I cashed out at near peak and made some nice moolahs, all in 5 days.
The DEFI technology is awesome and I bet will be a cornerstone in fintech.
However....
The whole issue here is "yield farming" and obvious scam like them sushi, sausage, pasta etc. is claiming thousand X returns, all of these with unaudited contracts etc. ..... sounds like the era of ICOs to me.
My 0.911 LP tokens staked is still farming sushi though....
meanwhile, another scam HOTDOG... crashed after 5 minutes..... from $4000 to $1
https://cryptopotato.com/4000-to-1-in-5-minutes-defi-hotdog-and-pizza-present-free-fall-on-their-first-day/Bought sushis at 0.70 - 1.20 range from Bilaxy exchange and cashed out at around 9$.
Don't know if you heard but the Sushi dev apparently sold all his Sushi. There is a thread on twitter about it. He says he did it for the community however it looks like an exit scam to me. I think he made like $10 million dollars with about a week worth of work.
So I would becareful holding this token, today it looks like its -65% already and I won't be surprised if this ends up being another one of those -100% Defi token. So if you took some profits make sure to lock it in at least.
In general whenever something like this happens, its what usually ends up starting a bear market in the crypto market. Too much money is locked into this Defi and there are going to be too much investors that lose all their ETH.
