Disclosure: Delphi Ventures and members of our team hold positions in UNI and SUSHI. This is stateme
TLDR: We believe a relative value trade may be in play here and have taken a SUSHI position accordingly.
The circulating market cap of leading DEX protocols has 4.4x’ed over the past 30 days as the trading volume they facilitate has risen along with them.
Historically, Sushiswap’s rolling price-to-sales (P/S) ratio has been higher than Uniswap’s, but that recently changed
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