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.
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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.
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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:
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- 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.