[ad_1] <br><div><div><p>YFI, the native token of decentralized finance protocol Yearn Finance, has managed to fend off bearish market forces with a 7% upward transfer as buyers try and capitalize on the upcoming roll out of liquid staking derivatives (LSD).</p></div></div><div><div><p>Over the previous 48-hours, YFI has surged by 22.61% in opposition to its bitcoin (BTC) buying and selling pair and 18.87% in opposition to tether (USDT), in response to <a target="_blank" href="https://cryptowat.ch/apps/desktop/boards/74d48197-e584-420c-aff7-0d9b5759ce28" rel="noopener">Cryptowatch data</a>.</p></div></div><div><div><p>The trigger for optimism amongst YFI merchants was final week's <a target="_blank" href="https://www.coindesk.com/markets/2023/02/24/yfi-sets-six-month-high-as-yearn-finance-teases-ether-liquid-staking-product/" rel="noopener">announcement</a> that Yearn Finance was transferring into liquid staking derivatives. Liquid staking derivatives are a kind of token that offers buyers publicity to an underlying asset while receiving staking rewards as part of Ethereum's proof-of-stake community.</p></div></div><div><div><p>"Get publicity to a basket of LSDs in a single token," yearn finance <a target="_blank" href="https://twitter.com/iearnfinance/status/1628104719003418632" rel="noopener">said in a tweet</a>. "Unfold your threat. [Receive] boosted yields."</p></div></div><div><div><p>On the time of writing, YFI was buying and selling at $10,770 with 24-hour buying and selling quantity topping $252 million throughout all exchanges.</p></div></div><script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <br>[ad_2] <br><a href="https://www.coindesk.com/markets/2023/03/03/defi-protocol-yearn-finances-token-rises-7-despite-market-plunge/?outputType=amp">Source link </a>