In the last couple of weeks, the Ethereum-based DeFi sector was hit alongside Bitcoin and Ethereum’s selloff. However, there are a few tokens that remained unwavering, withstanding the immense selling pressure brought about by the bearish market wave.
Of these tokens, Yearn. Finance, Aave (LEND), and Loopring (LRC), rank as the best performers, whereas Curve, Meta, and Sushi remain the worst performers, shedding nearly 50%.
SushiSwap is an exchange that does not work with an order book but with an automated market-making, or AMM, model. This model sees liquidity providers add funds to liquidity pools. Recently, Sushiswap’s journey has attracted the attention of mainstream investors and reporters.
A few days ago, Bloomberg wrote extensively on this in “Crypto Exchange Gets Millions After Copy-Paste of a Rival’s Code.” This may be quite notable as it may likely be the first time many Bloomberg readers including Wall Street were exposed to DeFi. It also struck a controversial note as many states that it has some inaccuracies about the crypto space.
It also spurred an interest in DeFi and Ethereum among institutional investors. Recently, Spencer Noon, head of DTC Capital, noted that his institutional contacts now know of Ethereum and DeFi:
“My read on #DeFi after speaking with institutional investors, fund managers, OTC desks, and FOs over the last few weeks: The herd is coming. They’re excited about DeFi but new to it, so they’re buying $ETH first.”