It is no secret that the Delphi team members have been bullish on YFI, writing numerous Dailies, and recently releasing our YFI Institutional Research Report. Delphi Ventures also holds YFI. YFI is up ~120% since we published our report, whereas the rest of the crypto market ex-BTC has gained ~15%.
Rewinding to September, we saw YFI heavily (understatement) retrace from its all-time highs. This was primarily due to the defi market overextension and surface-level, short-term narratives fueling its descent. The one most commonly echoed was the death of yield-farming. Trading these narratives proved profitable, but behind the scenes, the YFI core team and community continued to build, iterate, and question Yearn’s design choices. Narratives are quick to shift, but as a long-term focused research shop, we remained convicted in our YFI thesis.
We see Yearn as the protocol well positioned to dictate supply-side liquidity flows through the highest sustainable liquidity ince