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You are here: Home / Archives for sushiswap

sushiswap

SushiSwap Faces A Double Whammy: SEC Subpoena & Market Cap Drop

March 25, 2023 by Mishal Ali

SushiSwap, the 142nd largest crypto asset by market cap, has been served with a subpoena by the U.S. Securities and Exchange Commission (SEC), according to a recent tweet from Santiment. This has caused some fear, uncertainty, and doubt (FUD) toward cryptocurrency, and its market cap has dropped as a result.

🍣 #SushiSwap was recently served an #SEC subpoena, and it has caused some #FUD toward the now 142nd largest #crypto asset by market cap. Our latest insight covers the dormant movement, capitulation, $SUSHI whale behavior, and plenty more. https://t.co/XzWMyGpY4r pic.twitter.com/SVPpxQmySM

— Santiment (@santimentfeed) March 24, 2023

SUSHI Protocol Usage Struggles

Santiment’s latest insight report has covered the recent dormant movement, capitulation, and $SUSHI whale behavior, among other factors. The report shows that SUSHI’s total value locked (TVL) has dropped by 93% since mid-November 2021, which coincided with the FTX saga period and is now sitting at $581.47 million USD TVL.

image 78
Source: defillama

While the falling price of crypto assets may affect TVL, it is also likely that people are using less of SUSHI and moving away from it. On the other hand, Uniswap’s TVL has dropped by 63% since mid-November 2021 and is now at $3.71 billion. According to Dappradar, its protocol usage has struggled for the past year.

image 79
Source: Dappradar

Looking at the number of unique active wallets (UAW) interacting with a dApp’s smart contracts, there have been occasional spikes. But overall, there has been little real growth as protocol usage, on average, remains pretty low. Meanwhile, on Uniswap, UAW has been increasing for the past year, indicating a healthy protocol.

After examining the SUSHI token movement, the report notes that long-term holders have been exiting their positions. The report shows that there have been notable movements since the start of the year, particularly in terms of Dormant Circulation (365), which shows the number of tokens that haven’t moved for at least 365 days.

Moreover, the recent spike in Dormant Circulation (365) coincides with a drop in SUSHI’s supply on exchanges, suggesting that long-term holders decided to exit their positions. Twitter user Lookonchain identified the fund Goldentree, which had previously invested $5.2 million in SUSHI in October 2022, as one of the investors exiting their position.

image 80
Source: Sanbase

Nevertheless, SUSHI’s market cap has been hit hard by the SEC subpoena and the recent movement by long-term holders. It remains to be seen how the cryptocurrency will fare in the coming weeks, but it’s clear that the protocol is facing some tough times. 

Related Reading | Binance Spot Trading Halts: Swift Response & Transparent Updates Eases Customer Concerns

Filed Under: News, Altcoin News Tagged With: Cryptocurrency, ftx, SEC, sushiswap

SushiDAO Proposes $3M Legal Defense Fund Amid SEC Subpoena

March 23, 2023 by Mishal Ali

Sushi DAO has proposed the creation of a legal defense fund in response to a recent subpoena of Sushi head Jared Grey and the DAO itself by the United States Securities and Exchange Commission (SEC). 

Following this, SushiSwap’s (SUSHI) price has declined by 6.82% over the course of the week and by 0.39% over the past day. As of now, it is trading at $1.16, according to CoinMarketCap.

SUSHI 1D graph coinmarketcap
Source: CoinMarketcap

The proposal aims to establish a legal defense fund of $3 million USDT to cover legal costs for core contributors regarding inquiries, litigation, and other issues targeting them.

The regulatory environment for DAOs remains in flux, and the options for contributor insurance policies remain limited, hence the proposal for the legal defense fund. 

The fund will cover reasonable attorneys’ fees and costs for core contributors who have been active since the ratification of Sushi 2.0 to the present. Disbursements will occur until legal proceedings conclude.

The proposal recommends that the funds come from a combination of Kanpai fees, grants, and Sushi’s TWAP market sells to limit the financial burden while providing needed funds for legal expenses. 

Sushi Reportedly First DAO targeted By SEC

If the funds deplete, the DAO will make 1 million USDT available as needed until legal proceedings conclude.

Sushi is reportedly the first DAO that the SEC has targeted under the chairmanship of Gary Gensler. Still, the agency has been widely seen as cracking down on the crypto industry in recent months. 

