This crypto VC giant just threw its weight behind DeFi's Yearn.finance

Finance remains an integral part of the Ethereum decentralized finance narrative.

So much so that a prominent venture and hedge fund in the space announced that they recently threw their weight behind the protocol.

YFI is valued at over $1 billion, making it one of the fastest "Crypto unicorns" to date.

"A couple examples of notable investments we've made recently include YFI and LUNA. YFI is up at a significant multiple since we invested and is essentially an on chain hedge fund with single asset strategies. Developers can write their own strategies, deploy them, and then charge a fee, part of which goes to YFI token holders."

It's worth noting that Pantera Capital isn't the only industry venture fund to have involved themselves in YFI. Other financiers in the space - from executives of Mechanism Capital and Framework Ventures to Three Arrows Capital and others - have become involved in YFI or have mentioned the project in a positive light.

While YFI's price action has been tepid at best, it's been a great week for Yearn.

Project founder Andre Cronje, widely regarded by many as one of the most honest crypto developers since Satoshi, rolled out a new platform called yInsure, which allows users to obtain coverage on their usage of certain DeFi protocols.

Coverage quickly sold out as users quickly sought to ensure their DeFi "Farms" were safe.

Other notable developments for the project include YFI being listed on Coinbase, Yearn.

Finance developers upgrading the platform's most-hyped product yETH Vaults, and the introduction of a new facet of the ecosystem.