Aelf Releases an “Upgraded & Simplified SUSHI” Called SashimiSwap; Deposits Hitting Over $300M
Decentralized cloud computing blockchain network Aelf has launched the upgraded and simplified version of SushiSwap. A clone of Uniswap, the one-week-old SushiSwap, has experienced tons of drama and activity.
SashimiSwap has also managed to amass deposits of over $300 million.
The latest Automated Market Maker (AMM), which is “not” a fork of SushiSwap, will provide the Uniswap liquidity providers (LP) the ability to earn SASHIMI tokens by staking their Uniswap LP tokens on its platform.
Advertised as a “fairer and more transparent” platform, it won’t distribute funding to its founding team, as happened in SushiSwap, resulting in its original creator to cash it all out and then return it after public outcry.
SashimiSwap will be charging its users a 0.3% transaction fee, out of which 0.25% will go to LPs. And once the Aelf mainnet is launched, the remaining 0.5% will be transferred to a SASHIMI DAO contract.
The latest product saw the “seldom” discussed ELF suddenly come on radar and experience “an 18-month high in address activity,” as per Santiment.
This resulted in the price of Aelf token (ELF) jumping more than 190%, the day following the announcement. But since then, it has lost 50% of its value and is currently trading at $0.14 in the red.
The same is the case for SASHIMI, which hit its all-time high on Friday at $6.20 only to dump 95% to $0.37, as per CoinGecko.