Uniswap lost 75% of liquidity amid SushiSwap migration

The protocol transferred the tokens to its own exchange.

The volume of blocked funds for the needs of the Uniswap decentralized exchange, which provides access to the protocol of the same name, decreased by 75% in a day. As a result, the platform dropped to 9th place in the liquidity rating of projects in the decentralized finance sector of the DeFi Pulse resource.

Data: DeFi Pulse

It is noteworthy that the changes took place against the background of migration from Uniswap to tokens of the popular DeFi protocol SushiSwap to its own platform. In total, according to media reports, representatives of the project transferred digital assets worth $ 830 million. Previously, the SushiSwap team presented a migration plan.

As a reminder, SushiSwap is a fork of Uniswap. Unlike the latter, the project has its own token – SUSHI. Working with an asset gives users access to control the protocol.

SUSHI token chart. Data: CoinMarketCap

The SushiSwap platform, to which the project tokens were migrated, is in many ways similar to the Uniswap decentralized exchange. According to media reports, many other liquidity providers have followed the example of the migration of the DeFi protocol. This includes the CRV/ETH pool. Transferring funds to SushiSwap will allow members of the crypto community to earn SUSHI.

SushiSwap’s trading volume. Data: CoinGecko

We will remind, until recently the protocol was in the center of the scandal due to the actions of its administrator – a certain Chef Nomi. The latter sold a large part of its tokens without the approval of the crypto community. According to some reports, the representatives of the protocol planned to implement the migration of the cryptocurrency earlier. However, due to the actions of the Chef, it was decided to postpone the operation.

We will remind, earlier the team of Kraken researchers came to the conclusion that DeFi helps Ethereum to oust bitcoin from the market.

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