While the DAO’s proposal did not provide details about the SEC subpoena, it stated that it was cooperating with the SEC and would not comment publicly on ongoing investigations or other legal matters.

The Sushi DAO Legal Defense Fund’s proposal is crucial to address the immediate need for legal representation and protect the financial solvency of the DAO. 

It is also necessary to manage liability for core contributors, especially as the regulatory environment for DAOs remains in flux.

The proposal follows in the footsteps of MakerDAO, which recently provided a similar legal defense fund for its contributors. DAOs must execute similar proposals to manage liability for their core contributors.

Nevertheless, Sushi DAO’s proposal for a legal defense fund is a necessary step in managing liability for its core contributors in the current regulatory environment. 

It will ensure that the DAO can continue to operate and protect its contributors while providing the necessary legal representation.

Related Reading | Solana Emerges As The Top Choice For A Decentralized Project

Filed Under: News, World Tagged With: SEC, SushiDAO, sushiswap

Alameda Wallets Spark Controversy with Million-Dollar Crypto Transfers: Report

February 9, 2023 by Mishal Ali

Wallets linked to the bankrupt Alameda Research recently sparked concern in the crypto community after transferring millions worth of FTX Tokens on February 7th, according to a report.

The wallets’ activity post-FTX bankruptcy filing has raised questions about the effectiveness of law enforcement agencies and access to these wallets.

An address belonging to Alameda, named “brokenfish.eth”, recently transferred a large amount of FTT tokens, valued at almost $2 million, from the BentoBox smart contract on SushiSwap. The BentoBox contract acts as the main vault for the Sushi platform, and Sam Bankman-Fried, the former CEO of FTX, has a connection to SushiSwap that dates back to 2020.

image 29
Source:  Etherscan

“Alameda Research 4” wallet, on the other hand, bought over 1 million FTT (worth approximately $2.3 million) in the $1.86-$1.87 range and also opened a loan position on Abracadabra. 

However, as per the report, it is widely speculated that the transfer of funds is connected to the ongoing bankruptcy proceedings and sanctioned by John Ray III, who serves as the court-appointed CEO of FTX. Ray III has stated his intention to seize control of the exchange’s assets and its subsidiary companies in order to repay debts.

The Alameda MAPS Token Deployer Wakes Up

Data analyst Arkham also reported that the Alameda MAPS Token Deployer on Ethereum received over $600K worth of tokens from Solana, which were then sent to an FTX holding address for safe storage after the November 11th hack.

gm

The Alameda address 'brokenfish.eth' just pulled out $2M of FTT from BentoBox in the past 10 minutes.

Taking bets on what is going to happen next… pic.twitter.com/paYc7K9aIF

— Arkham (@ArkhamIntel) February 6, 2023

Additionally, “Alameda Consolidation” also received $13 million worth of crypto assets from three different wallets on February 2nd. Blockchain security firm PeckShield alerted via a tweet about this transfer.

One of the wallets was owned by crypto exchange Bitfinex and transferred approximately $8.5 million in Tether and Ether. The other two wallets, from unidentified individuals, transferred approximately $6 million in USD Coin to the “Alameda Consolidation” address.

#PeckShieldAlert ~$13M worth of cryptos have been transferred to Alameda consolidation-labeled address, including ~6M $USDT & 1,545 $ETH ($2.5M) from Bitfinex, ~4.6M $USDC from 0x7889
Wondering why Bitfinex transferred ~$8.5M worth of cryptos to Alameda consolidation address pic.twitter.com/YU8RNcrdxs

— PeckShieldAlert (@PeckShieldAlert) February 2, 2023

The recent activity of Alameda-linked wallets has once again highlighted the need for stronger regulations in the crypto industry. The crypto community continues to closely monitor these developments and the impact they may have on the future of the industry.

Related Reading | Acala EVM+ Takes Polkadot DeFi To The Next Level with Ethereum-Compatible DApps

Filed Under: News, World Tagged With: alameda Research, FTT, ftx, sushiswap

Sushi (SUSHI) Soars As Golden Tree Asset Management Invests $5.2 Million

October 6, 2022 by Saeed Ul Hassan

The Sushi token price has reached new heights as the news appears that the decentralized crypto exchange, SushiSwap, has secured an investment from one of the largest fund managers – GoldenTree worth about $5.2 Million for its Governance Token – SushiSwap

The token’s price has increased roughly 13.8% in the last 24 hours and is now worth $1.27. In addition, according to CoinGecko statistics, the price also increased significantly over the previous seven days by around 18.0%. This spike is leading investors to new bullish sentiment for the token.

