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Sunday

27 September 2020

Rumors of DeFi’s demise have been greatly exaggerated: weekly recap

Rumors of DeFi’s demise have been greatly exaggerated: weekly recap


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Here are the top stories from the past week:.

SUSHI’s parabolic surge upward came to an abrupt halt when the project’s head cashed in all his chips earlier this week, and the resulting selloff knocked the rest of DeFi, ETH and Bitcoin (BTC) down from their perches, some of which were highs for the year. .

Shortly after SUSHI hit that high, anonymous founder “Chef Nomi” withdrew all funds from the company coffers (worth about $27 million) shortly after insisting that money was meant for development and would not be taken from the company, and then insisted to Cointelegraph that he did not pull an exit scam.

The selloff was so swift that it torpedoed the entire crypto asset sector, taking the rest of DeFi and even ETH and Bitcoin down with it.

At one point, the DeFi as a whole was down around 50 percent from earlier highs. .

A number of experts have been rather vocal about the DeFi bubble bursting and even compared it to the ICO bubble, saying that people haven’t learned anything from then. .

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