Uniswap Takes Lead Over SushiSwap Less Than 24 Hours After SUSHI Rewards Drop

Shortly after SushiSwap's block rewards fell from 1,000 SUSHI tokens to 100, total value locked has fallen behind rival Uniswap.

Sep 13, 2020 at 7:24 p.m. UTC
Updated Sep 14, 2021 at 9:55 a.m. UTC

No loyalty among yield farmers.

Uniswap now has more value locked (TVL) than its upstart rival, SushiSwap, less than a day after SUSHI block rewards for liquidity providers (LPs) dropped from 1,000 tokens to just 100.

  • TVL on SushiSwap fell from $1.46 billion worth of crypto assets on Saturday around 23:00 UTC to $885 million as of press time, according to SushiSwap Vision, which is a fork of the explorer used by Uniswap.
  • The SUSHI token's price has had a less-precipitous fall, only dropping from $2.45 to $2.23 in the same time period.
  • Uniswap's TVL has now risen to nearly $955 million as of press time, according to Uniswap Info.
  • SushiSwap executed its planned slashing of block rewards from 1,000 to 100 SUSHI for liquidity providers (LPs) on Saturday following last week's successful migration of $800 million in assets from Uniswap.
  • The initial block rewards were designed to convince Uniswap LPs to entrust their LP tokens to SushiSwap so that it could migrate a large portion of Uniswap assets to SushiSwap when it went live (as it happens, Uniswap ended the migration with roughly double the assets it had before SushiSwap was announced).
  • The drop suggests a significant number of LPs were primarily motivated by maximizing their SUSHI holdings rather than supporting an ostensibly more decentralized alternative.
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