After a breathtakng rollercoaster ride mid-flight, SushiSwap rocket landed safely today, a day earlier than scheduled when it first took off. The scintillating launch of its brand new Exchange which instantly made it the world's largest DEX on its very first day makes its historic journey even more remarkable than ever.
Announcing the launch of SushiSwap, FTX CEO Sam tweeted:
Err... just a novel? It deserves a full-feature lenght movie as well! 😅
SushiSwap Exchange launched with a Total Value Locked over $1 billion. At the time of writing it stood at $1.33 billion
Obviously, Uniswap liquidity did a nose dive and lost its market leader tag.
Many would be quick to accuse SushiSwap of some vampire attack through its zombie mining technique. But we should keep in mind that competition isn't always bad for the market, esp. when it destroys a monopoly with a community driven decentralized initiative. And if you take a closer look, SUSHI mania infact helped to expand the size of the AMM market.
SUSHI project was announced on 28th August, 2020. At that time, total TVL at Uniswap was less than $300M ...barely $285M. However, it can be easily credited to $SUSHI craze that Uniswap's TVL touched an all time high of about $2 billion before it dropped down due to SushiSwap migration. However, even after the drop, Uniswap is thriving with over $460M in TVL at the time of writing this. This is 160% of what it was before the launch of $SUSHI.
So of course both Exchanges can co-exist. Infact, it would be interesting to see what Uniswap brings to the table with its V3 and how quick the SushiSwap community can develop on the current fork.
I expect SushiSwap liquidity and volume rise even more with the addition of more tokens and pools. Right now it has only 38 tokens listed on it with 41 pool pairs. In comparison, Uniswap has got 200 tokens and 100 pairs.
In the light of this development, I'd like to see tokens and pools of wHIVE, wLEO and HUNT on Sushiswap. In fact, it would be a good plan to launch wLEO first on Sushiswap than on Uniswap or Balancer.
So with this I'd like to request @khaleelkazi, @fbslo, @theycallmedan and all liquidity providers to consider tapping on the Sushiswap opportunity.
I believe @brettpullen has very recently added wHIVE-HUNT trading pair on Uniswap. How about adding the same at Sushiswap along with ETH pair?
I know it's early days for Sushiswap with only a multisig wallet with 9 signatories but I believe, it will get more decentralized with time and become a truly community driven Exchange. Frankly, I'm quite excited about it.