Sushi Is Pumping: Is This The DeFi Awakening?

Sushi Is Pumping- Is This The DeFi Awakening?
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Trends

Giant asset manager GoldenTree staking over $5 million on SushiSwap triggered the spike

DeFi is not dead. SushiSwap returned to the headlines this week with product updates and the entry of a leading traditional finance institution into Web3. Could this be a Fenix moment for DeFi projects with the latest market trends? Let’s read into what the chart and the news tell us.

Summary

  • In a green month for SushiSwap, the SUSHI token has climbed the charts after the announcement of the asset manager GoldenTree;
  • There has been a generally positive trend across the DeFi industry since then;
  • DappRadar’s tools can help you read into what this news means for where Web3 is headed.

Asset management giant invests $5 million in SushiSwap

Traditional finance giants are also stepping into Web3 – now with the American asset manager with nearly $50 billion in funds.

According to their post for institutional investors in Sushi’s forum, the GoldenTree saw in SushiSwap the “best of DeFi,” and decided to partner with the project with “incredible potential.”

They have staked around $5.3 million in tokens on SushiSwap, generating a jump in SUSHI of 14% in charts in a month that had already been favorable to the DEX.

One of the most interesting parts of the announcement is that the GoldenTree/GoldenChain team also set out to be transparent – publicly sharing their crypto investment wallet address.

GoldenTree Wallet DappRadar Portfolio Tracker
Via DappRadar Portfolio Tracker

In it, we can see more than $7 million in XSUSHI – the token they receive from the SUSHI stake on SushiSwap.

What does Sushi’s Renaissance mean for DeFi?

Taking a step back and looking at the entire DeFi industry Total Value Locked (TVL), we can spot a general trend following SushiSwap appreciation.

As pointed out by DappRadar’s Q3 Industry Report:

“DeFi is not dead showing signs of recovery with a 2.9% growth in TVL from Q2.”

DeFi Total Value Locked 2022 Q3
Source: DappRadar 2022 Q3 Industry Report

While Ethereum remains the most dominant chain, with over $48 billion in TVL, other blockchains have recently seen numbers rise sharply. This is the case for Tezos, Hedera, and Optimism – whose main dapps are linked to DeFi and NFTs.

In other words, both the entry of big players and the general sentiment of the market seem to point to a moment of renewal. This year has seen a difficult time for DeFi, since the Terra crash, and NFTs and gaming have become the strongest areas of the blockchain industry. However, optimistic signs may indicate that the turning point for DeFi is here.

Track Sushi and keep up with DeFi trends with DappRadar

We at DappRadar will continue following market trends as they evolve. If you’re interested in keeping up with the latest trends in DeFi and the exciting world of Web3 projects, DappRadar is the place to be.

Learn from our beginners’ guides on the blog, dive into real-time data on our rankings, and see it all applied in industry-leading reports.

We hope you enjoyed getting to know a bit more about what the future of DeFi looks like. Make sure to follow DappRadar on Twitter to join our community.

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The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your own research.

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