Sushiswap has launched a new UNI / ETH liquidity pool.
The crypto community comments to tire of the protocol.
The price of the SUSHI token fell 3% on the day
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The decentralized finance platform ( DeFi ) SushiSwap has just launched a new UNI / ETH liquidity pool. That said, it appears to be reaping only a fraction of the success of its previous offerings. This launch also raised questions from the crypto community, which is increasingly wary of the DeFi clone.
The controversial DeFi protocol, SushiSwap, just added another production pool to its growing collection of farms, which now number 18. The latter pool allows liquidity providers to add Ethereum and UNI in order to reap rewards under form of SUSHI tokens.
The time limit has expired, and the UNI: ETH pool is now receiving rewards! !
This move follows the success of Uniswap which last week launched four of its own Ethereum-based pools with rewards in UNI, its new token. At the time of this layout, the four pools had attracted more than $ 1.5 billion in cash.
SushiSwap hopped on the UNI bandwagon in hopes of attracting more yield growers. However, the timing of this announcement, and more specifically its delay, has been questioned by some members of the crypto community:
Can you explain the delay in this announcement?
The greater the liquidity of a pool, the fewer tokens its providers receive, as the distribution is diluted. Those who start earlier will be rewarded the most early on, which may explain why this announcement was delayed. It has been suggested that pre-mines are now a standard part of launching liquidity pools.
According to Sushiswap’s dashboard , the protocol has just under $ 500 million in cash, the majority of which is split between the SUSHI / ETH, DAI / ETH, and YAM v2 / ETH pools.
As yield producers scramble for the next best DeFi opportunity, liquidity has fallen 64% since the peak of $ 1.4 billion hit on September 12.
The state of the SUSHI and UNI course
Liquidity is not the only thing that has gone down for SushiSwap: the price of its token has also retreated. Over 30 days, the price of SUSHI looks exactly like that of most altcoins after the cryptomo bubble of 2017/18.
Since its peak, the SUSHI price has fallen 85% to its current level, just below $ 1.60. With a further 3% drop on September 21, the new cash reserve has apparently done nothing to drive the price of the token up.
UNI is also on the decline, having lost 35% since its peak after launching late last week. The price had fallen to around $ 5.40 at the time of this writing, probably due to a sale of the airdrops tokens.