Over the past 24 hours, tokens underpinning popular DeFi protocols like SushiSwap and Lido Finance have taken a battering.
It's blood red in the world of DeFi on Thursday morning.
Tokens backing decentralized finance protocols including SushiSwap,
, Curve, and Uniswap have all plummeted over the past day, according to data from CoinGecko.
SUSHI, the governance and staking token behind the decentralized exchange project, has dropped a whopping 10% over the past 24 hours. The token is now trading hands at $1.13, falling from $1.26 this time yesterday.
SushiSwap is a decentralized exchange that was initially forked from market leader Uniswap. They added a variety of new features as well as released the SUSHI token, a key offering that Uniswap did not have at the time.
SUSHI’s bearish price action, however, began shortly after the DeFi protocol’s newly-appointed CEO Jared Grey was accused of a number of improprieties in a Twitter thread; Grey has since addressed each of the allegations in a public letter, denying all.
The second-biggest loser in the DeFi sector has been the token behind Lido Finance. LDO has plunged nearly 10% over the past 24 hours and is now trading at $1.19 per token.
Lido Finance is the market’s most popular liquid staking service, commanding a market share of nearly 30%. There are no other staking services, DeFi or otherwise, that have attained double-digit market share, according to Dune Analytics.
Curve Finance, the like-asset DeFi exchange, has also fallen several points on Thursday. The project’s governance token, CRV, has dropped more than 9% over the past 24 hours and is now trading at $0.75.
Earlier this year, the token played a central role in what were the Curve Wars, during which speculators and protocols alike scrambled to scoop up as much CRV as possible. The token was trading at roughly $5.40 a token at that time, marking a hefty 86% drop.