Yield Basis (YB) surged 17% after being listed on Upbit.

Upbit – South Korea's largest cryptocurrency exchange – has just announced that it will list Yield Basis (YB), with official trading beginning today.

This information attracted significant market attention, causing YB's price to surge by double digits. Volume also increased noticeably before the market opened, reflecting growing investor interest.

Upbit expands market access for Yield Basis

Upbit has confirmed that it will open trading for the YB/ BTC and YB/ USDT pairs at 3:00 PM on December 26, 2023 (Korean time). According to the exchange's announcement , YB deposits and withdrawals will be supported on the Ethereum network.

The platform also emphasized that transactions made through unsupported networks will not be recorded in the account. Users should carefully check the network and contract address before transferring funds. The contract address for YB is 0x01791F726B4103694969820be083196cC7c045fF.

“To comply with the Travel Rule, deposits from exchanges not on the list of supported virtual asset service providers may not be recorded, and refunds may take a considerable amount of time,” Upbit added .

Similar to previous listings , Upbit will implement some temporary restrictions when trading first opens. Specifically, the exchange will temporarily lock buy orders for the first 5 minutes after trading begins. Additionally, sell orders at prices more than 10% lower than the previous day's closing price will also be restricted during this timeframe.

Additionally, the exchange only allows limit orders for approximately two hours from the start of trading. These measures aim to reduce volatility and ensure market stability when the Token is first listed.

Following the listing announcement, the price of YB surged by over 17%. At the time of writing, this altcoin is trading around $0.43. Data from CoinGecko also shows that the daily volume increased by 169%, indicating significant participation from retail investors.

Yield Basis is attracting attention thanks to its rapidly growing TVL.

The listing on Upbit comes amidst the growing acceptance of the Yield Basis protocol. Essentially, Yield Basis is an on-chain liquidation solution that allows users to deposit Bitcoin into AMM liquidation pools without worrying about impermanent loss (IL).

According to defillama , the protocol's total value locked (TVL) has skyrocketed, from around $30 million at the beginning of October to over $200 million currently, indicating strong user demand.

Listing on Upbit is significant for Yield Basis, which has just achieved an impressive TVL growth milestone and expanded its reach to a major exchange. The market is waiting to XEM if the protocol, along with its Token , can maintain this momentum, especially with upcoming Token Lockup unlocks and increasing competition from established DeFi platforms .