South Korea-based cryptocurrency exchange Upbit has announced it will launch trading support for a new digital asset.
According to the official announcement, the YieldBasis (YB) token will be available for trading on BTC and USDT pairs starting December 26th.
YB transactions will be supported via the Ethereum network, and deposit and withdrawal operations will become active approximately 1 hour and 15 minutes after the announcement is published. Transactions are planned to start at 15:00 Turkish time.
Upbit warned users to pay particular attention to network selection before making deposits. They stated that only transfers made via the Ethereum network would be accepted, and sending assets from different networks could result in losses. They also shared the valid contract address for YB, requesting investors to verify it before making a transaction.
The exchange will implement some temporary restrictions at the start of trading to ensure market stability. Buy orders will not be accepted for the first 5 minutes, and sell orders below 10% of the previous closing price will be restricted during the initial minutes. Only limit orders will be allowed for the first two hours.
YieldBasis stands out as a Bitcoin-based leveraged liquidity protocol developed on the Curve Finance platform. The project aims to reduce temporary losses and increase the efficiency of BTC liquidity through automated leverage management. Users can earn income from transaction fees via ybBTC, and participate in governance processes by staking YB.
Upbit reminded investors that digital asset investments involve high risk, emphasizing that they should carefully review project details and consider market conditions before making any transactions.
*This is not investment advice.
