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 3.66% SushiSwap / USD SUSHIUSD $ 16.63
$0.613.66%
Volume 808.29 m Change $0.61 Open $16.63 Circulating 127.24 m Market Cap 2.12 b
4 h Grayscale Is Considering 23 New Crypto Assets, Especially DeFi Coins, for Offering 3 d Uniswap and SushiSwap Attract Users During Market Volatility, Registering Record Volumes 5 d FTX CEO Proposes Building SushiSwap on Solana and Serum
and SNX SNX 0.73% Synthetix / USD SNXUSD $ 19.55
$0.140.73%
Volume 169.89 m Change $0.14 Open $19.55 Circulating 114.84 m Market Cap 2.24 b
4 h Grayscale Is Considering 23 New Crypto Assets, Especially DeFi Coins, for Offering 3 d “Accelerating Demand” from Investors Sees Increased Inflows in Bitcoin & Crypto-Related Funds Despite Sell-Off 1 w Bitwise Launches a New DeFi Exclusive Fund Covering Nine Hot Coins
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 7.26% Polkadot / USD DOTUSD $ 35.04
$2.547.26%
Volume 4.7 b Change $2.54 Open $35.04 Circulating 913.81 m Market Cap 32.02 b
4 h Grayscale Is Considering 23 New Crypto Assets, Especially DeFi Coins, for Offering 1 d Polkadot (DOT) Proposes Public Utility Parachains to Provide Easy Access to Resources 3 d Uniswap and SushiSwap Attract Users During Market Volatility, Registering Record Volumes
, AAVE AAVE -1.97% Aave / USD AAVEUSD $ 338.76
-$6.67-1.97%
Volume 434.27 m Change -$6.67 Open $338.76 Circulating 12.42 m Market Cap 4.21 b
4 h Grayscale Is Considering 23 New Crypto Assets, Especially DeFi Coins, for Offering 3 d “Accelerating Demand” from Investors Sees Increased Inflows in Bitcoin & Crypto-Related Funds Despite Sell-Off 1 w Bitwise Launches a New DeFi Exclusive Fund Covering Nine Hot Coins
, Chainlink LINK -0.71% Chainlink / USD LINKUSD $ 26.41
-$0.19-0.71%
Volume 1.87 b Change -$0.19 Open $26.41 Circulating 410.01 m Market Cap 10.83 b
4 h Grayscale Is Considering 23 New Crypto Assets, Especially DeFi Coins, for Offering 1 d 1Inch Decentralized Exchange to Transition to Binance Smart Chain as Ethereum Exodus Begins 1 d Polkadot (DOT) Proposes Public Utility Parachains to Provide Easy Access to Resources
, 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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