Just recently, the decentralized crypto exchange Uniswap posted record daily trading volumes of over 450 million US dollars. But now, with SushiSwap, a competitor has come forward, which creates additional incentives with its own SUSHI token and wants to withdraw liquidity from Uniswap.
“Crazy times” one thinks oneself automatically with the view of that, which happens up-to-date daily in the Kryptobranche in things DeFi. Uniswap approximately as decentralized crypto stock exchange comes meanwhile on daily volume of far over 450 million US Dollar and acts thereby on eye level with Coinbase, the prominent US crypto stock exchange. This success wants to make itself now the new DeFi project SushiSwap use and in addition also its own token named SUSHI put on. Its price shoots according to CoinMarketCap into the height, SUSHI notes over night with 140 per cent plus. So what is the highlight of SushiSwap?
Background to SushiSwap and SUSHI
SushiSwap started just a few days ago with a blog post and explicitly praises Uniswap. But this praise is quite hypocritical on closer inspection, because in reality SushiSwap probably wants to replace Uniswap. As an incentive for investors, SUSHI was launched, which is paid out as a reward for the transfer of capital from Uniswap to SushiSwap. At the same time, SUSHI is freely tradable and, ironically, has already taken the top spot among the most traded crypto currencies at Uniswap. Since Uniswap works decentralized, the team there can only follow the events with amazement.
SushiSwap points out that no deeper security check for the used Smart Contracts and the own code has taken place yet. But instead, ten times more SUSHI is being lured into the changeover from Uniswap for all those who will be joining in the coming days. Even experts initially found it difficult to understand the daring game. “War of the codes” is the summary and says: SushiSwap is about to beat Uniswap with its own weapons. In DeFi, this is made possible precisely because the decentralized loan transactions are based on models that can be viewed and copied. SushiSwap extends the model of Uniswap by a monetary token and thus builds up serious competition in the competition for investors and their capital.
Conclusion: SushiSwap and SUSHI – get in now?
An audit for SushiSwap starts today, it says on Twitter It was a small bug in the code that caused a crash at YAM and caused an equally bribing DeFi project to fail abruptly. SushiSwap and SUSHI stir up euphoria and demonstrate the innovative forces at work in DeFi. Investors currently see huge profit opportunities there – but you shouldn’t ignore the risks that lie in such projects, which are created overnight.