Institutional Money Appears To Be Flowing Into The DeFi Sector
Institutional Money Appears To Be Flowing Into The DeFi Sector
November 13, 2020
Institutional Money Appears To Be Flowing Into The DeFi Sector
Institutional Money Appears To Be Flowing Into The DeFi Sector
November 13, 2020

Institutional money appears to be flowing into the decentralized finance (DeFi) sector, with Yearn Finance’s YFI among the top beneficiaries.

It has been reported by crypto market data aggregator IntoTheBlock that on-chain transactions of $100,000 or higher have increased by 282% over the past week, including nearly $134 million worth of activity on November 10 (Tuesday) alone.

However, according to crypto market analysis firm Messari, YFI was the top-performing DeFi asset of the past week, followed by yAxis’ YAX with a 78% gain, Loopring’s LRC with 50%, and Akropolis’ AKRO and Curve’s CRV with 49% each.

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 November 11 (Thursday), 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.

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Likewise, Polychain is accumulating several other top DeFi tokens including Compound’s COMP, Maker’s MKR, Filecoin’s FIL, Orchid’s OXT, and 0x’s ZRX.

While YFI was among the markets hardest by DeFi’s sector-wide pull-back from mid-September through early November, shedding 80% of its value from around $43,300 on September 13 to $8,550 on November 6, YFI has rebounded by more than 95% over the past week to currently trading for $16,600.

Thus, the survey found that 61% of respondents believe the lack of regulatory oversight for DeFi is a major challenge to the sector’s growth.

Source: Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.