DeFi platform SushiSwap launched a new UNI/ETH liquidity pool that failed to attract the excitement seen in previous offers and raised questions in the community regarding the clone exchange.
The controversial SushiSwap DeFi protocol has added another farm pool, now expanding to 18. The latter pool allows liquidity providers to add Ethereum and UNI to generate profits in SUSHI tokens.
Last week, the Uniswap protocol launched its own Ethereum-based pools rewarded with its UNI tokens. As of this writing, the four pools have raised over $1.5 million in total.
SushiSwap decided to hop on the UNI train hoping to attract as many farmers as possible, but the timing of the launch announcement, or rather, its delay, raised questions in the ranks of the community, since after the addition of the pool itself, its official launch was only a few hours later.
The more liquidity accumulates in the pool, the less tokens each provider receives within the distribution. Those who get into the game at the forefront receive the maximum reward, which partly explains the delay in the announcement of the protocol and confirms that so-called pre-mining is becoming a standard procedure when launching liquidity pools.
Liquidity fell 64% from a peak of $1.4 million recorded on September 12, as many farmers were already distracted by the next event in the decentralized finance industry.
It is not only SushiSwap’s liquidity indicators that suffer – the project token is also falling in price. The 30-day chart of the token shows exactly the same picture as with most altcoins after the collapse of the 2017-2018 cryptocurrency bubble.
Since hitting an all-time high, SUSHI has dropped 85% to trade below $1.60. Since the beginning of today’s trading, the price has decreased by another 3%, which means that the new liquidity pool could not increase the attractiveness of the token.
UNI is also under pressure, having lost 35% since launch last week. At the time of this writing, the token is trading around the $5.40 mark, since most of the tokens after the airdrop have probably already been sold by now.