It was reported on October 19th that according to Alex Svanevik, CEO of Nansen, a data analysis company, the wallet marked Polychain Capital recently received 329 YFIs worth about 4.6 million US dollars from the Currency Exchange.

Polychain Capital is a top venture capital in cryptocurrency field, founded by Olaf Carlson-Wee, the former employee of Coinbase, and currently manages assets exceeding 300 million US dollars. Investment projects or companies include Coinbase, Matrixport, Oasis Labs, Compound and Nervos, etc.

YFI is the governance token of revenue aggregation agreement yearn.finance, which was launched by software developer Andre Cronje. YFI recorded an increase of over 100,000% at the initial stage of its launch, and its price increased by 1,000 times.

According to the market data, YFI initially quoted only USD 3 in Balancer, and in less than one week, its price rose by over USD 3,000, and then rose to USD 10,000 and USD 20,000, with the highest price reaching USD 44,000, which was an amazing increase, making it the first cryptocurrency with a single token price exceeding BTC.

After reaching the first line of USD 44,000, YFI’s strong rise came to an end. Since September 13, the price has been falling continuously, and most of the early increase has been retreated. At present, the price is temporarily reported at USD 14,949. In response to the sharp decline in YFI, FTX CEO Sam Bankman-Fried summed up three factors:

1. Other tokens in the 1.DeFi market fluctuate strongly, causing most participants to adjust their positions;

2.Yearn.finance has many “bad PR incidents”, including hacking incidents related to Eminence (EMN). Andre Cronje, founder of Yearn.finance, participated in the project;

3. The income from liquidity mining has dropped sharply, which is especially harmful to YFI, because many intrinsic values of tokens are obtained by acting as part of the income generated by the agreement.

As of press time, Cocoa Finance showed that YFI quoted $14,860, up 1.7% in 24 hours.