Sushi was yesterday; KIMCHI is now!
Uniswap’s clone SushiSwap has been forked to create KIMCHI.
Within four hours of its launch, the unaudited project saw half a billion dollars locked in KIMCHI, which claims to “become the next hot DeFi mining token.”
“KIMCHI is lit,” according to the pro yield farmer Arthur Hayes, co-founder, and CEO of crypto derivatives exchange BitMEX. “It's a staple of the CHAD diet. Get on my level,” he added.
Launched today, KIMCHI token’s price jumped to $12.26 level and is now back at $4.27, as per CoinGecko. The token is expected to be listed on Gate.io soon.
The irrational play of the day has been the the SUSHI fork $KIMCHI
Farming and trading these new alts come with risk
At $8 per token & 2.7M supply, this seems undervalued based on $130 million TVL
If price can stay above $7 and break $9.24, I believe it can see a new high https://t.co/PXnz8RT13N pic.twitter.com/RfpEl8f6do
— Josh Rager 📈 (@Josh_Rager) September 1, 2020
When it was launched, the project offered APY in six digits percentage but has now come down 8.3x. Uniswap KIMCHI/ETH APY that started with 178,573% has now fallen to 21,500%.
Still, the APY offered on different swaps is between 1,800% to 31,000%.
Currency, it's offering farming on ETH, USDT, SUSHI, TEND, and other Uniswap assets to earn above-mentioned interest rates for providing liquidity on the platform.
KIMCHI is a fork of automated money maker Sushi, which is a copycat of Uniswap but with a governance token, and Yuno, but apparently “unlike YUNO, in Kimchi, it is not exploitable because owner is set to a non-functional timelock contract.”
SushiSwap issues its SUSHI tokens to those providing liquidity to the platform and gives a cut of its trading fees to those who have locked their tokens in a smart contract.
But the latest farming token clearly states on its website, “SUSHI is way better with KIMCHI” and “TEND with KIMCHI is also fucking yammy.”
Sushi was the one that pushed Uniswap’s volume to surpass that of Coinbase Pro and its liquidity to go beyond $1 billion. This project locked in over a billion dollars in less than four days of its launch.
But according to KIMCHI, it is them that are writing a “new history in DeFi Crypto field. We've just entered new era.”
No governance forever. $KIMCHI is generated forever like $DOGE coin.
Farm and peace.
— kimchiman (@kimchi_finance) September 1, 2020
KIMCHI’s market cap has reached over $45 million since becoming available today. The DeFi sector meanwhile has total value locked (TVL) at a whopping $9.5 billion.
It goes without saying that these DeFi projects are extremely risky where people are acting first before thinking. Degens are yield farming the latest for a few days before jumping on the next hot thing, which like the 2017 ICO mania are popping in every other day.
