Cryptocurrency exchange Kraken has listed three new DeFi tokens on its platform, with Yearn Finance (YFI), Filecoin (FIL) and Uniswap (UNI) all being added on October 15.
YFI and UNI are both household names in the DeFi sector, with Yearn Finance currently commanding a market cap of $422 million while Uniswap’s token has a respective capitalisation of $551 million.
Filecoin, meanwhile, is a storage token that is expecting its mainnet launch today. According to data from Messari, FIL has an implied market cap of more than $39 billion despite that the fact that no coins are currently in circulation.
Due to the fact that FIL tokens will only be released once the mainnet is launched, trading will commence on Kraken approximately four hours after the release of UNI and YFI.
#Filecoin is a little like Dropbox, but powered by blockchains.
Users who want to store data on its network must pay for the service, not using dollars, but a new #crypto asset called #FIL.
Learn more: https://t.co/MQBA3NhEwS pic.twitter.com/5IMSFC0wmC
— Kraken Exchange (@krakenfx) October 13, 2020
As stated in Kraken’s listing announcement, mainnet listings can be “extremely volatile” with novice traders being advised to exercise caution.
Filecoin raised a staggering amount of $205 million in 2017, making it one of the most anticipated projects across the industry.
To ensure a stable launch Kraken has set the required amount of deposit confirmations at 300, although this will be lowered after launch.
Futures and margin trading markets will not initially be opened, with volatility on spot markets expected to exceed that of traditional digital assets.
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