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 2.30% SushiSwap / USD SUSHIUSD $ 6.07
$0.142.30%
Volume 164.09 m Change $0.14 Open $6.07 Circulating 127.24 m Market Cap 772.79 m
3 w Bitcoin Is Back Above $51k and Ether $4,100 as The Cryptocurrency Market Goes Green 3 w Is This The Beginning of the Santa Rally? Markets Jump in Asia Session 1 mon Polygon Rolls Out EIP 1559 Implementation to Burn MATIC Token
and SNX SNX 1.82% Synthetix / USD SNXUSD $ 4.99
$0.091.82%
Volume 51.48 m Change $0.09 Open $4.99 Circulating 114.84 m Market Cap 572.69 m
3 mon Grayscale Makes Solana (SOL) the 4th Biggest Holding in its Digital Large Cap Fund, Adds Uniswap (UNI) too 4 mon DeFi Autumn after Solana Summer? Traders Still Short as Bitcoin Jumps to $48k and Ether to Nearly $3,700 4 mon DeFi Rallies Towards New Highs As Multiple Layer 1 Blockchains Amaas $50 Billion in TVL
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 2.84% Polkadot / USD DOTUSD $ 24.57
$0.702.84%
Volume 1.05 b Change $0.70 Open $24.57 Circulating 987.58 m Market Cap 24.26 b
4 w Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 1 mon SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 1 mon Solana Unaffected by Price Jitters while Bitcoin, Ether, Polkadot, and Cardano Post Outflows
, AAVE AAVE -2.75% Aave / USD AAVEUSD $ 215.04
-$5.91-2.75%
Volume 267.58 m Change -$5.91 Open $215.04 Circulating 13.48 m Market Cap 2.9 b
8 mon Coinbase Enables its Over A Million Wallet Users to Use DeFi — DEXs, NFTs, & More 8 mon Software Provider Temenos Enables Crypto Trading for Banks 8 mon Aave Is Testing Private Pools for Institutions to Ape into DeFi, Reveals CEO Stani Kulechov
, Chainlink LINK 2.55% Chainlink / USD LINKUSD $ 22.18
$0.572.55%
Volume 933.03 m Change $0.57 Open $22.18 Circulating 467.01 m Market Cap 10.36 b
1 mon SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 1 mon Layer 1s Lead Crypto Recovery But “Tricky” Macro Environment Raises Potentials for “Extreme and Violent” Moves 2 mon Bitcoin’s Longest Slump Since May Severs its Pandemic-era Correlation With Tech Stocks
, 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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