Whale Wallet Analysis - YFI

Whale Wallet Analysis - YFI

By D3F1 | DeFi Box | 4 Sep 2020


Hello guys, it seems that you guys really appreciate these Whale Wallet Analysis posts and I love doing the research for you. Therefore, I am back with another one - this time for YFI which has been on FLAMES recently. I have previously conducted a similar analysis for AMPL, SNX, BASED, and LINK, and they were quite well received so I would love to continue this series for you.

The YFI rich list is accessible on the Etherscan page for anyone to see. I have ignored all the contract addresses or any exchanges that might have holdings. Additionally, I have ignored any whales that just own YFI because I am only interested in OTHER tokens they may be holding at the same time.

Following is a list of hand-picked YFI whales that I found - I hope you find it interesting;

#1 Whale 

Rich List: 11th 
Wallet Address: link
YFI Holdings: 276.7117/ $7.9M USD
Total YFI Supply: 0.9224% 

Other notable DeFi Holdings: 

- 44.7MK $MFT: ~ $116.8K USD - Bought from Binance during August 2020.
- 223.87 $ETH: ~ $97.2K USD - Everybody needs ETH to cover GAS fees. Whale #1 has held ETH in this wallet since June 2019 
- 191.1 $DXD: ~ $83.9K USD - Bought some DXD in August 2020.

Whale #1 has the majority of his holdings in YFI and is the first non-exchange, non-contract, and non-YFI team wallet on the list. He has quite a substantial holding in ETH which is quite surprising that it has not been lent out to earn interest. On top of this, Whale #1 also owns relatively large holdings in unknown coins in Mainframe Token and DXDao.

#2 Whale 

Rich List: 12th 
Wallet Address: link
YFI Holdings: 269.29198/ $7.7M USD
Total YFI Supply: 0.8976% 

Other notable DeFi Holdings: 

- 10.6M $LEND: ~ $6.9M USD - Started purchasing from Binance as early as January 2020. He has been slowly reducing his stash (in this wallet) over the past 50-days.
- 29.7K $MLN: ~ $1.8M USD - Bought the MLN tokens in June 2020.
- 2.32M $REN: ~ $1.16M USD - Entered into the Republic REN token in July and purchased a higher amount in August 2020.
- 894K $sUSD: ~ $886K USD - Started to mint sUSD in July 2020.
 -4.128M $AST: ~ $722K USD - Bought the AirSwap token in July 2020.
- 503 $ETH: ~ $219K USD - 

Whale #2 started to invest in YFI at the start of July. Has been increasing his position sizing over the past few weeks. His largest holding is inside YFI, however, he has a similar amount of LEND also. What is interesting is that he has not sent his LEND to lending platforms to earn interest.

Compared to Whale #1, The second whale is clearly a bigger fish. However, his holdings are spread over a number of tokens. For example, he owns a significant level of MLN and REN. Additionally, he also holds quite a lot of AirSwap with a small number of ETH in the bank.

#3 Whale 

Rich List: 13th 
Wallet Address: link
YFI Holdings: 176.8272/ $5M USD
Total YFI Supply: 0.5894% 

Other notable DeFi Holdings: 

- 14.2M $cREP: ~ $8M USD - Deposited REP into Compound toward the end of June. The whale took some out last month but still has a very large holding. 
- 159.9M $cDAI: ~ $3.2M USD - Started lending DAI to Compound in June 2020. 
- 537K $yyDAI+yUSDC (Curve): ~ $1M USD - presumably farming some DeFi tokens in a Curve stablecoin pool.
- 1.6K $BAL: ~ $54K USD - Has a very small holding in Balancer

Whale #3 seems to be in line with traditional DeFi whales as he has lent the majority of his holdings to the lending platform, Compound, in the hope to earn interest. He has been farming YFI since late-June 2020 but the majority of his holdings are in REP (which are lent to Compound to give cREP).

#4 Whale 

Rich List: 14th 
Wallet Address: link
YFI Holdings: 167.5325/ $4.78M USD
Total YFI Supply: 0.5584% 

Other notable DeFi Holdings: 

- 8M $aLEND: ~ $5.2M USD - Started lending his $LEND to Aave in May 2020. Very recently, he has made some additions to his holdings as well as removing some.
- 55.7K $NXM: ~ $3.1 USD - Started to invest in NXM in August 2020.
- 465K $SNX: ~ $2.9M USD - Started to earn SNX in May 2020. Since then, he has continued to earn more over time.
- 1.35M $LEND: ~ $888K USD - Started purchasing LEND in May. Some were deposited onto Aave to give aLEND as above.
- 705K $USDT: ~ $705K USD - Started buying the stablecoin toward the end of 2019.
- 313K $sUSD: ~ $310K USD - Minted sUSD on Synthetix in May 2020.
- 7.9K $YAMv2: ~ $249K USD - Caught up in the entire YAM fiasco and still holding.

Whale #4 owns a substantial holding in YFI. At the same time, he has also lent out some of his LEND assets to Aave in order to earn interest from there. Additionally, this whale owns over $1 million in stablecoin assets.

#5 Whale 

Rich List: 15th 
Wallet Address: link
YFI Holdings: 145/ $4.14M USD
Total YFI Supply: 0.4836% 

Other notable DeFi Holdings: 

- 443K $yCURVE: ~ $855K USD - Started farming on this pool in late August 2020.
- 1.379M $REN: ~ $691K USD - Started purchasing REN on ParaSwap in August.
- 644K $BZRX: ~ $636K USD - Very recently bough the bZx governance token $BZRX in September 2020.
- 147 $ETH: ~ $64K USD - Owns a sizable amount of ETH here.
- 8.89K $SUSHI: ~ $57K USD - Caught up in the supermarket DeFi hype.

