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Golden Observation | Behind Uniswap overtaking SushiSwap is a new Swap rising



"There are talents from generation to generation, each leading the way for hundreds of years." In the DeFi world, the speed of innovation is unprecedented, and the leading time is measured in weeks.

After the successful migration of SushiSwap on September 10, most of the liquidity in "blood-sucking" Uniswap has locked assets of more than 1.2 billion US dollars, becoming the number one DEX in the entire network.

According to the latest data from Debank on September 11, SushiSwap’s locked assets remained at $1.1 billion, but the value of Uniswap’s locked assets doubled from $500 million to $1.1 billion overnight, successfully surpassing SushiSwap.

How can Uniswap successfully overtake SushiSwap overnight? Where is the newly added liquidity coming from? The Jinse Finance reporter did some research. As mentioned at the beginning of this article, behind Uniswap overtaking SushiSwap is a new Swap that is rising.

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This new Swap is called SashimiSwap.

According to the official website of SashimiSwap, the value locked in SashimiSwap in one day is equivalent to 1.316 million ETH, which is about 470 million US dollars.

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According to data from, the ETH liquidity locked in Uniswap on September 11 increased by 159% compared with September 10.

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The top ten liquidity pools have all increased significantly, namely: WBTC-ETH, ETH-USDT, USDC-ETH, DAI-ETH, YFI-ETH, LINK-ETH, LEND-ETH, SNX-ETH, WTH-AMPL, ELF-ETH.

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SashimiSwap has 10 liquidity pools that can participate in mining in the early stage, namely: ETH-USDT, USDC-ETH, DAI-ETH, YFI-ETH, LEND-ETH, LINK-ETH, SNX-ETH, ELF-ETH, WBTC -ETH, SASHIMI-ETH. There are nine overlaps with the substantially increased liquidity pool of Uniswap in the above figure. It can basically be concluded that the main reason for Uniswap’s locked assets doubling overnight and surpassing SushiSwap is SashimiSwap.

SushiSwap's gems are ahead, and SashimiSwap will inevitably take the road of SushiSwap's "blood-sucking" Uniswap. SushiSwap was "blood sucked" again.

According to SashimiSwap official, SashimiSwap is a new SushiSwap project developed by aelf. SashimiSwap officially emphasized that it is not a branch of Sushiswap, so the two do not share liquidity.

SashimiSwap provides Uniswap’s liquidity providers with the opportunity to earn SASHIMI tokens. Uniswap’s liquidity providers can pledge their liquidity pool tokens, namely LP tokens, and start earning SASHIMI tokens at block height 10,833,000 (about 10:00 GMT+8 on September 10).

The SashimiSwap token distribution mechanism is the same as that of Sushi. In the first 100,000 blocks, 10 times the reward (to the end of the block height of 10,933,000), each block releases 1,000 SASHIMI tokens. After 100,000 blocks, each block Release 100 SASHIMI rewards.

In Sushi, the transaction fee is 0.3%, of which 0.25% is directly allocated to liquidity providers, and the remaining 0.05% will be converted into SUSHI tokens. The transaction fee of SashimiSwap is also 0.3%, of which 0.25% is used as the income for users to add liquidity. After the aelf mainnet is launched, the remaining 0.05% will be transferred to the Sashimi DAO contract, which is completely used for governance on the community chain.

In addition, every SUSHI distribution will set aside 10% of the funds for the founding team as a "development fund" for development and future iterations, audits, etc. And SashimiSwap completely removed the so-called "development fund".

According to the project owner Aelf, SashimiSwap is also part of its larger goal. Aelf launched AESwap, the first decentralized trading platform for DeFi projects on the aelf network on August 28, and launched SashimiSwap on September 10, which has been connected to Uniswap and will soon be connected to AESwap. After the aelf mainnet is launched, asset exchange between SashimiSwap and AESwap will be realized through CCTP and other methods, thus creating a permissionless decentralized cross-chain DEX.

At present, the first phase of function development of the AESwap mobile terminal of aelf beta version has been completed, and the community internal test is underway. The public beta will be officially launched on September 11, and the second phase of the mobile terminal function and the PC terminal are still under development.

The SASHIMI token fluctuates greatly because it has been launched soon. According to coingecko data, as of press time, SASHIMI tokens were quoted at $1.04, and the price reached $6.2 in the early morning of September 11.

In addition, aelf token ELF was promoted by the SashimiSwap project, and the price directly tripled, from 0.0885USDT to the highest It skyrocketed to 0.28USDT, and the quotation was 0.18USDT when this article was published.


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