Moreover, Nomics data shows that the token’s 24-hour trade volume has increased to $275.37 million, with a considerable gain of 54.5%. It has also led to an increase in its market capitalization up to around $309.46 million, which is 14% higher than the previous day.

However, Sushi is a clone of Uniswap but has been improved by adding governance and liquidity mining capabilities. With these features, the token has already outpaced its competitors when it comes to development speed, and it also shows great potential in terms of future expansion.

As its price is steadily increasing, the prices chart indicates that the token will cost $1.39 by the end of this year and then $1.46 during the first six months of 2023. The price would then increase slightly to close out the year at $1.67 (33% higher than now), according to the latest long-term SushiSwap price forecast.

 Asset Management Giant’s Invests In Sushi Token

The Sushi 2.0 roadmap, forthcoming cross-chain integrations for exchanging and lending, and updated Tokenomics were claimed to have the power to transform the decentralized crypto exchange industry. 

These developments have attracted not only the attention of social volumes and merchants but also of prominent investors.

The exchange’s forum statement from October 5th revealed that Asset Management Giant GoldenTree had invested about $5.2 million in the exchange governance token. 

The GoldenTree said in the statement that:

“We’ve been following Sushi for a while (some of us for several years now), and with the launch of GoldenChain, we are psyched to be more active in all things Sushi.”

GoldenTree believes that this token has incredible potential. The project had many obstacles but what was astonishing is that the core team and the community remained resolute in this time of hardship, which led to outstanding results.

Moreover, the Asset Management Giant also said, “Our plan is to be helpful to the community in whatever ways we can be.” it also claimed that, among other things, they will primarily focus on SUSHI’s “Tokenomics” and “General Design/Strategy.”

Related Reading | Fidelity’s Ethereum Index fund sales hit $5M

Filed Under: Altcoin News Tagged With: CoinGecko, Golden Tree, Price forecast., Sushi (SUSHI), sushiswap

Uniswap Reigns As Collective DEX Liquidity Soars To $10 Billion

March 23, 2021 by Chayanika Deka

Decentralized exchange or DEXs are growing like never before. While Uniswap remained the undisputed leader.

The world of decentralized finance [DeFi] has consistently proliferated in prominence over the past year owing to a large part to the strong foundations established by decentralized exchanges [DEX]. These platforms have achieved a critical milestone. In the month of February, the collective DEX liquidity raked in a fresh high of a whopping $10 billion.

This was revealed by Researcher Rahul Rai on Messari’s latest edition. The Co-founder and Partner of Gamma Capital revealed that DEXs have surged to $72 billion in volume this February. Despite the rising numbers, automated market makers or AMMs have their own fair share of problems such as impermanent loss [IL], capital efficiency, slippage, gas costs, speed, and multi-token exposure that have caused impediments.

Nevertheless, over the last 24-hours alone, DEX volume was found to be at $1.56 billion. In addition, the figure was up by 18%.

DEX Market Share

Uniswap
Uniswap Reigns As Collective DEX Liquidity Soars To $10 Billion 7

Uniswap remains unbeaten as it accrued more than half of the total liquidity locked up in decentralized exchanges with a total value locked [TVL] of $5.4 billion. Despite its humble beginnings, Uniswap comprises an astonishing 63% of the total DEX volume. It currently accommodated approximately $6.5 billion worth of weekly trade.

TWJ had previously reported that Uniswap held a market share of 48% in January. According to the charts compiled by Dune Analytics, the dominance over the Ethereum-powered decentralized exchange realm was found to have been growing at a rapid pace

Following its trail was its controversial clone platform, SushiSwap whose market share was found to be a little over 14% with a volume of $1.55 billion.

Number of traders on Uniswap stood at 190,873 while that of SushiSwap stood at 10,698, at the time of writing.

In terms of market share, Curve, in the third spot, and 0x Native, in the fourth, were the next in line with a market share of 6.6%, and 5.3%, and weekly trade volume of $686 million and $552 million respectively.

