KIMCHI is the Latest Hot Dish in DeFi with Over 30,000% APY

The hot and spicy KIMCHI, the fork of Uniswap’s clone SushiSwap, is just a day old and has already half a billion dollars locked.

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.

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.”

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.

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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