The big DeFi crash led by Ethereum and SushiSwap crash
Updated: Sep 9, 2020
How to proof that the DeFi bubble totally depends on Ethereum?
If you thought lending Crypto’s against interest makes sense you maybe lose trust in this now. Because the bubble burst through a simple circumstance and burned the stables behind complete.
SushiSwap chef Nomi left this highest valued company by cashing out all his tokens to Ethereum after first claiming not do and no says for sure he is not scam existing
This psychologic trick hits Ethereum very hard and it lost value after wBtc lot also value and Bitcoin started dropping by an oversold.
Another round of DeFi investors actually sell Maker Dao stables DAI and the tokens from the Maker DeFi.The DeFi market lost about $3.5B and an end is not in sight.
Big question can ETH recover the gas is raising through high traffic actually. The scalability of ETH is at the highest peak and it seems the network will raise much more gas in the next 24 hours.
The YFI coin that powers the Yearn.finance blockchain protocol has lost over 15% in the last 24 hours. At press time, YFI is trading at a price of $21,975 with a market cap of $423.7 million. Earlier this week, YFI coin was trading above $38,000 surging past a market cap of $1 billion. However, it has lost more than 50% valuations from its weekly high.
Chainlink (LINK) continues to dominate the DeFi market but has corrected 7% in the last 24 hours and over 24% in the last seven days. The major drag down in the DeFi market was by $SUSHI coin, the DeFi coin powering the SushiSwap protocol. Recently SushiSwap gained much popularity after it positioned as the yield farming version of the decentralized exchange Uniswap.
$SUSHI coin crashed a whopping 53% in the last 24 hours. The crash happened after reports emerged that Chef Nomi, the anonymous founder of SushiSwap is reported to have cashed his entire $SUSHI holding. Interestingly Ether (ETH) has also dropped over 12% in the last 24 hours. At press time, ETH is trading at $345 with a market cap of $38.8 billion. The Ethereum blockchain is home to a majority of the DeFi protocols in the market.