Newfangled Ethereum DeFi coin surges 600% in 24 hours after listing

Despite the stagnation in the altcoin market, evidenced by Bitcoin outperforming Ethereum in its latest leg higher, investors are still throwing millions at new investments.

The coin proceeded to rally exponentially despite only a small float of the coin being released due to vesting schedules.

BarnBridge is a new DeFi protocol focused on securitizing the space to entice more institutional players by reducing risks, or at least by allowing investors to hedge certain risks that weren't possible to hedge for previously.

BarnBridge's BOND token surges 600% in wake of listing.

One of the most-hyped DeFi projects of the past week has been BarnBridge.

As CryptoSlate previously reported, investors put in $175 million worth of USD Coin, DAI, and sUSD into the BarnBridge pool to farm BOND. Now, there is over $300 million in that one pool, potentially making this the biggest Ethereum DeFi yield farming pool ever.

From its starting price of around $30, the coin shot to all-time highs of $180 under 24 hours after it launched.

At $180, the fully diluted market capitalization of BOND was close to $2 billion, meaning that investors were seemingly pricing in high long-term expectations for the Ethereum-based coin and project.

The price seems to be going only up and at $185, it is nearly 140x seed round price of $1.33.

Most investors lack the knowledge, time, and spare Ethereum to yield farm for themselves.