What kind of rubbish coin is sushi? (Does sushi coin have potential?)

What kind of rubbish coin is sushi? Editor’s Note: This article comes from BlockBeats (ID: blockbeats) and is authorized to be reproduced by Odaily Planet Daily.

What is sushi, what can this project do, when was it created, and what is its concept? An introduction to what kind of rubbish coin sushi is. Sushi is a newly created DeFi project, with the main goal of rewarding all users participating in the protocol with SUSHI tokens. There are currently three projects online, namely 0x, Uniswap, Balancer, 1inch, and Curve. Among them, the 0x team launched the 1INCH and 3inch liquidity mining pools, while 0x will earn profits by providing liquidity (yield farming). What kind of rubbish coin is sushi.

What kind of rubbish coin is sushi. Sushi is a fork of Uniswap and an upgraded version of Uniswap. The team has been working on making Sushi a governance token since the project started with a project called “Compound”.

This tweet has been seen by many as the terminator of the Uniswap project. However, this statement is not accurate because Uniswap itself is just a decentralized autonomous organization (DAO). Sushi founder Chef Nomi has voiced his opposition to this message. He has called for Uniswap developers to first solve the problems on Ethereum, such as whether to increase transaction fees for ETH and other ERC20 tokens, and so on. However, when someone proposed to issue a new token, Sushi does not seem to bring real value to the community. Therefore, community members initiated a vote to determine whether to support the new proposal- “If the community agrees with this proposal”, then the proposal will receive approval votes.

Nevertheless, Sushi has successfully completed the migration work and attracted the interest of some early adopters, who have flocked to Uniswap, hoping to try other innovative DeFi applications in the future. These developers also plan to deploy some new features on Sushiswap, such as providing staking services or conducting various experiments to obtain SUShi.

But the problem is that this project actually has no practical use cases and has not been thoroughly researched.

According to official sources, the project will be publicly released as a test version on Github on August 31st and is expected to officially launch its mainnet in early October. In addition, Sushi will start the governance process in July.

Does sushi coin have potential?

Since reaching a historical high on August 17th, the lock-up amount of Sushiswap has exceeded $2 billion. In less than a month, its TVL has soared from around $1 billion to over $3 billion, an increase of nearly 100%.

According to Sushi.Finance founder Chef Nomi’s statement “I believe DeFi will not disappear,” the project plans to launch a new liquidity pool and provide rewards and transaction fees to its users. It will also provide liquidity and trading services to multiple DEXs such as Uniswap and Curve through mining.

Nevertheless, the project does not seem to have attracted market attention at the moment. It has not even experienced a price rebound similar to that in April 2020 (when the price was about $200). However, this rise has still provided opportunities for many retail investors, and they have flocked to it.

So, does sushi have potential? Let’s first look at its market situation. 1. Has the circulation increased? 3. Does Sushiswap have enough funds to support token growth?

According to speculation, the total supply of Sushi is 10 million tokens, which is more than twice the current total market value of Sushi.

According to Debank data, as of the time of writing, the market value of Sushi is about 1.85 billion RMB. Although the total supply of Sushiswap has not yet been determined, if calculated based on the current price, SUSHI can be considered the largest decentralized exchange on Ethereum.

However, according to CoinMarketCap data, SUShi has reached its all-time high of 2.78 trillion dollars. 2. Decrease in circulation. The total locked value of Sushiswap comes from: DuneAnalytics, Sushicoin, SBF, FTX founders.

According to Santiment’s analysis, due to the low liquidity of Sushiswap (only 10%), liquidity may decrease. Therefore, in the short term, this is likely the expectation of investors for new projects. How is the liquidity situation of SushiSwap? SushiSwap is still in its early stages. Currently, only four liquidity pools are online, namely: ETH/WBTC, USDT/USDC-DAI. Each of these five liquidity pools charges approximately 0.01% in fees; the ETH/WBTC liquidity pool charges 0.05% per week.

In addition, SushiSwap has not yet launched any staking functions and has not released any smart contracts to execute these operations.