As of the latest update, the altcoin was priced at $0.43. Data from CoinGecko reflected a staggering 169% increase in daily trading volume, indicating heightened investor activity.

Yield Basis (YB) Price Following Upbit Listing Announcement. Source: TradingView

Yield Basis Gains Visibility Amid Rapid TVL Growth

The Upbit listing coincides with a surge in the adoption of the Yield Basis protocol. For reference, Yield Basis is an on-chain liquidity solution enabling users to provide Bitcoin as liquidity to automated market maker (AMM) pools while effectively avoiding impermanent loss (IL).

Reports from DeFiLlama reveal that the protocol's total value locked (TVL) has soared from roughly $30 million in early October to over $200 million today, reflecting strong user demand.

Yield Basis TVL. Source: DeFiLlama

Thus, the Upbit listing marks a crucial moment for Yield Basis, aligning rapid TVL growth with increased exchange exposure. Market observers are now keenly watching to see if the protocol and its token can maintain this momentum amidst imminent token unlocks and intensifying competition from established DeFi platforms.