A new crypto asset in the decentralized finance (DeFi) space is surging after receiving a big boost from Coinbase.
Yield-farming protocol Harvest Finance (FARM) has launched on Coinbase Pro.
As word of the new addition spread, the asset’s price surged as high as 160% in a matter of hours.
Our FARM-USD order book will now enter limit-only mode. Limit orders can be placed and cancelled, and matches may occur. Market orders cannot be submitted. The order book will remain in limit-only mode for a minimum of 10 mins.
— Coinbase Pro (@CoinbasePro) July 29, 2021
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.
FARM was hit hard in the big crypto reversal, along with the altcoin market at large. After its recent price rise to $187 at time of publishing, FARM is down about 54% from a February high of $410.
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.
Coinbase says it’s focused on adding new assets as quickly as possible. The company has periodically labeled various coins as under consideration, and 16 of those coins have not launched on the exchange.