This DeFi project dropped from $ 4,000 to $ 1 in just 5 minutes.
Recently, the DeFi community has been stirring up a DeFi project with a name related to the familiar "Hotdog" dish, which has attracted great attention because the drop could not be stronger.
HotdogSwap was launched yesterday September 2, when it was just launched, it quickly increased to 4,000 USD and then 5,000 USD, but at the moment it is only $ 0.0332 because of a huge dump.
According to a post on reddit saying this is a scam project because the dump and pump prices are too fast.
One twitter user said that the price dropped from 4,000 USD to under 1 USD in just 5 minutes.
Trader Edward Morra likened this dump to Bitconnect, in addition he posted other cases of other DeFi tokens that have dumped heavily over the past 24 hours.
We've shared more details here: bitcoin to paypal
There are a lot of traders flocking to DeFi projects without getting to know it carefully, listening to others' invitation or trapping scammers to participate in ghost projects.
BTA does not recommend, but only expects investors to only participate in DeFi projects with a clear development roadmap and in the top, as BTA summarizes here:
In the decentralized financial (DeFi) market there is a continuing correction with Uniswap overtaking MakerDao to take the number one spot in terms of total locked value.
Uniswap's total locked value, which represents the total number of cryptocurrencies locked in a loan protocol, currently stands at $ 1.6 billion, according to data recorded from DeFi Pulse.
Meanwhile, MarkerDAO reached 1.5 billion USD and of course this position is only temporary.
total locked value of DeFi protocols
This is not the first time that MakerDAO has been beaten, recently on August 25, the Aave decentralized lending protocol also overtook MakerDAO to take the number one position with $ 1.45 billion in total locked value.
Currently, the top positions are constantly changing day by day due to the rapid growth of DeFi. The top three names now are Uniswap, Aave and MakerDao.
Uniswap's growth has been fueled by the launch of the decentralized SushiSwap protocol. Uniswap received $ 1.2 billion in deposits from SushiSwap.
To interact with the SushiSwap protocol, the user must first send the protocol-supported token into Uniswap, where the user will receive the so-called "LP token", which is used on the SushiSwap protocol.
Therefore, this effectively attracted more liquidity for Uniswap.
However, one thing to keep in mind is that the total value of Uniswap locked is only temporary, this number will probably adjust down the next time.
Since the liquid tokens currently available on Uniswap will migrate to separate SushiSwap contracts - meaning it will migrate to another independent decentralized exchange, according to developer SushiSwap.
total Uniswap locked value
The DeFi craze in recent weeks has pushed the total locked-down value of all DeFi protocols to a high $ 9.11 billion right now.
As BTA said before, total locked value is not the ideal measure of DeFi's performance, we also have other specific metrics like decentralized exchange volume (DEX ).
By Tran Cong
