During the 2017crypto bull market, Aelf or ELF cryptocurrency reached a market capitalization of $600 million which made it one of the most notable cryptocurrencies at that time. today, as we can see in our altcoin latest news, the coin surged by 100% over the past 24hours so let’s find out why.
Since its highs in 2018, like most of the other blockchain projects launched at the same time, it receded and became irrelevant because of the bearish macro trends. However, in the past day, the price of the ELF cryptocurrency surged by 50% with the gains reaching 150% at one point in the day. With the performance, ELF surpassed Bitcoin and Ethereum and many other cryptocurrencies.
Welcome to join the SashimiSwap community https://t.co/pZXuUx5EGv, hope you guys have a pleasant journey.
Let me introduce Sashimi, a Fair Version of Sushi, with No Team Shares, No Pre-mine and a Cross Chain Swap Ecosystem! 🐟
— ælf (@aelfblockchain) September 10, 2020
Most investors could probably be unaware of this cryptocurrency but the Aelf team was working on the SushiSwap fork which ended up becoming a new decentralized exchange SashimiSwap. This one according to the marketing copy, is a new project developed by Aelf. As with SushiSwap, SashimiSwap offers a yield farming opportunity where the users can put up certain data assets in exchanges for an injection of the native token of the platform. SashimiSwap has SASHIMI which has a market cap of millions. The reason why the launch of this project has to affect ELF is that the exchange will be integrated with AESwap that is an ELF-based DEX that aims to become the world’s leading automatic trading platform. The platform offers a convenient and efficient DeFi product and AESwap is the first product of Aelf.
Second, the developers of the platform included a yield farming pool that had high rewards for their users that deposit ELF/SASHIMI liquidity tokens. This boosted the demand for the coin with users seeking the high yields offered in the specific pool. We saw how big the effect of yield farming can be on the price of cryptocurrencies with YAM, as the Defi coins rallied by 30 percent in less than a day of the project’s release.
While it is still unclear what the state of SashimiSwap will be, it’s important to know what was the situation with similar forks. HotDohSwap, a competitor to Uniswap, has a coin that is worth nothing with no active social channels. SpringrollSwap, and many other forks, failed to succeed and sustain the projects. Aelf is trying to differentiate Sashimiswap with the AESwap integration along with many other adjustments.
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