One of the leading Australian cryptocurrency exchanges, CoinJar, announced Friday it has added support for two popularly-traded decentralized finance (DeFi) tokens – Yearn.finance (YFI) and Uniswap (UNI). Going forward, the users will be able to purchase and trade these tokens in addition to other digital currencies already supported on the trading platform.
Such a development tends to bring the Australian crypto market closer to DeFi, which presently is sailing at a total assets value of US$12.7 billion.
According to the exchange, the new DeFi tokens will be automatically included in new purchases for its CoinJar ERC-20 Bundle, CoinJar DeFi Bundle, and CoinJar Universe Bundle. The inclusion of the tokens won’t affect the exchange’s bundle users. However, CoinJar noted in the announcement that they would need to unbundle and re-purchase the desired bundle to access the DeFi tokens.
Yearn.finance and Uniswap Explained
Both YFI and UNI are the governance tokens for Yearn.finance and Uniswap protocols, built on the Ethereum blockchain as ERC-20 standard tokens. Yearn.finance is among the top-ranking decentralized finance protocols developed by Andre Cronje. The protocol provides lending aggregation and yield generation while using other DeFi services, including Uniswap, Aave, and others.
The YFI token is trading at the price of US$23,100 on CoinGecko, a cryptocurrency price tracking platform.
Uniswap is the leading decentralized exchange (DEX), with about US$1.24 billion in assets locked. It allows the exchange of Ether (ETH) and other ERC-20 tokens on Ethereum in a decentralized manner. Unlike regular cryptocurrency exchanges, Uniswap uses Constant Function Market Makers other than order book. The governance token (UNI) was launched on September 17 and made a big run shortly after it was introduced.
The UNI token is presently trading at US$3.21, with about -3 percent change in the 24 hours count.