Filed Under: DeFi, News Tagged With: 0x, Curve, Decentralized exchanges, DEX, sushiswap, Uniswap

Uniswap Still The Top Dog, But SushiSwap Isn’t Far Behind

February 22, 2021 by Chayanika Deka

Uniswap has held the title of champion for a long time. But what started as a simple fork has evolved into a serious challenger. Yes, we are talking about SushiSwap which has emerged as a potential rival and has grown from just a clone to the third-largest decentralized exchange [DEX].

Originally popped out as a fork of Uniswap v2, SushiSwap was deemed a ‘lost cause’ by several notable market players the platform’s Co-creator ‘Chef Nomi’ dumpped all of his SUSHI tokens on the market for $14 million worth of ETH.

It was not until ‘0xMaki’, who happens to be SushiSwap’s co-founder, took the responsibility to lead the project which helped it to come back on track and exceed other notable decentralized finance [DeFi] platforms.

defi 1
Uniswap Still The Top Dog, But SushiSwap Isn't Far Behind 11

Months later, the market’s most popular duo is fighting against odds to retain their respective positions. According to DeFi Pulse, Uniswap was the second-largest DEX in terms of total value locked which was $4.13 billion. SushiSwap, on the other hand, stood at the third spot as mentioned earlier with a TVL of $3.60 billion.

Uniswap Wins But SushiSwap Emerges From The Ashes

newplot 2
Uniswap Still The Top Dog, But SushiSwap Isn't Far Behind 12

In terms of market share, it is undoubtedly, Uniswap that has a clear lead with a whopping 54.8% trade volume while SushiSwap stands just right behind with 20.8%.

newplot 1
Uniswap Still The Top Dog, But SushiSwap Isn't Far Behind 13

In addition to that, it was also found that over the past three weeks, Uniswap has averaged daily volume between $700 million and $1.35 billion. Simultaneously, SushiSwap showed an average daily volume of $300 million to $700 million.

Digging deeper, it was also observed that even as Uniswap continued to process twice as much volume as its rival, the monthly trend evidenced that SushiSwap has improved its figures to become a strong competitor.

Both the platforms’ governance token has also reached new all-time highs amid the bull season. What’s even more interesting is that both the DEXs have witnessed their goals diverge despite their controversial entry into the DeFi ecosystem. And while Uniswap still takes a lead, SushiSwap’s growth in the past several months cannot be ignored.

Filed Under: DeFi, News Tagged With: DEX, SUSHI, sushiswap, UNI, Uniswap

Uniswap [UNI] Skyrockets To ATH; Protocol Fees Surpasses Bitcoin

January 25, 2021 by Chayanika Deka

DeFi darling Uniswap Protocol’s native UNI token witnessed its price skyrocket to a fresh all-time high above $12.8. UNI went on a ballistic rise rallying more than 162% since the beginning of the year, making it one of the best-performing digital tokens in the world.

Another big bullish sign for the DeFi token was depicted by ITB’s ‘Daily New Addresses’ metric which indicated an improving network growth throughout out the past several weeks.

According to the metric, the number of newly-created addresses on the network rose from roughly 1,500 on the 22nd of January to roughly 2,800 two days later. Besides, it is also important to note that figures have seen a steady uptrend from 925 addresses per day on the 25th of December last year.

Uniswap is the fourth-largest DeFi project in the world and has also hit a new ATH in terms of total value locked in which was found to be at a whopping $3.18 billion. The UNI token, on the other hand, has a market value of more than $3.4 billion, making it the 14th largest cryptocurrency in the world.

Uniswap 1
Uniswap [UNI] Skyrockets To ATH; Protocol Fees Surpasses Bitcoin 17

Uniswap’s Market Share

In terms of total DEX volume, the protocol witnessed a sharp decline. Just a week back TWJ had reported that Unsiwap continued to dominate the charts. However, despite its large gains in value, its hard fork SushiSwap saw hot price action as the team prepares to roll-out its next product offering.

