DecentralizedExchanges

The volume of assets on the SushiSwap decentralized exchange exceeded $ 700 million in three days

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.

About author

Experienced Founder with a demonstrated history of working in the newspapers industry. Skilled in Data Research, Management, Investment Research, Teamwork, and Leadership. Influencing the technology, people, and technical analysis of the Cryptocurrency and Blockchain world.
Related posts
CryptocurrencyExchanges

PayPal Customers Are Now Allowed To Use Cryptocurrency To Make Payments To Merchants Worldwide

CryptocurrencyExchanges

Coinbase exchange valued at $ 943 million in preparation for direct listing on Nasdaq

CryptocurrencyExchanges

Coinbase Selects Nasdaq For Direct Stock Market Placement

BitcoinCryptocurrencyExchanges

You can't refuse to pay: what will the new rehabilitation plan give to MtGox creditors

Sign up for our newsletter and stay informed

0 0 vote
Page Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
USD
0
Would love your thoughts, please comment.x
()
x