Institutional funds seem to be flowing into the decentralized finance (DeFi) field, and Yearn Finance (YFI) is one of the biggest beneficiaries.
According to data from crypto market data aggregator IntoTheBlock, YFI transaction volume on the chain has increased by 282% in the past week, of which the transaction volume on November 10 alone was close to $134 million.
YFI transaction volume on the chain: IntoTheBlock
According to data from the crypto market analysis company Messari, YFI was the best performing DeFi asset in the past week, followed by yAxis with a yield of 78%, Loopring at 50%, Akropolis and Curve at 49% each. However, the DeFi rebound is the most recent thing. In the past 30 days, only 11 of the 41 DeFi tokens tracked by Messari have risen, and 22 have risen in the past 12 months.
On November 12, Messari confirmed that Polychain Capital has become the 10th largest YFI holder, although it did not hold YFI tokens until October. Polychain currently controls 470 YFIs (1.6% of YFI supply).
Polychain is hoarding several other top DeFi tokens, including Compound (COMP), Maker (MKR), Filecoin (FIL), Orchid (OXT) and 0x (ZRX).
From mid-September to early November, YFI was one of the tokens that fell the most in the entire DeFi field, from approximately $43,300 on September 13 to $8,550 on November 6, a drop of 80%. In the past week, Yearn has rebounded by more than 95% and is currently $16,600.
Last month, Crypto.com announced the results of a survey of 411 “decision makers”, who represent traditional financial institutions familiar with DeFi, which shows that mainstream entities have invested heavily in the DeFi field.
Fifty-eight percent of respondents expressed concern that if they did not create DeFi products, they would “lost a competitive advantage”, and 61% of respondents said that companies are “considering the adoption of DeFi as a way to execute financial services through smart contracts” . 35% of respondents said they are currently working with existing DeFi platforms or services.
However, the survey also found that 61% of respondents believe that the lack of regulation of DeFi is a major challenge facing the growth of the industry.
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