Crypto Analytics: A Bit of Yearn Narrative With Data
michaelsilberling.substack.com
Crypto Analytics: A Bit of Yearn Narrative With Data
Twitter Thread
This past week there was a Twitter debate between protocols about how aggregator vaults like Yearn compete versus users for yield. Discussion turned to a question about if these aggregator vaults should be seen as "whales" or as collections of smaller users? I was curious as well, and built this dashboard to try to gain insight into how many users are actually participating in Yearn vaults and how large their holdings are. Another semi-viral Twitter thread followed:
Check out the Dune Analytics Dashboard Here.
A bit of Yearn narrative with data (@iearnfinance):
Yearn's top vaults each manage hundreds of millions of dollars, but only from a few thousand addresses.
From the outside, it may seem like this is a bunch of whales doing whale things. But in reality, it's mostly smaller fish
In the top Yearn vaults, >50% of depositor's positions were less than $5k-$25k in total USD Value.
That's still a significant position size, but far from whale territory.
DAI: 57% <$5k
USDC: 47% <$10k
IronBank: 47% <$10k
stETH: 50% <$25k
What's even more mind-bending is when you look at who some of the whales actually are.
Some are legitimate whales, but the DAI vault's largest holder is @AlchemixFi (76% of TVL) and WBTC's is @BadgerDAO (91%), which are themselves collections of more individual participants.
