The broader crypto market has been struggling to find momentum in the market crisis. In this situation, on the 20th of October, DeFi-based tokens SushiSwap, Uniswap, and Synthetix have been hit hard and plummeted more than 7%.
SushiSwap, governance and staking DeFi-based token, over the past 24 hours, has dropped more than 9.7%. This token is trading at around $1.30 as of the 20th of October, while yesterday, its price was $1.45. This latest price of Suchi came after it integrated a fiat on-ramp solution Transak. After the new integration, Sushi claimed that it would allow users to trade more than 125 cryptocurrencies directly from the exchange.
The Transak solution was developed and supported by ConsenSys, which supports major payment systems, such as Google Pay, Visa, Mastercard, and SEPA. Moreover, it also comes with a requirement for Know-Your-Customer procedures.
In a Twitter post, SushiSwap said that they’re happy to announce that they’ve integrated @Transak’s fiat on-ramp solution into the Sushi app. Moreover, they said that users can now buy 130+ cryptocurrencies directly from the swap page.
On the other hand, UniSwap, UNI, over the day, has dropped more than 7%. According to data from CpinGecko, on the 20th of October, Uniswap was trading at around $5.97. UniSwap is the 18th-largest digital asset with a market capitalization of around $4.5 billion. Last week, it also raised $165 million in new funding. Despite its market capitalization and funding, it struggled to gain momentum, and it has dropped 13.8% over the past two weeks.
Synthetix, SNX, has also dropped more than 7% over the last day, which is quite similar to UniSwap. On the 20th of October, The token is trading at around $2.16, while last Thursday, its price was $2.35.
Other tokens in the industry, such as Cardano, Solana, and Polkadot, all dropped more than 5% over the past 24 hours. Bitcoin, the leading cryptocurrency in the market, dropped 0.8% over the past 24 hours and is trading below $19,000 as of 20th October. Ethereum, the second largest cryptocurrency in the market is trading at $1,282 and dropped 1.1% over the same period.
