This crypto VC giant just threw its weight behind DeFi’s Yearn.finance (YFI)

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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.

Chart of YFI’s price action over the past two days. Chart from TradingView.com

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.

The post This crypto VC giant just threw its weight behind DeFi’s Yearn.finance (YFI) appeared first on CryptoSlate.



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