How SushiSwap drives Uniswap to become the first choice for DeFi

In the DeFi field, there is a war for dominance, with the goal of becoming the top decentralized exchange. Uniswap is a venture-backed project aimed at creating a more open and customizable crypto exchange system, but it is being challenged by an unreviewed emerging adaptation project called SushiSwap.

Recently, the food-themed trend of the Defi project is extremely hot. SushiSwap has taken the lead at this time, and the coin has been popular all the way. As a result, the coin has been unreasonably affected, and the lock-up price has exceeded 80. Billion US dollars, an increase of nearly 180%, and so far, the market value of Sushi is about 1.9 billion yuan, which is gradually falling.

At the same time, Uniswap has carried out a reorganization and improvement. On Tuesday, the trading volume of the automated money market (AMM) platform climbed to 953.59 million US dollars, more than 10 times the amount in the past month. In addition, Uniswap traders have paid USD 5 million (10805 ETH) in transaction fees in the past 24 hours. Its 24-hour trading volume is 50% higher than that of Coinbase Pro, the largest centralized cryptocurrency exchange in the United States. Uniswap has grown so rapidly that, so far, Uniswap has occupied the top spot among ETH fee collectors. At the same time, the launch of SushiSwap on August 28 also entered the third place in ETH transaction fees.

SushiSwap provides almost the same functions as Uniswap, both providing tokens and transaction fees to providers. Its popularity comes from a unique marketing strategy: about two weeks before its launch, users who hold liquidity tokens from Uniswap to SushiSwap will receive 10 times the liquidity mining reward.

Therefore, some people speculate that this motivation may be the reason driving the vehicle to Uniswap. CoinDesk Dell Brady elegantly stated: “DeFi can accumulate LP tokens, they can immediately pour the tokens into the sushi restaurant, and use the sushi restaurant’s short and extremely generous distribution time.”

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