Crypto whales are known not only for being the biggest players in the crypt world, but also for knowing how to take advantage of market opportunities better than anyone else, and this seems to be what they are doing with the DeFi. Decentralized finance is a considerable phenomenon, and crypto whales know it, so here is a brief analysis of it.
How are crypto whales preparing for September?
Decentralized finance (DeFi) is growing, and so is crypto whale interest in it
As many know, decentralized finance (DeFi) began by imitating the normal financial world, but the way it can be harnessed has expanded greatly. For example, we have Yearn Finance (YFI) which has made news because of the price increase it has recently had, even surpassing Bitcoin.
Yearn.Finance seems to have been a key change in the market. It’s effectively an automatic performance advisor on a smart contract. There are several protocols that provide a return on the capital being lent.
These returns vary from protocol to protocol. What YFI does is automate and optimize loans so that borrowers can get the maximum value from their capital without having to investigate each protocol.
Likewise, the advantage of Yearn Finance over Bitcoin Code is that it has a chip supply of only 30k, which makes it even scarcer than BTC. Therefore, $ YFI is being considered the most difficult money the world has ever known.
It’s true to say that a mini revolution in DeFi is currently underway thanks to yearn.finance. The reason is that it gives retail investors the opportunity to participate in more lucrative performance opportunities.
In addition to this, we have what has been called the „Weird DeFi“ or „Rare DeFi“, which are those that have emerged from memecoins. Many of these are based on the Ethereum blockchain, so they indirectly increase people’s interest in knowing more about ETH.
We see this whole boom in a growing interest in crypto whales, and this is what Whale Alert has been reporting recently.
Are whales more interested in decentralized finance?
Recently, Whale Alert reported some movements that indicate that Ethereum whales are on the rise, while this crypto currency was over US$ 400. This week two unknown crypto whales separately moved 189,735 Ethereum coins worth approximately US$ 80.88 million.
The recent whale movements were triggered by the phenomenon of DeFi tokens that use the ERC-20 protocol to facilitate transactions. In addition, we must remember that Ethereum 2.0, the protocol update, will release its final testnet this month.
Also, a week ago two Ethereum whales moved 53,455 ETH, as DeFi tokens gained more popularity. This amount was transferred from the Exchange Kraken to an unknown wallet and vice versa.