Given the growing interest in DeFi and decentralized finance tokens, it is crucial for exchanges to support these assets. In the case of YFI, the native Yearn.Finance token, several key exchanges pledge support. It is worth noting the top 5 platforms generate over 65% of all daily trades.
The top trading platform to buy and sell YFI today is CoinBene, A bit of a surprise, considering the token is found on some other big exchanges as well. According to CoinGecko, CoinBene has a relatively low trust rating, indicating it might not necessarily be the best platform to explore from a cybersecurity point of view. Even so, it generates nearly $71 million in YFI/USDT volume, which is nothing to sneeze at either.
It is only normal to see the world’s biggest cryptocurrency exchange generate plenty of YFI trading volume. In Binance’s case, this is not the biggest trading market by any means. Even among all of the supported DeFi tokens, YFI ranks pretty poorly, but its high price may have something to do with that. Today, the exchange provides $23.85 million in volume, or just under 10.5% of the global trades.
A trading platform most people may not be aware of, but Bione is one of the many platforms generating plenty of YFI/USDT trading volume. Although $22.265 million may not seem like all that much, it is a lot better compared to most other trading platforms. It has a mediocre trust score on CoinGecko, however, which is always something to take into account.
Another trading platform that has not made a big impact as of yet comes in the form of BKEX. It has a healthy trading volume for YFI/USDT as well. With $16.08 million in volume, it ranks well ahead of Uniswap, BiKi, Huobi Global, and many other platforms. Why people go there to trade YFI over the other exchanges, remains a bit unclear, but the team seems to be doing a lot of things right.
The final exchange making it into the top 5 is OKEx. This platform has high hopes for the DeFi space, and carefully selects which tokens to list. Its decision to allow for YFI trading hasn’t paid off in spades yet, as the trading volume sits at just over $16 million per day. Similar to all other exchanges above, the YFI/USDT pair is by far the most popular. Increased the overall trading volume seems difficult, though, as overall interest in this asset is not that high.
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