SushiSwap completes the liquidity migration and is now sitting on top of $1.3 billion of total value locked while Uniswap was left behind with $400 million as we are reading in today’s altcoin news.
SushiSwap completes the migration away from Uniswap and now the numbers are very interesting. The data shows that there are about $1.3 billion of liquidity locked in SushiSwap where Uniswap has $400 million. The Uniswap fork which swept the DeFi space by storm successfully completed its liquidity migration and is now working on its own where the providers have no stake in Uniswap anymore.
The process took a few hours and was spearheaded by the CEO of FTX, Sam Bankman-Fried. The user interface of SushiSwap is ready as the new site is working well since yesterday. It seems like a copy/paste Uniswap website that has a different color scheme, which is expected because it is a forked protocol. Now, the total liquidity locked in the protocol sits at around $1.34 billion while Uniswap has $400 million of Liquidity locked in. This, of course, is not the only metric to consider as a volume as well as the overall token count is far away from the recently launched fork.
Many industry experts are speculating that liquidity will be pulled away from SushiSwap when the incentives will stop. Another thing to consider is the airdrop of 2 million SUSHI tokens which will be distributed to people that were holding on during the migration period. Commenting on the matter, the founder of the popular Defi protocol Yearn Finance Andre Cronje said:
“I don’t have a horse in this race, but I do like accurate data. The narrative that SushiSwap took TVL from Uniswap is simply false. Uniswap TVL pre/post Sushiswap remains unchanged. Sushiswap simply took their liquidity locusts with them. Only the liquidity locusts win.”
However, a point was made when sushiswap migrated off Uniswap to create a competitor that has a much bigger total value locked. Cronje said that it is quite important to wait for the data until the incentives stop.
A few days after gaining control over the SushiSwap protocol, the FTX CEO Sam Bankman Fried revealed that he has some personal ideas about the future of the project. These include reducing the total supply after executing the multi-sig wallet transition. The drama started over the weekend when the lead developer of sushiSwap Chef Nomi, cashed out his tokens and exchanged them for ETH coins. The community condemned him saying he is pulling a classic exit-scam.
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