Crypto Conversation: Hungry for Trading Tokens? Let’s Take a Bite Into SushiSwap

Crypto Conversation: Hungry for Trading Tokens? Let’s Take a Bite Into SushiSwap

What’s Hot in Crypto this week? 

SushiSwap (SUSHI), which went live on Aug. 28. It is an unaudited adaptation of Uniswap, which is one of the most popular decentralized platforms for trading tokens. SushiSwap has been called a “vampire protocol” by some due to its intention of sucking Uniswap’s liquidity and directing it to its own ecosystem, which hasn’t been built yet. 

Why? 

Within four days, more than a billion dollars were deposited in SushiSwap. SushiSwap’s massive total value locked suggests that most of the growth in liquidity on Uniswap over the past week is due to people wanting to earn SUSHI.

To earn SUSHI, users need to deposit their Uniswap Liquidity Pool (LP) tokens into the SushiSwap staking contract, called “Master Chef.” According to an announcement on Medium.com, for roughly two weeks ahead of launch, Ethereum users who stake liquidity provider (LP) tokens from Uniswap to SushiSwap will get 10-times the liquidity-mining rewards in the early going (1,000 SUSHI per block now versus 100 sushi after launch). 

What does SushiSwap’s onchain data show? 

Here are the key takeaways: 

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