What are the organizations behind the DeFi makers quietly laying out? On-chain data analysis of the current position of three institutions

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Which DeFi tokens are Three Arrows Capital, Polychain Capital and Jump Trading betting on?

Written by Nick C.
Translation: Lu Jiangfei

The beauty of DeFi is that we can understand everything that happens on the chain and find people and companies related to it through cryptocurrency addresses-of course, this is also the scary part of DeFi. Here, we will analyze the Ethereum addresses of Three Arrows Capital, Polychain Capital and Jump Trading, and then understand how they are deployed in the DeFi market.

Three Arrows Capital

Three Arrows Capital is one of the largest compound suppliers. It has pledged WBTC worth 100 million USD, ETH worth 50 million USD and DAI worth 6 million USD. On the DeFi lending platform Aave, Three Arrows Capital pledged 275 YFI tokens and USD 13 million worth of LINK, and recently “acquired” 1.5 million SUSHI tokens for income farming. During the recent decline in the DeFi market, Three Arrows Capital put another 351,000 LINK tokens into the bag.

Through the mortgage, Three Arrows Capital took out a part of the stablecoin and sent it to the cryptocurrency derivatives exchange FTX. We saw millions of stablecoins sent to an FTX exchange address, although it is still unclear What are the results of this capital investment, but if you usually pay more attention to the FTX exchange, you will find that Three Arrows Capital has always been in the top of the exchange’s profit + trading volume.

Polychain Capital

In the past few weeks, Polychain Capital has become the largest buyer of YFI tokens. It bought 570 YFI in five weeks, accounting for 2% of the total supply of YFI tokens. The average purchase cost is estimated to be between 12,000 and 14,000. Dollar. In addition, Polychain Capital has 48,000 ETH and 1,315 MKR.

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What are the organizations behind the DeFi makers quietly laying out? On-chain data analysis of the current position of three institutions

The tokens analyzed above are all placed in an address of Polychain Capital, but in fact, they also have many addresses holding cryptocurrencies. One of them received all early investment returns in the previous week last week. There are a total of millions of cryptocurrencies, including GNT, ZRX, REP, etc. These tokens have generated many transactions in 2018, and this operation of Polychain Capital is indeed puzzling.

Jump Trading

Before analyzing Jump Trading’s currency holdings, I will briefly introduce this institution, because some cryptocurrency industry practitioners are still not familiar with the institution. Jump Trading is a Chicago-based prop trading firm. Due to little publicity, this institution appears to be very “low-key”, but they are actually very concerned about the cryptocurrency industry and are also the ” Big Investor”.

So far, Jump Trading holds 39,000 ETH, worth about 18.5 million U.S. dollars, most of which were purchased from Gemini Exchange and Huobi Exchange in the past few days. In addition, Jump Trading also holds a large number of altcoins, most of which are “bet” on Serum, Compound, Keep Network and HXRO, and basically have not “cash out” these tokens.

What are the organizations behind the DeFi makers quietly laying out? On-chain data analysis of the current position of three institutions

Jump Trading “bet” a small portion of its positions on tokens such as Numeraire, Orchid, Maker and Huobi Token. In the Jump Trading holding addresses we analyzed, we found that they also hold stablecoins worth about 5 million U.S. dollars, but these stablecoins will be sent to the exchange regularly and then converted into other altcoins. From this, we can see that Jump Trading is like a “cryptocurrency accumulator”, they process cryptocurrency transactions worth more than $100,000 every few hours.

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What are the organizations behind the DeFi makers quietly laying out? On-chain data analysis of the current position of three institutions

The last thing I want to say is that cryptocurrency investment institutions like Three Arrows Capital, Polychain Capital and Jump Trading must have other addresses that hold a large amount of funds. This article analyzes only their currency holding addresses on Ethereum. Their other currency holding addresses will be further analyzed. In fact, simply analyzing the currency holdings of these addresses is not a wise move. The really valuable approach is to analyze where the “smart money” is going.

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