Uniswap Liquidity Plunges as Sushi Migrates Successfully
The first code based custody migration of crypto assets has successfully completed with some $840 million worth of cryptos moved in minutes.
Uniswap has now confirmed as much with its liquidity dropping by some 63% from $1.4 billion to above $500 million as pictured above.
Much of this $1 billion liquidity was due to SushiSwap which gave Liquidity Providers (LP) sushi tokens for providing liquidity on Uniswap with the aim of migrating it after a two weeks period of yield farming.
Following a tense period of pre-migration by an anon dev who came up with this, Chef Nomi, a professional team took over and after spending hours migrating the first pool, was able to within minutes migrate the others.
Now everything has moved and a SushiSwap Classic site interface is up, with two identical dapps so running side by side, but with different liquidity.
Uniswap has about $500 million, but over a huge variety of assets with some 8,000 trading pairs on there.
SushiSwap currently has less variety, but more liquidity at around $850 million currently.
Sushiswap is also to provide staking through xsushi which is a token that can claim 0.05% of the fees charged for exchanges on the dapp.
It is those claims on fees that made this token the talk of town, with both Uniswap and Sushiswap being the winners as the former now has much more liquidity, while the latter has gone from zero to nearly $1 billion.
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