US-based Polychain Capital acquired 1.6 percent of the total supply, reaching a total of 470 YFI with the purchase yesterday.
The US-based cryptocurrency fund Polychain Capital now alone holds just over 1 percent of the supply of popular DeFi protocol Yearn Finance (YFI).
The company bought 141 units of Yearn Finance’s management token, YFI, yesterday. Polychain Capital received 329 YFI just last week, according to Mason Nystrom of cryptocurrency research and data firm Messari. The total amount held by the company thus increased to 470. This is 1.6 percent of the total supply and is worth $ 8.5 million in dollars.
Yearn Finance came out a few months ago and the project reached great fame in a short time. There was no pre-sale of YFI tokens to venture capital firms and investors, including the creator of the project, Andre Cronje.
On the other hand, YFI’s price journey was also very striking. The token, which started to rise from around $ 30 in July, approached $ 44,000 by the middle of September. These levels did not last long. YFI, which fell to $ 7000 in the past days, experienced a deep drop of over 80 percent after the summit.
Finally, a few weeks ago, it was determined that Singapore-based Three Arrows Capital also purchased 133 YFI.