This crypto VC giant just threw its weight behind DeFi’s Yearn.finance (YFI) 🚨 This article is 4 years old...
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This crypto VC giant just threw its weight behind DeFi’s Yearn.finance (YFI)
2 min read
Updated: Nov. 7, 2020 at 2:17 pm UTC
Photo by Johannes Plenio on Unsplash
Despite pulling back by 25 percent from its all-time high of $44,000, Yearn.finance (YFI) remains an integral part of the Ethereum decentralized finance narrative. So much so that a prominent venture and hedge fund in the space announced that they recently threw their weight behind the protocol.
YFI is valued at over $1 billion, making it one of the fastest “crypto unicorns” to date.
Pantera Capital throws weight behind Yearn.finance (YFI)
One of the first crypto-centric funds Pantera Capital released its monthly report on Sep. 15, in which company co-CIOs Dan Morehead and Joey Krug outlined their thoughts on Bitcoin, the macroeconomy, and altcoins.
In the post, the duo wrote on their recent investments in altcoins YFI and LUNA, which both have seen significant adoption over recent months:
“A couple examples of notable investments we’ve made recently include YFI and LUNA. YFI is up at a significant multiple since we invested and is essentially an on chain hedge fund with single asset strategies. Developers can write their own strategies, deploy them, and then charge a fee, part of which goes to YFI token holders.”
Pantera’s co-CIOs added that they are impressive that the ecosystem now has around $1 billion under management, most of which is in Yearn.finance’s Vaults, which allow users to earn a yield on their cryptocurrencies.
It’s worth noting that Pantera Capital isn’t the only industry venture fund to have involved themselves in YFI.
Other financiers in the space — from executives of Mechanism Capital and Framework Ventures to Three Arrows Capital and others — have become involved in YFI or have mentioned the project in a positive light.
A great week for the Ethereum project
While YFI’s price action has been tepid at best, it’s been a great week for Yearn.finance as a project.
Project founder Andre Cronje, widely regarded by many as one of the most honest crypto developers since Satoshi, rolled out a new platform called yInsure, which allows users to obtain coverage on their usage of certain DeFi protocols. Coverage quickly sold out as users quickly sought to ensure their DeFi “farms” were safe.
Other notable developments for the project include YFI being listed on Coinbase, Yearn.finance developers upgrading the platform’s most-hyped product yETH Vaults, and the introduction of a new facet of the ecosystem.
This new facet is called “Stable Credit,” which will act as a decentralized exchange attempting to one-up platforms like Uniswap.
Some analysts expect Stable Credit to become one of the most important facets of all of DeFi due to its unique “single-sided AMM” design, which will increase the utility of Ethereum and its protocols.
yearn.finance Market Data
At the time of press 2:17 pm UTC on Nov. 7, 2020, yearn.finance is ranked #24 by market cap and the price is down 6.14% over the past 24 hours. yearn.finance has a market capitalization of $973.91 million with a 24-hour trading volume of $541.75 million. Learn more about yearn.finance ›
Crypto Market Summary
At the time of press 2:17 pm UTC on Nov. 7, 2020, the total crypto market is valued at at $347.98 billion with a 24-hour volume of $133.15 billion. Bitcoin dominance is currently at 57.72%. Learn more about the crypto market ›
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Terra Classic
$0.00011
Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems.
Pantera Capital
Pantera Capital is an investment firm focused exclusively on ventures, tokens, and projects related to blockchain tech, digital currency, and crypto assets..
Designed with simplicity in mind, the Uniswap protocol provides an interface for seamless exchange of ERC20 tokens on Ethereum.
Dan Morehead is the founder of Pantera Capital Management LP, a leading investment firm focused on digital currencies and blockchain technology.
Joey Krug’s journey in the world of technology began in his middle school years when he started programming in Applesoft BASIC.
