Grayscale Now Eyeing SushiSwap (SUSHI) & Synthetix (SNX) for its Institutional Clients

Grayscale’s interest in DeFi continues to broaden with the filing of yet two more DeFi blue chips amidst the ongoing bull market.


Grayscale Investment, the world’s largest digital asset manager with $36.65 billion in assets under management (AUM), is getting increasingly interested in decentralized finance (DeFi) projects.

The firm is now looking to provide its institutional clients’ exposure to more DeFi blue chips, including SushiSwap (SUSHI) and Synthetix (SNX).

Grayscale’s “statutory trustee” for the US states Delaware Trust Company has now filed for launching the trusts for the hot DeFi projects.

SushiSwap is a popular DEX that does more than half a billion dollars worth of volume daily to capture over 23% of the DEX volume market share. The project sees a whole host of positive developments, with Coinbase Custody also announcing that it will support deposits and withdrawals for SushiSwap.

Recently, xSushi was allowed to be borrowed and lent on AAVE v2 that will allow xSushi holders to access the liquidity of their platform. Moreover, the BentoBox contract, the token vault with flash loans, and strategies went live on Ethereum, Ropsten, Kovan, Rinkeby, Goerli, Moonbeam testnet (Polkadot sidechain), and Arbitrum testnet (L2).

Synthetix, the decentralized synthetic asset platform records under $50 million in daily volume with a 1.27% market share.

The tokens SUSHI SUSHI -1.59% SushiSwap / USD SUSHIUSD $ 8.07
-$0.13-1.59%
Volume 186.45 m Change -$0.13 Open $8.07 Circulating 127.24 m Market Cap 1.03 b
1 d Only 2.5% Supply Auctioned, Big Chunk Reserved to Reward Users, Explains YGG on its MISO Sale 1 d Big Institutions Are Buying ETH for the First Time, Over 25% of Supply Already Used in Smart Contracts 1 w Neon Labs Integrates Cross-Chain EVM Solution Into Solana, Bringing Ethereum Dapps to the Blockchain
and SNX SNX 6.38% Synthetix / USD SNXUSD $ 9.63
$0.616.38%
Volume 97.34 m Change $0.61 Open $9.63 Circulating 114.84 m Market Cap 1.11 b
2 w Ethereum Scaling Solutions Continue to Record User Growth in Ongoing Boring Market Condition 3 w Over 30% of ALPHA’s Circulating Supply Is Now Being Staked & Earning 13% APY 3 w SNX Leads the DeFi Bounce as Team Focuses on Layer 2 Developments and Evolution of ETH Wrapper
have been enjoying a bull rally along with the broad cryptocurrency market, up 400% and 220% YTD, respectively.

Grayscale has also filed for other popular DeFi projects like Polkadot DOT 4.78% Polkadot / USD DOTUSD $ 15.10
$0.724.78%
Volume 1.03 b Change $0.72 Open $15.10 Circulating 979.35 m Market Cap 14.79 b
1 w Bitcoin Retesting the Lower-End of Range, OI Still Continues to Soar While GBTC Unlocks Now Behind Us 1 w Cardano Launches Latest Version Of Alonzo Testnet, Dubbed Alonzo White 2 w Energy Trading Platform Power Ledger Switches Allegiance To Solana Blockchain
, AAVE AAVE 3.18% Aave / USD AAVEUSD $ 305.72
$9.723.18%
Volume 319.49 m Change $9.72 Open $305.72 Circulating 12.91 m Market Cap 3.95 b
2 mon Coinbase Enables its Over A Million Wallet Users to Use DeFi — DEXs, NFTs, & More 2 mon Software Provider Temenos Enables Crypto Trading for Banks 2 mon Aave Is Testing Private Pools for Institutions to Ape into DeFi, Reveals CEO Stani Kulechov
, Chainlink LINK -1.11% Chainlink / USD LINKUSD $ 18.89
-$0.21-1.11%
Volume 656.1 m Change -$0.21 Open $18.89 Circulating 441.51 m Market Cap 8.34 b
2 w After GBTC and ETHE, Grayscale’s Digital Large Cap Fund (GDCL) to Have A 6-Month Locking Period 3 w Cardano (ADA) Gains 3rd Largest Weightage in Grayscale’s Rebalanced Large Cap Fund 3 w DeFi Platform Balancer to Join Layer 2 Solution, Polygon Network, In A Bid to Reduce Fees
, and many other cryptocurrencies but the asset manager has yet to launch any of these trusts.

Meanwhile, the firm continues to buy for its other trust, currently holding 650.36k BTC and 3.13 million ETH, adding just over 1,230 BTC and 52,730 ETH respectively this week.

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