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.
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 17.45% SushiSwap / USD SUSHIUSD $ 17.33
$3.0217.45% Volume 1.6 b Change $3.02 Open $17.33 Circulating 127.24 m Market Cap 2.21 b 1 d Tech Stocks Dragging Bitcoin, Ether, & Crypto's Down, But 'Fundamentals Still Strong' 2 d 1.5 Billion New DAI Minted in The Past Month, Maker Now Earning $400k per day in Revenue 5 d Sushi Goes Live on Polygon (MATIC), Andre Cronje Proposes A Curve like Mechanism for it and SNX SNX 16.97% Synthetix / USD SNXUSD $ 19.84
$3.3716.97% Volume 644.48 m Change $3.37 Open $19.84 Circulating 114.84 m Market Cap 2.28 b 1 w Another Binance Smart Chain (BSC)-based DeFi Protocol Gets Exploited for Over $30 Million 2 w Indexing and Querying Protocol, The Graph (GRT), Launches A Micro-Transaction Solution, Scalar 1 mon Coinbase Joins DeFi Accelerator to Help Take Decentralized Finance to the Masses 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 4.56% Polkadot / USD DOTUSD $ 39.39
$1.804.56% Volume 3.05 b Change $1.80 Open $39.39 Circulating 937.32 m Market Cap 36.92 b 1 d Positive Momentum for Ethereum Continues with Another $60 Million in Inflows: CoinShares Report 4 d BoE Governor Andrew Bailey Says Crypto Investors Trading In A Bubble 1 w Binance Smart Chain (BSC) Is Feeling the Pressure of the Heightened Network Demand , AAVE AAVE 32.38% Aave / USD AAVEUSD $ 578.55
$187.3432.38% Volume 1.96 b Change $187.34 Open $578.55 Circulating 12.74 m Market Cap 7.37 b 1 h Aave Is Testing Private Pools for Institutions to Ape into DeFi, Reveals CEO Stani Kulechov 2 d 1.5 Billion New DAI Minted in The Past Month, Maker Now Earning $400k per day in Revenue 1 w Layer 2 Ethereum Scaling Solution Polygon (MATIC) Sees Nearly $4B in Value Locked as QuickSwap Gains Traction , Chainlink , 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.