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- In a recent tweet by Hayden Adams the founder of the Uniswap decentralized exchange has commented regarding SushiSwap reaching $1 billion TVL.
- Sushiswap is the hardfork version of Uniswap with added tokenomics.
- According to him the total value of $1 billion locked in protocol that too in a day’s notice was solely because of the massive whales in the market.
In a recent tweet by Hayden Adams the founder of the Uniswap decentralized exchange has commented regarding SushiSwap reaching $1 billion TVL. Sushiswap is the hardfork version of Uniswap with added tokenomics. Adams said that it was hard for him to differentiate between people who were pretending and who were misunderstanding SushiSwap’s reaching $1 billion TVL. According to him the total value of $1 billion locked in protocol that too in a day’s notice was solely because of the massive whales in the market.
Unlike Other DeFi Protocols SushiSwap is a one Day Effort
Adams in the same tweet further stated that unlike the Yearn.finance DeFi protocol built by Andre Cronje, SushiSwap has no value and reality. It is just a one day effort from competent developers, says the Uniswap CEO. Yearn.finance has been in the news recently as it became the second-biggest decentralized finance (DeFi) cryptocurrency after its total market capital crossed the $1.1 billion mark on 31st August. Hence, Adams thinks that SushiSwap is nothing but a game created by the whales to make cash using hype and the reputation of Uniswap.
Crypto Analyst Agrees With Adams, Calls SushiSwap a Farm and Dump Cycle
Another crypto analyst, called DCinvestor, mocks at the SushiSwap project. He says that he plans on creating a new exchange. Then he wants to farm the new assets and become the largest LP. Nextly, he would rug out as LP and buy more tokens in panic and lastly list the token in his exchange. By this he clearly implied the SushiSwap pump and dump, which according to him this is just a game played by the whales when stakes are raised as mentioned by Adams in his tweets.
A Liquidity War Between Uniswap and SushiSwap
The current circumstances and SushiSwap collecting more than 80% of Uniswap’s cryptocurrency assets in less than 2 weeks has raged a liquidity war between Uniswap and its recent hardfork. This is because unlike other decentralised exchanges, SushiSwaps is aiming to directly acquire Uniswap’s liquidity instead of competing with it. Undoubtedly, SushiSwap is a high risk investment and generates very high returns. However, Adams views SushiSwap as a threat as it attracts people who are from a gambling background rather than investors who have a genuine purpose.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
