A new crypto asset in the decentralized finance (DeFi) space is surging after receiving a big boost from Coinbase.
Yield-farming protocol Harvest Finance has just launched for trading on Coinbase Pro.
As word of the launch spread, the asset’s price surged as high as 160% in a matter of hours.
Harvest Finance is an optimization protocol that shifts funds around the DeFi sector of the crypto economy in an effort to generate high yields. The FARM asset integrates with the farming process and is used in staking.
Coinbase Pro is also adding support for the artificial intelligence protocol Fetch.ai (FET), the stablecoin Paxos Standard (PAX) and the security tokens platform Polymath Network (POLY). Both FET and POLY are up about 15% at time of writing.
Crypto assets that launch on Coinbase often experience a price spike that can be temporary.
Coinbase says it’s focused on adding new assets as quickly as possible, and has named 16 altcoins that could hit the exchange next.
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