Coinbase Pro has plans to offer DeFi / BTC token trading pairs.
Market analysts expect DeFi tokens to post huge gains against Bitcoin.
Enthusiasm for DeFi is growing as blue chip tokens experience significant price spikes
Coinbase Pro will offer more traders the ability to trade popular DeFi tokens for Bitcoin (BTC) as part of its latest order book expansion.
After a significant period of cooling, the decentralized finance (DeFi) market appears to be heading towards another round of massive price movements.
Coinbase announced the extension of its order book via a blog post published on December 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 follows the stop of margin trading by the platform due to pressure from regulators
Starting December 8, Coinbase Pro will allow users to trade certain top-notch DeFi coins for bitcoins. Besides YFI and UNI, the other tokens affected are Chainlink (LINK) , Algorand (ALGO) and Loopring (LRC). The plan also includes supporting the Zcash (ZEC) / BTC pair.
According to Coinbase Pro, the rollout of the expansion plan will be done in three stages: post-only, limit only, and full trading. He added :
If at any point one of the new order books does not meet our assessment of a healthy and orderly market, we may keep the book (s) in the same condition for a longer period. or suspend trading, in accordance with our trading rules .
The announcement states that Coinbase Pro will provide regular updates on the status of each order book. These tokens are already part of the platform’s trading catalog and are tradable against USD Coin (USDC). In early September, Coinbase Pro first added the YFI token to its list.
DeFi tokens register gains
Coinbase Pro’s announcement comes amid a resurgence in DeFi token prices, amid the general turmoil in the cryptocurrency market.
Data from DeFi aggregator, DeFi Pulse , indeed shows an increase of almost 30% in total locked-in value (TVL) in Ethereum’s DeFi space . As of the evening of December 2, the TVL was only $ 250 million from its peak to date (ATH).
As reported by BeInCrypto.com , some crypto traders are suggesting that DeFi / BTC token pairs are seeing gains of 50-100% in the short term. Over the past 30 days, the YFI has risen by over 180%.