According to the latest data compiled by Dune Analytics, Uniswap continued to lead the DEX numbers, and its market share as found to be at 48.8% followed by SushiSwap with 20.3% and Curve with 11.2% among others.

newplot 1
Uniswap [UNI] Skyrockets To ATH; Protocol Fees Surpasses Bitcoin 18

Uniswap Protocol Sees More Fees Than Bitcoin

On the 25th of January, the decentralized exchange reportedly generated more network fees than Bitcoin. This is the first time that a DeFi protocol has surpassed Bitcoin figures with respect to fees which depicted that user activity on the platform has intensified in the present bull run.

Furthermore, it also evidenced that even as the conversations surrounding DeFi have taken a back seat, this has, in no way. adversely affected the usage of the protocol which continued to soar.

Uniswap 2
Uniswap [UNI] Skyrockets To ATH; Protocol Fees Surpasses Bitcoin 19

Filed Under: DeFi, News Tagged With: sushiswap, UNI, Uniswap

How Far Has Uniswap And Sushiswap Come?

January 14, 2021 by Chayanika Deka

Two weeks into 2021, where do Uniswap and Sushiswap platforms stand?

2021 started off with a bang for the cryptocurrency market and the world of decentralized finance [DeFi] was not left behind. Last year was a big year for the DeFi space and experts argue this year could be even better. Two of the most talked-about platforms in the sector were Uniswap and its clone Sushiswap whose battles kept the community occupied most part of 2020.

A Wrap up of Uniswap & Sushiswap

Uniswap

Uniswap has seen astonishing growth over the past several months. As per Total Value Locked [TVL] in terms of the US Dollar, the DeFi platform stood at the third position totaling a whopping $2.65 billion. Moreover, Uniswap had 70.3K Bitcoins and 2.4 million Ether locked in it.

Sushiswap, on the other hand, was positioned at the 7th spot with $1.74 billion in terms of TVL in USD with 1.6 million Ether and 46.3k Bitcoin locked in it.

2 1

Even as TVL is undoubtedly the most popular metric for measuring the growth and activity of DeFi dApps, it, however, projects an incomplete picture of the various ways the DeFi wave has intensified over the past couple of months, especially on the Ethereum network. Hence, to comprehend the activity on both the protocols, it is important to complement the TVL figures of the respective protocols with other metrics.

Important Metrics To Consider

In terms of userbase, Sushiswap has 49,816 as of the 14th of January and has witnessed a steady growth since its inception back in September 2020. It recorded a 24-hour trading volume of $163 million. Uniswap, however, boasts a much higher figure both in terms of users, which was found to be at 728,180 while its trading volume currently stood at $1.22 billion.

Moreover, Uniswap’s gas consumption has been reported to be quite high. Owing to the creation of nearly 25k different markets for trading and the massive userbase, Uniswap surpasses every other DeFi application on Ethereum with respect to gas consumption.

In terms of the total DEX volume as well, Unsiwap takes the cake home with 99.8% of the share while Sushiswap stands at 0.23%. Despite being arch-nemesis, both the projects have managed to create a niche for themselves in the market thanks to the advantages that a decentralized system in place which makes that possible. Messari’s Ryan Watkins, on a similar note, stated,

“The best part about the competition between Uniswap and SushiSwap is that it is completely transparent and trackable in real-time. No need to wait for financial filings, no need to make estimates, It’s all auditable on-chain. An open window into competition at hyper-speed.”

Along the same line, Erik Voorhees, the CEO of ShapeShift also noted,

“A public, real-time liquidity battle between two relatively decentralized crypto pools. It exists in cyberspace, nobody is forced to participate, & nobody can turn it off. This is sci-fi digital hyper-capitalism finance… and it’s coming for the banking system”

Filed Under: News Tagged With: sushiswap, Uniswap

SushiSwap and Uniswap Drama: Is SUSHI Handling More Value Than UNI?

December 18, 2020 by Chayanika Deka

Blockchain activity has been exhibiting that SushiSwap’s native SUSHI token was handling a significantly higher value than Uniswap’s UNI token. As of December 16th, SUSHI tokens were responsible for 74.35% in terms of the combined value transferred by the two tokens. UNI’s share on the other hand was found to be at a meager 25.65%.

CM

As depicted by the above chart, Pink represents SUSHI’s share while Green represented UNI’s share.

The reason as to why the vampire protocol’s token, SUSHI has been moving more value can be attributed to the fact that SushiSwap provides greater support for liquidity mining. This is a critical process by which the token holders in the market can earn each platform’s native token.

