The fork of the Uniswap decentralized exchange called SushiSwap appeared just three days ago, while $ 700 million worth of tokens are already circulating in the unaudited protocol.
The token for managing the SushiSwap protocol is called SUSHI, while the Uniswap exchange still does not have its own control token. Uniswap returns 0.3% of all trading commissions to liquidity providers, while SushiSwap will give providers only 0.25% of commissions, and the remaining 0.05% will be converted into SUSHI tokens.
SushiSwap smart contracts have not been audited at the moment, although Quantstamp announced that it will audit smart contracts in the near future. Recall that recently the DeFi YAM Finance project raised $ 76 million, but a day later announced it was closed due to a critical error in the code.
Several experts in the DeFi industry have spoken negatively about the launch of SushiSwap. For example, Brendan Forster, co-founder of the Dharma Labs credit protocol, hopes that the experiment will fail:
“Sharing liquidity will make the prices of token swaps worse for all users, and will also increase the costs of liquidity providers. Only the founders of Sushi will benefit from this. ”
However, the launch of SushiSwap has drawn additional attention to the decentralized finance industry, with trading volumes on Uniswap recently exceeding $ 500 million per day.