Whale #5 is heavily concentrated in the YFI protocol as the majority of his holding is here. Additionally, he is farming on the stablecoin pool at Curve and owns a sizable amount of REN and BZRX. This dude loves DeFi.

#6 Whale 

Rich List: 17th 
Wallet Address: link
YFI Holdings: 137.8680/ $3.9M USD
Total YFI Supply: 0.4596% 

Other notable DeFi Holdings: 

- 53.8K $YAMv2: ~ $1.698M USD - Probably was stuck inside the YAM hype. He has been slowly unloading as the price of YAMv2 (the migrated YAM) increased over the past few days.
- 365.8K $LEND: ~ $240.79K USD - Been involved in LEND since June 2020.
- 27.4K $SNX: ~ $171K USD - Bought SNX at the same time as LEND. Has been loading up through Uniswap and 1inch exchange every few weeks.
- 110.5K $USDC: ~ $110K USD - Bought USDC in June and deposited into Curve but has since withdrawn it.
- 1.97K $wNXM: ~ $110K USD - Wrapped $100k worth of NXM (presumably to use in DeFi) in late August 2020.

Whale #6 also has the majority of his holdings in YFI but also holds quite a significant amount of YAMv2. He has been trying to exit YAM while the price has been rising recently but still holds quite a lot. We can assume he lost quite a lot of money on this trade. In addition to this, Whale #6 also owns LEND, SNX, USDC, and recently wrapped NXM to get the ERC-20 compatible wNXM.

#7 Whale 

Rich List: 18th 
Wallet Address: link
YFI Holdings: 137.284/ $3.9M USD
Total YFI Supply: 0.4576% 

Other notable DeFi Holdings: 

- 362M $cZRX: ~ $3.9M USD - Lent his ZRX holdings to Compound in September 2020.

Whale #7 is equally split between ZRX and YFI. He has lent out his ZRX to Compound (giving cZRX) to earn interest.

#8 Whale 

Rich List: 21st 
Wallet Address: link
YFI Holdings: 111.2839/ $3.179M USD
Total YFI Supply: 0.3709% 

Other notable DeFi Holdings: 

- 47K $NXM: ~ $2.68M USD - First started buying NXM toward the end of April 2020. Since he started, he has slowly been taking out tokens. 
- 5000 $ETH: ~ $2.223M USD - 
- 1.465K $MKR: ~ $953K USD - First bought MKR in Feb 2020. He removed some holdings during June but re-invested in August 2020.
- 1.866K $DXD: ~ $819K USD - Bought during August 2020.
- 4.377M $ANJ: ~ $451K USD - Bought in August 2020.
- 1.529M $HXRO: ~ $254K USD - Bought in April 2020.
- 2.268M $PROPS: ~ $101K USD - Purchased this at the end of 2019.

Whale #8 has his highest holdings in YFI, however, he owns a similar amount in NXM and ETH. In addition to this, he owns almost $1 million in MakerDAO and $800k in DXD. He also owns smaller holdings in Aragon and other lesser-known projects such as HXRO and PROPS. It is important to point out that he has sold 75 YFI already in September alone.

#9 Whale 

Rich List: 23rd 
Wallet Address: link
YFI Holdings: 100.9722/ $2.885M USD
Total YFI Supply: 0.3366% 

Other notable DeFi Holdings: 

- 140.8K $YAMv2: ~ $4.44M USD - Has an extraordinary amount of funds in this failed YAM project that the team is trying to revive with YAMv2.
- 300K $SUSHI: ~ $1.935M USD - Another supermarket DeFi Farming token that he owns a very large amount of.
- 200K $USDC: ~ $200K USD - Owns some stablecoins.

Whale #9 is a risky individual owning substantial amounts of funds in YAMv2 and SUSHI. Both of these projects have experienced some significant drops over the past few weeks and I can only assume he must have lost millions during this time.

#10 Whale 

Rich List: 26th 
Wallet Address: link
YFI Holdings: 85.0398/ $2.434M USD
Total YFI Supply: 0.2835% 

Other notable DeFi Holdings: 

- 63.9K $cETH: ~ $515.9K USD - Started to lend his ETH to Compound in June to earn interest. In the first week of September, he has removed quite a substantial portion of the holdings.
- 8.8K $YAMv2: ~ $232K USD - Bought YAM toward the end of August - presumably caught up in the migration.
- 75.66 $BASED: ~ $49.7K USD - Has been Farming BASED from UNISWAP in early September.
- 150K $NEX: ~ $49.6K USD - Bought NEX in June 2020 on DeversiFi and has held ever since.
- 7.9K $SUSHI: ~ $43.6K USD - Very fitting considering he has YAM and BASED.
- 54.24K $LEND: ~ $32.7K USD - Has been involved in LEND since early May 2020. Since then, he has taken some out on numerous occasions but has also re-invested at different points.

Whale #10 is a pure breed farmer. You can tell from his holdings in YFI, YAM, BASED, and SUSHI. All three of these coins are very risky assets and would require patience to hold through the drops. On top of this, Whale 10 is also earning interest from lending out a large proportion of his ETH to Compound in order to earn interest.

 

Conclusion

YFI whales really do not mess around. They have substantial holdings in YFI whilst still having their fingers inside other DeFi pies. Coins like LEND seem quite synonyms amongst most of the whales, however, there are quite a few whales here that own highly risky projects such as YAMv2 and SUSHI. 

An interesting theme that I noticed is the fact that not many whales are lending their tokens out to earn interest. Only 2 whales on this list seemed to be lending their cryptocurrency to platforms like Aave and Compound. This is probably due to the fact that they are making so much more through their DeFi farms.


D3F1
D3F1

Yet another defi fan


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