Why is Uniswap lagging?

This has been a setback for Uniswap which ran liquidity mining starting from the period of18th of September to the 17th of November. During the two months, Uniswap distributed 20 million UNI. However, the decentralized exchange has not notified if it plans to continue this feature. Moreover, a vote to continue running liquidity mining with lower rewards has so far failed to meet quorum.

Despite this, Unsiwap’s overall trading volume far exceeds that of its clone which handles quite less volume than the former. While acknowledging that UNI held an undeniable moat in the market, DeFiance Capital’s Eugin Lee noted that new products and innovations could still disrupt it, something that the community is seeing in SUSHI currently.

The two rival protocols have every ardent follower, but according to Lee, “both can do well”. Justifying the argument, Lee went on to provide a “moat” that is possessed by both UNI and SUSHI and stated that can essentially both list tokens that centralized exchanges cannot.

In addition, the liquidity provisions in UNI and SUSHI returns an LP token collateral that can be re-staked or restructured into other farm or collaterals protocol. This is something that their centralized counterparts or even aggregators do not offer.

Furthermore, Low transaction fees and slippage among other decentralized exchanges is another plus point according to the analyst who asserted that low trans fees and slippages mean that aggregators will prioritize UNI and SUSHI since the transaction fees and slippages for both DEXs were currently the same.

In short, though market participants may prefer Uniswap as an exchange, it cannot be ignored that the market was found to be moving a larger amount of SushiSwap’s native token. And considering the nascency of the space, there is enough space in the industry to accommodate both and let time decide what drives up the appeal of both the tokens in the coming days.

 

Filed Under: DeFi, News Tagged With: sushiswap, Uniswap

SushiSwap Just Averted a Large Scale Attack; Praised For Quick Fix

November 30, 2020 by Chayanika Deka

Not long ago, SushiSwap earned the tag of an “exit scam”. Despite several controversies, the decentralized finance [DeFi] platform has performed significantly well. In a recent development, the once infamous vampire protocol of Uniswap appears to have dodged a high-profile attack on its platform.

According to reports, an anonymous entity allegedly poked a hole in SushiSwap smart contracts and swindled approximately $15k before the team of the AMM [automated market maker] exchange headed by developer 0xMaki took steps to mitigate it.

Possible @SushiSwap exploit found? @0xMaki sends exploiter a tx with a message to collect bug bounty.

See below 👇

tx with message from 0xMakihttps://t.co/1MdXqw9chq

Exploiters address:https://t.co/ehh7EassCo@DefiantNews pic.twitter.com/fRpdA1j7y1

— JuanSnow (@JuanSnow) November 29, 2020

As confirmed on Twitter by 0xMaki, General Manager at SushiSwap, the fraudulent actor siphoned off with $10-15K so far from the 0.05% fees cut of SushiSwap, however, the LP funds are currently safe. SUSHI’s Discord channel also disclosed that the exploit was on the Sushibar for fees. The lost user funds will be covered by the platform’s treasury.

The developer was commended by several in the community for the quick response for not just detecting the exploit, but coordinating a response team, and also close to the identity of who the exploiter was. In one such attempt, 0xMaki sent the attacker a message via a transaction that read, “I see you, we are working on fixing it.  Contact me on Discord for a bug bounty.”

Daniel Que, who had previously worked with cryptocurrency exchange Coinbase, tweeted,

“People are sleeping on 0xMaki. Seeing him in action, he’s a capable general manager: from the detection of the exploit to coordinating a response team, and even getting super close to figuring out who the exploiter is.”

The DeFi ecosystem seen several major cases of hack and flash loan attacks over the past several months. SushiSwap crisis aversion was a significant development in the wake of rampant exploits in the space.

SushiSwap has been highly controversial in the DeFi realm especially due to draining liquidity from rival AMM Uniswap. Its Co-founder, known by the alias “Chef Nomi,” did little to help the situation. Shortly after the popularity of the decentralized exchange, the exec liquidated his SUSHI holdings which led to a massive decline in the SushiSwap government token’s {SUSHI] price. Many criticized the move and deemed it as an”exit scam” as the community called Nomi for dumping the project.

But the latest news could finally be the moment where the platform could gain good press.

Filed Under: DeFi, News Tagged With: sushiswap

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