The world’s leading crypto hedge fund – Polychain Capital, is adding $8.2 million investments into the Ethereum-based yield farming token, yearn.finance (YFI).
Led by Olaf Carlson-Wee, the founder of the first crypto billion hedge fund, bought 141 YFI this week, following up on its $4.7 million investment into yearn.finance last month.
Data retrieved from Messari market analyst, Mason Nystrom, revealed Polychain Capital doubled down and purchased another 141 $YFI this week. Polychain is now the 10th largest holder with 470 YFI (~8.5m) or 1.6% of the total supply.
- yearn.finance price at the time of writing this report traded at $16,820.11, with a daily trading volume of $627,073,571.
- YFI price is down -0.3% in the last 24 hours. It has a circulating supply of 30 thousand coins and a max supply of 30 thousand coins.
What you should know
There are multiple protocols providing yield (returns) on the capital that you lend. These yields vary from one protocol to the next. YFI automates & optimizes lending such that you can earn maximum value on your capital without researching each and with the launch of the YFI governance token, assets under management skyrocketed from $10 million in mid-July to $830 million today. It has two major uses:
- Lend your digital assets: Earn maximum interest among a pool of lending protocols such as Compound, Aave, et al.
- Vaults: Lend your digital assets to yield farming strategists (think hedge fund managers), who deploy advanced strategies leveraging liquidity mining tokens to maximize returns.
- Yearn Finance’s advantage over Bitcoin: With a mere 30k token supply making it more scarce than even Bitcoin, and a provably fair launch, $YFI is the hardest money the world has ever known.