After merging with the Yearn ecosystem, SushiSwap has made a major advance in its market share in the leading decentralized exchange, Uniswap.
On January 29, Messari Mira Cristanto, a researcher, tweeted data showing that Uniswap’s share of the automated market maker sector had declined with the share of sushi increasing from mid-December to last week.
Kristanto claims that the merger with Yearn gave Sushi a new legitimacy, so that the project could avoid criticism of the project, which launched in August as a clone of Uniswap, and secured TVL’s early defense with its so-called “vampire” liquidity attack. .
In November, Sushi increased additional cash from Uniswap by revealing crop rewards for couples previously stimulated by the flagship DEX.
Cristanto says that Sushiswap has “left its past behind” with the platform, which now consistently provides liquidity and weekly volumes between $ 2 billion and $ 2.5 billion. The analyst noted that Sushi does not have risk-averse support, is socially driven and “innovates quickly”, and concluded:
“Sushi Swap is evolving from an exchange that includes lending, licensed liquidity pools, network integration and a launch platform. In the #Yearn ecosystem, it will benefit from the effects of the new network.”
Despite SushiSwap’s apparent success in attracting liquidity providers from its main competitor, Uniswap remains incredibly popular, with DEX accounting for more than 60% of all unique titles that interacted with DeFi.
While Sushi’s TVL is worth $ 2.07 billion nearly two-thirds of Uniswap’s $ 3.18 billion, Sushi’s user base combined makes up only 8% of Uniswap. However, the first version of Uniswap was launched in November 2018, which means the platform had a total user base of 225,000 before the launch of sushi.