Gate.io Sends 400,000 USDT to an Automated Market Address of Sushi Swap

Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.
  • Gate.io exchange made a hefty transaction involving 400,000 Tether tokens sent to an address which apparently belonged to Sushi Swap.
  • The head of Sushi Chef DeFi protocol, Chef Promi prompted that the amount that the exchange just sent was irreversible and can be redeemed in no way.

Recently, Gate.io exchange made a hefty transaction involving 400,000 Tether tokens. The tokens were sent to an address which apparently belonged to Sushi Swap. In a tweet, the head of Sushi Chef DeFi protocol, Chef Promi prompted that the amount that the exchange just sent was irreversible and can be redeemed in no way. 

The Amount Sent Cannot be Redeemed Confirms Head 

Nomi Chef further said that it doesn’t matter why people say or think regarding Sushi Swap it will always have value. Unless, USDT token’s price swings unpredictably. It seems like the address in which Gate.io sent 400k USDT provides no Sushi tokens. Instead it is an automated market making platform and an upgraded version of the withdrawal system, corrected an user in the same thread. This meant that the cryptocurrency which has entered into the account can in no way be withdrawn. 

Another user prompted that Gate.io had sent cryptocurrency in the correct address although the cryptocurrency that was sent was wrong. They were supposed to send 400k SushiSwap and not 400k USDT. 

This news is timed with Gate.io’s announcement of opening trade pairs for SushiSwap(SUSHI), YFValue (YFV), Universal Market Access (UMA), and yEarn (YFII) on its platform. 

Hardfork of Uniswap With Added Sushi Tokenomics

So what is SushiSwap? As the name suggests SushiSwap is a hardfork of the Uniswap cryptocurrency exchange but with some added features. It includes: firstly distribution of almost 90% of Sushi tokens to the liquidity providers. And the remaining 10% are set aside for the developers of the protocol. Moreover, Uniswap LP token holders are free to stake their tokens in exchange of Sushi rewards. 

And lastly, with every block Sushi tokens will be created and the amount depends on the number of blocks. For instance, during the first 100 000 blocks, 1000 Sushi tokens will be created and then on from every block, 100 Sushi tokens. The block height is set at 10750000.

$350 Million Locked in the Protocol in Just 4 Days

The protocol was only launched on 26th August and currently has almost $350 million locked in for yield farming. This new ‘ evolution of the Uniswap with Sushi tokenomics ‘ is clearly a big hit in the DeFi industry. However, according to the crypto analysing website, CoinGecko the price of the token has fallen down by almost 99% on Saturday. The price of the token when it was launched stood at $170 and nosedived to $1.15 yesterday. Currently it is trading at $2.55 and is up by almost 261% in the last 24 hours. It is ranked 223rd on the basis of its total market capital.

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