A fork of the Uniswap decentralized exchange called SushiSwap brought liquidity from the parent platform to its own. As a result, the volume of assets blocked on Uniswap fell by 75%.
SushiSwap CEO Sam Bankman-Fried posted a series of messages on Twitter yesterday describing the stages of migration. The process itself took about five hours. After the migration, the volume of assets blocked in SushiSwap amounted to $ 1.3 billion, and on the Uniswap platform, the liquidity ratio decreased by 75.8% and amounted to about $ 400 million.
In a series of posts, Backman-Fried said that all stages were tested before the liquidity move. After the tests were completed, the liquidity pools began to migrate in turn. At the same time, the exchange earlier promised that it would distribute a total of 2 million SUSHI tokens to all token holders who would not withdraw funds before migration.
Recall that the SushiSwap exchange appeared a little over a week ago and became a phenomenon in the field of decentralized finance. Recently, the anonymous creator of the site exchanged part of his SUSHI tokens for ether, which drew sharp criticism from the community. Many even talked about fraud. After that, Chef Nomi transferred control of the site to the CEO of the FTX exchange, Sam Bankman-Fried.