coindesk.com
$YFI, the native token of decentralized finance protocol Yearn Finance, has managed to fend off bearish market forces with a 7% upward move as investors attempt to capitalize on the upcoming roll out of liquid staking derivatives (LSD).
Over the past 48-hours, $YFI has surged by 22.61% against its bitcoin (BTC) trading pair and 18.87% against tether (USDT), according to Cryptowatch data.
The cause for optimism among $YFI traders was last week's announcement that Yearn Finance was moving into liquid staking derivatives. Liquid staking derivatives are a type of token that gives investors exposure to an underlying asset whilst receiving staking rewards as a part of Ethereum's proof-of-stake network.
"Get exposure to a basket of LSDs in one token," yearn finance said in a tweet. "Spread your risk. [Receive] boosted yields."
At the time of writing, $YFI was trading at $10,770 with 24-hour trading volume topping $252 million across all exchanges.
Meanwhile, bitcoin and ether (ETH) are down 4.44% and 4.58% respectively as fear gripped the crypto market following concerns over crypto bank Silvergate's financial stability.