Whales are getting bigger and bigger – The DeFi ecosystem has introduced the ability to earn interest on its cryptocurrencies. Although open to everyone, without distinction, this ecosystem seems to be mostly profitable for large wallets, in this case for whales (or whales).
The explosion of DeFi
The DeFi ecosystem is THE trending topic of the year 2020. Thus, in the space of a few months, it has gathered a growing number of users.
For example, the decentralized exchange platform Uniswap had around 60,000 users per week last August . A figure that has since almost tripled, with currently more than 160,000 users per week .
At the same time, the funds involved in the various Bitcoin Pro protocols have exploded to reach a maximum of $ 10 billion on September 22, a figure revised slightly downwards to 9.33 billion at the time of writing.
The DeFi ecosystem is, by definition, open and accessible to everyone. However, the rise in transaction fees on the Ethereum network has already restricted access to small portfolios, which see their low returns squandered in these fees.
For their part, the whales and their well-supplied wallets are winning a jackpot
The Flipside Crypto site has developed a calculator to measure the interest generated on the yVaults of yEarn finance. The yVault allows users to get the best interest on their stablecoins through the Curve platform.
Thus, according to Flipside Crypto, a whale having invested the equivalent of $ 97 million in yVaults would have generated a profit of $ 800,000 in the space of 3 weeks. This allowed the holder to record a return of 0.82% in just 3 weeks, enough to make the booklets blush.
Obviously, there is nothing isolated about this case. Other whales have recorded similar results. For example, a whale that invested $ 40.6 million generated a profit of $ 500,000 during the same period.
A third, having gradually deposited $ 10.9 million, came out with $ 177,000 in profits.