DeFi Exchange in Tokens Sushi, Uniswap Plummet Amid Sideways Crypto Market

As the broader crypto market struggles to find momentum for any meaningful bull action, DeFi tokens behind SushiSwap, Uniswap, and Synthetix have been hit hard over the past day, posting losses of more than 7%.

SUSHI, the governance and staking token behind the eponymous decentralized exchange (DEX), has plunged as much as 9.7% over the past 24 hours.

The token is now trading at $1.30, falling from yesterday’s high of $1.45, according to data from CoinGecko.

The latest price action comes less than 48 hours after the Sushi app integrated a fiat on-ramp solution developed by ConsenSys-backed Transak, which claims to allow users to buy more than 130 cryptocurrencies directly from the exchange.

The Transak solution supports major payment systems, such as Visa, Mastercard, Google Pay, and SEPA, however, it also comes with a requirement for Know-Your-Customer (KYC) procedures.

? We’re happy to announce that we’ve integrated @Transak’s fiat on-ramp solution into the Sushi app!

Users can now buy 130+ cryptocurrencies directly from the swap page: https://t.co/jQkGzAJaqk

? Read more: https://t.co/0w830jax3l

? Video tutorial: https://t.co/rXY2tOXTss pic.twitter.com/z88fkxplfE

— SushiSwap (@SushiSwap) October 19, 2022

Uniswap (UNI), the token powering another popular DEX of the same name, has fallen 7% over the day, changing hands at $5.97.

With a market capitalization of more than $4.5 billion, UNI is the industry’s 18th-largest digital asset. Still, and despite Uniswap Labs last week raising a whopping $165 million in new funding, it has struggled to gain steam recently, dropping 13.8% over the past two weeks.

SNX, which powers the synthetic asset-creating platform Synthetix, has followed a similar price pattern, plunging 7.3% over the last day.

The token is now changing hands at $2.16, down from $2.35 on Thursday.

Why Synthetix’s Kain Warwick Thinks DeFi Governance Has Gotten Worse

Elsewhere, Cardano (ADA), Solana (SOL), and Polkadot (DOT) all lost more than 5% over the past 24 hours.

Bitcoin (BTC), is down 0.8% over the span, currently changing hands just below $19,000.

Ethereum (ETH), the industry’s second-largest cryptocurrency, is trading at $1,282, down 1.1% over the same period of time.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Source