- Grayscale, the digital asset management firm, has removed two assets from its Decentralized Finance (DeFi) Fund as part of this year’s Q1 rebalance.
- Grayscale has removed the tokens Synthetix (SNX) and SushiSwap (SUSHI).
- The news that SNX and SUSHI have been removed from the Grayscale DeFi fund has seen the price of the tokens drop.
Grayscale, the digital asset management firm, has removed two assets from its Decentralized Finance (DeFi) Fund as part of this year’s Q1 rebalance.
Grayscale has removed the tokens Synthetix (SNX), a crypto-derivatives decentralized exchange, and SushiSwap (SUSHI), a decentralized exchange, from its DeFi fund after two cryptocurrency assets had failed to meet the minimum market capitalization requirement.
The DeFi fund launched by Grayscale in July last year currently holds an estimated $8 million in assets. Digital assets that still remain in the DeFi fund after the quarterly rebalance include Aave (AAVE), MakerDAO (MKR), Uniswap (UNI), Curve (CRV), Yearn Finance (YFI), Amp (AMP (OTC:AMLTF)) and Compound (COMP).
The news that SNX and SUSHI have been removed from the Grayscale DeFi fund has seen the price of the tokens drop.
SNX down almost 20% for the week (Source: CoinMarketCap)
According to CoinMarketCap, the price of Synthetix, which is currently ranked 115 in terms of market capitalization, has fallen 7.64% in the last 24 hours and 19.55% in the last week. The current market capitalization of SNX stands at $637,297,139.
SUSHI follows the same trend as SNX (Source: CoinMarketCap)
The price of SushiSwap, ranked 141 in market capitalization, has also dropped and is 9.88% down in the last 24 hours with the 7-day price movement falling just over 25%. The market capitalization of SUSHI at the time of writing is $457,306,186 – a significantly lower market capitalization compared to SNX.
Of course, the fall in the price of SNX and SUSHI could also have to do with the current market dip experienced in the cryptocurrency market in the last 24 to 48 hours.