Delphi Daily

Disclosure: Delphi Ventures and members of our team hold YFI. I have also purchased YFI in the past 24 hours. 

The past week hasn’t been kind to YFI, having fallen -29% over that time period. Although I should point out that most DeFi projects have suffered similar levels of pain recently, in the come down from this summer’s run up. If you’re interested in how Yearn’s fundamentals are changing, I recommend reading yesterday’s daily titled The Evolution of yEarn Finance, by our new analyst Ashwath. If you want to know why YFI dumped last night only to rebound this morning, keep reading.

On-chain transparency is a beautiful thing. Well, at least it is when you’re not the one being watched. Few people probably have their on-chain activity tracked more closely than Sam Bankman-Fried (SBF), a man who needs no introduction as the CEO of Alameda and FTX. While monitoring his addresses may have been more difficult to do in the past, tools like Nansen do a great job labeling wallets and tracking flows. For those watching closely, it’s possible to catch wind of a market move before its impact is felt. For example, some people on twitter had noticed large amounts of YFI being borrowed from Aave, with one transaction suddenly drawing down so much of the available YFI liquidity that it brought the utilization rate to ~40% (it’s now back down to 15%).

As seen in the table below, the amount of YFI borrowed on the 7th w

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