As the world of cryptocurrency continues to evolve, investors and traders are always looking for the next big thing. However, recent developments for SUSHI, a popular decentralized finance (DeFi) protocol, suggest that things may not be looking too great for the platform.

According to a report by Santiment, SUSHI has recently been served with an SEC subpoena, adding to the already difficult macro environment for the platform. SUSHI’s total value locked (TVL) has dropped by a staggering 93% since mid-November 2021, now sitting at a mere $581.47 million USD. This can be attributed to both the fall in the price of cryptocurrency assets as well as a decrease in the usage of SUSHI.

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In comparison, Uniswap’s TVL has also fallen, but only by 63% since mid-November 2021, currently sitting at $3.71 billion USD. Uniswap’s protocol usage has been steadily increasing over the past year, with higher levels of usage indicating a healthier protocol.

Looking at SUSHI’s protocol usage over the past year, there has been little real growth as protocol usage on average remains pretty low. While there have been some occasional spikes, they have not been sustained, indicating a struggle for the platform.

Furthermore, SUSHI’s token circulation has also been affected, with long-term holders exiting their positions. This is evident in the number of dormant tokens that haven’t moved for at least 365 days, which has seen a recent spike, suggesting that long-term holders have decided to exit their positions.

This is also reflected in SUSHI’s supply on exchanges, which has coincided with the increase in dormant circulation, suggesting that long-term holders are exiting their positions. According to Twitter user Lookonchain, it was the fund Goldentree that recently reduced its exposure to SUSHI, having previously invested $5.2 million into the platform in October 2022.

In conclusion, the recent developments for SUSHI are cause for concern for investors and traders alike. While the platform has certainly faced challenges over the past year, the recent SEC subpoena and decrease in protocol usage and TVL suggest that there may be more difficult times ahead for SUSHI.

#SUSHI #sushiswap #DeFi #Altcoin #azcoinnews

This article was republished from azcoinnews.com

In the world of cryptocurrency, a flurry of activity has been detected on Twitter as multiple crypto projects have posted the same image and message about an event happening on March 24th.

The tweet contains a rectangular image with the date of March 24th inscribed vertically, indicating that some important event is scheduled to take place on that day.

Liquity Protocol, the developer of the stablecoin LUSD, was the first project to tweet this content at 4 PM on March 23rd (UTC). Shortly after, a slew of crypto projects followed such as Rocket Pool, SushiSwap, SyncSwap, Argent, and many more.

Many members of the crypto community believe that this event is related to zkSync, a layer 2 scaling solution built on Ethereum using zk Rollup technology. Several projects have tweeted about zkSync, such as Argent, SyncSwap, SpaceFi, and Orbiter.

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The @mingoairdrop account even suggests that the zkSync Era will launch its mainnet this week, which has many people excited about the possibility of another layer 2 project to airdrop for users after Arbitrum.

As reported by AZCoin News, Arbitrum recently airdropped tokens to users on March 23rd at 11 AM (UTC). The ARB token is currently trading at around $1.35 with a market capitalization of $1.7 billion, according to CoinMarketCap.

The simultaneous posting of the same image and message by multiple crypto projects on Twitter is not a new phenomenon. In February, major decentralized finance (DeFi) projects posted a picture of their arms crossed with the word “Monday” inscribed below, indicating that a big event was scheduled for that day. They later announced a collaborative campaign to spread awareness about the nature of the industry.

With the crypto world constantly evolving, it remains to be seen what this event on March 24th will bring. Nonetheless, the Twitter activity and speculation surrounding it have certainly stirred up the community’s curiosity and excitement.

#Twitter #ARBITRUM #sushiswap #azcoinnews #azcoin

This article was republished from azcoinnews.com