Disclosure: Delphi Ventures and members of our team hold positions in UNI and SUSHI. This is statement is intended to disclose any perceived conflict of interest and should not be misconstrued as a recommendation to purchase UNI or SUSHI. This is not investment advice. 

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.

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