Grayscale Dives Deeper Into DeFi with Yearn, SushiSwap Trust Filings

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In Brief
  • Grayscale adds YFI, SUSHI, MKR, COMP and SNX trust filings

  • AUM surges to almost $37 billion

  • Major DeFi tokens skyrocket to all-time highs

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Less than a month after institutional crypto fund giant Grayscale first pivoted to decentralized finance (DeFi), it has filed a number of new trust filings, including Yearn Finance and SushiSwap.

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The world’s largest crypto asset trust for institutional investors, Grayscale, is diving deeper into the DeFi sector, with more trust flings in addition to Aave and Polkadot which it filed last month.

The Delaware corporate registry, Grayscale’s statutory trustee for the state, received the filings on Feb. 10, following six filings on Jan. 27. In addition to the two above, uniswap (UNI), cosmos (ATOM), monero (XMR), and cardano (ADA) trust filings were added and on Feb. 1 it registered a theta (THETA) trust.

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The new filings include DeFi aggregator Yearn Finance, Uniswap clone SushiSwap, Compound Finance, crypto lending stalwart MakerDAO, synthetic asset platform Synthetix, and decentralized storage platform Blockstack.

In late 2020, Grayscale also registered trusts for chainlink (LINK), basic attention token (BAT), decentraland (MANA), tezos (XTZ), filecoin (FIL), and livepeer (LPT).

Grayscale now has 33 registered trusts in the state, however just nine are currently active. In mid-January 2021, the firm dissolved its XRP trust following Ripple’s ongoing legal battle with the Securities and Exchange Commission.

The filings do not mean that these trusts will definitely be launched, they have just been registered as limited liability companies in preparation.

AUM Hits $36.8 Billion

The firm’s latest assets under management figure is a whopping $36.8 billion, an increase of 47%, since BeInCrypto reported Grayscale’s first DeFi trust filings on Jan. 29.

Grayscale’s current trusts are dominated by bitcoin (BTC), which represents about 82% of the total with $30.2 billion.

The ethereum (ETH) trust has around 15%, with $5.5 billion, and the rest is distributed between a number of smaller crypto trusts including litecoin (LTC), bitcoin cash (BCH), stellar lumens (XLM), ethereum classic (ETC), and zcash (ZEC).

DeFi Tokens Hit ATHs

The news appears to have given a boost to these DeFi-related tokens, as YFI has skyrocketed 26% to reach a new all-time high of $47,400, according to CoinGecko. Following somewhat lackluster price action, YFI has finally awoken and is moving upwards again.

SUSHI also hit an ATH a couple of hours ago of $17.30, while COMP is close to its own trading just below $500, at the time of writing. MKR is trading flat on the day just over $2,500, while SNX has also made an all-time high of $27.

DeFiPulse is reporting the total TVL across the DeFi sector at a record $40 billion, but it is likely to be higher since some listings are omitted.

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Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

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