Institutional money appears to be flowing into the decentralized finance (DeFi) sector, with Yearn Finance (YFI) among the top beneficiaries.
According to crypto market data aggregator IntoTheBlock, on-chain transactions of $100,000 or higher have increased by 282% over the past week — including nearly $134 million worth of activity on Nov. 10 alone.
According to crypto market analysis firm Messari, YFI was the top performing DeFi asset of the past week, followed by yAxis with a 78% gain, Loopring with 50%, and Akropolis and Curve with 49% each. However, the DeFi turnaround is very recent and only 11 of 41 DeFi tokens tracked by Messari are up over the last 30 days, while 22 have posted price gains for the past 12 months.
On Nov. 12, Messari identified that Polychain Capital had emerged as the 10th-largest YFI holder despite holding zero YFI tokens until October. Polychain currently controls 470 YFI or 1.6% of the token’s supply. Read from source….