As the cryptocurrency world continues to evolve, investors and traders are always looking for the next big thing. However, recent developments for an altcoin that also attracts attention in Turkey show that all may not be well. Here are the details…
Subpoena to altcoin project
Recent developments for SUSHI, a popular decentralized finance (DeFi) protocol, suggest that things may not look so good for the platform. According to a report by Santiment, SUSHI was recently served with an SEC subpoena, which is taking a toll on the already difficult environment for the platform. cryptocoin.com As we also reported, SUSHI’s locked total value (TVL) has fallen by a staggering 93 percent since mid-November 2021. TVL currently stands at just $581.47 million. This can be attributed to both the fall in the price of crypto assets and the decline in the use of SUSHI.
By contrast, Uniswap’s TVL has also dropped, but has dropped only 63 percent since mid-November 2021. It currently stands at $3.71 billion. Uniswap’s protocol usage has been increasing steadily over the past year with higher usage levels indicating a healthier protocol. Looking at SUSHI’s protocol usage over the past year, there has been little real growth as protocol usage remains quite low on average. While there have been some spikes from time to time, these have not been sustained, marking a struggle for the platform.
Hard times coming for SUSHI?
In addition, SUSHI’s token circulation was also affected by the exit of long-term holders from their positions. This is evident in the number of inactive tokens that have not moved for at least 365 days. This suggests that their long-term holders have decided to exit their positions.
This was also reflected in the supply of SUSHI on exchanges, which coincided with the increase in stable circulation. These data also show that long-term holders are exiting their positions. According to Twitter user Lookonchain, Goldentree fund, which had previously invested $5.2 million in the platform in October 2022, recently reduced its exposure to SUSHI.
All in all, the latest developments regarding SUSHI seem to be a cause for concern for both investors and traders. While the platform has certainly faced challenges over the past year, the recent SEC subpoena and the decline in TVL with protocol usage suggest that tougher times may be ahead for SUSHI. At the time of writing, the SUSHI token is changing hands at $1.02, down 2.4 percent.
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