DeFi projects have been dominating headlines as of late, and the unexpected departure by a high-profile founder had ripple effects throughout crypto markets. Here are the top stories from the past week:
SUSHI’s parabolic surge upward came to an abrupt halt when the project’s head cashed in all his chips earlier this week, and the resulting selloff knocked the rest of DeFi, ETH and Bitcoin (BTC) down from their perches, some of which were highs for the year.
There is, however, a silver lining to this cloud.
Cryptocurrency market weekly performance snapshot. Source: Coin360
SUSHI’s chef “leaves the kitchen” but can the rest of crypto stand the heat?
SushiSwap, a fork of Uniswap, successfully migrated Uniswap liquidity into its own protocol. There was about $810M of tokens in SushiSwap, or 55% of Uniswap liquidity. By the end of the process, the value in SushiSwap had hit an all-time high of about $860M, according to DeBank.
Shortly after SUSHI