That Sushi Fresh? Swapetition Drives Uniswap to #1 DeFi TVL

Plus some big law enforcement moves around crypto exchanges and Robinhood

Happy Humpday, Blockfolians

The Lede

Who had “food meme tokens experimenting with novel economics and incentive structures drive massive shift in attention and behavior” on their 2020 Bingo card?

The latest is SushiSwap, a version of Uniswap that has put incentives in for liquidity. Sushi has cut to the quick of DeFi debates:

Meanwhile, Uniswap can’t be too upset, as the competition has not only helped them flippen centralized exchanges in the US but has rocketed them to the new #1 slot when it comes to total value locked.

Our take?

  • Rapid experimentation is the name of the game right now

  • A lot of that experimentation is going to involve crazy risk

  • FOMO is the enemy of sanity and the enemy of safety

  • For people who are learners and experimenters first (traders, speculators and degens second), this will be some of the best times you’ve ever had in crypto

Happy farming, fam

Enjoying Blockfolio’s Market Refresh? Sign up to have it delivered every day.


Highly Relevant Reading


Community Commentary

Is it really hard to understand why people are piling into something so totally disconnected from traditional markets?
And speaking of reasons to be here…

A Really Big Number We Should Be Paying Attention To  

$160,000,000

That’s the value of the bitcoin held in a single wallet by Ren’s core team. Honey, meet pot.


Final Thought

Painfully true.