Institutional money appears to be flowing into the decentralized finance DeFi sector, with Yearn Finance YFI among the top beneficiaries. According to crypto market data aggregator IntoTheBlock, onchain transactions of 100,000 or higher have increased by 282 over the past week including nearly 134 million worth of activity on Nov. 10 alone.
According to crypto market analysis firm Messari, YFI was the top performing DeFi asset of the past week, followed by yAxis with a 78 gain, Loopring with 50, and Akropolis and Curve with 49 each. However, the DeFi turnaround is very recent and only 11 of 41 DeFi tokens tracked by Messari are up over the last 30 days, while 22 have posted price gains for the past 12 months.
On Nov. 12, Messari identified that Polychain Capital had emerged as the 10thlargest YFI holder despite holding zero YFI tokens until October. Polychain currently controls 470 YFI or 1.6 of the tokens supply. Polychain is accumulating several other top DeFi tokens including Compound COMP, Maker MKR, Filecoin FIL, Orchid OXT, and 0x ZRX.
While YFI was among the markets hardest by DeFis sectorwide pullback from midSeptember through early November shedding 80 of its value from roughly 43,300 on Sep. 13 to 8,550 on Nov. 6 Yearn has rebounded by more than 95 over the past week to currently trade for 16,600. Last month, Crypto.com published the findings from a survey of 411 decisionmakers representing traditional financial institutions familiar with DeFi, indicating…