After reporting tremendous gains during the rally,
ERC-20 ‘flips’ Ethereum – Here’s what you need to know
Researchers from Arcane believed that the Sushi Protocol uncertainty affected the entire DeFi ecosystem leading to the TVL collapse by nearly 17%.
Despite the fall, the ERC-20 tokens and the DeFi market were once again on a bullish path. Tokens like LEND, ELF, SNX, and REN were surging due to a spike in address activity which could be an indication of the bullishness in the market. Although DeFi has also been a direct contributor to the rising ETH gas cost, its ecosystem has not yet been impacted but once again highlighted the scalability issues of Ethereum.