After the successful migration of SushiSwap on September 10, the “blood-sucking” Uniswap has most of its liquidity, with locked assets exceeding US$1.2 billion, becoming the number one DEX in the entire network.
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According to the latest data from Debank on September 11, the locked assets of SushiSwap remained at US$1.1 billion, but the value of Uniswap's locked assets doubled from US$500 million to US$1.1 billion overnight, successfully overtaking SushiSwap.
How can Uniswap succeed in overtaking SushiSwap overnight? Where does the newly increased liquidity come from?
Behind Uniswap overtaking SushiSwap, a new Swap is rising. This new Swap is called SashimiSwap. According to SashimiSwap's official website, the value of SashimiSwap locked in one day is equivalent to 1.316 million ETH, which is approximately US$470 million.
According to data from Uniswap.info, the liquidity of ETH locked in Uniswap on September 11 increased by 159% compared to September 10. The top ten liquidity fund pools have all grown substantially, namely: WBTC-ETH, ETH-USDT, USDC-ETH, DAI-ETH, YFI-ETH, LINK-ETH, LEND-ETH, SNX-ETH, WTH-AMPL, ELF-ETH.
In the early days of SashimiSwap, there are 10 liquid pools that can participate in mining, namely: ETH-USDT, USDC-ETH, DAI-ETH, YFI-ETH, LEND-ETH, LINK-ETH, SNX-ETH, ELF-ETH, WBTC -ETH, SASHIMI-ETH. There are nine overlaps with Uniswap's substantial increase in liquidity pools. Basically, it can be concluded that the main reason for Uniswap's locked assets to double overnight and overtake SushiSwap is SashimiSwap.
According to SashimiSwap official, SashimiSwap is a new SushiSwap project developed by aelf. SashimiSwap officially emphasizes that it is not a branch of Sushiswap, so the two do not share liquidity.
SushiSwap is ahead, and SashimiSwap will inevitably follow the path of SushiSwap "sucking blood" Uniswap. SushiSwap was "sucked blood" again.
SashimiSwap provides Uniswap liquidity providers with the opportunity to earn SASHIMI tokens. Uniswap's liquidity providers can pledge their liquidity pool tokens, namely LP tokens, and then start earning SASHIMI tokens at a block height of 10,833,000 (approximately 10:00 GMT+8 on September 10).
The distribution mechanism of SashimiSwap tokens is the same as Sushi. The reward is 10 times for the first 100,000 blocks (to the block height of 10,933,000). Each block releases 1,000 SASHIMI tokens. After 100,000 blocks, each block Release 100 SASHIMI rewards.