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When Vampires Attack: SushiSwap and Uniswap

Sep 9, 2020 · 5 min read

By Tom Shaughnessy

Sushiswap has garnered significant attention in the market as the decentralized exchange, with a native token SUSHI, has successfully completed its migration from Uniswap. We previously covered SushiSwap when it launched on August 27, 2020.

 

In essence, SushiSwap incentivized users to provide their uniswap LP tokens (tokens representing their ownership in a specific uniswap pool comprising two assets) to SushiSwap in exchange for aggressive Sushi rewards. The end result being a migration where SushiSwap redeemed the remaining LP tokens on Uniswap and use the underlying assets as liquidity in identical pools on SushiSwap. A vampire attack draining the liquidity out of Uniswap. The project was also faced with drama this week as the key founder, Chef Nomi, sold a majority of his Sushi for $13M and handed control over to SBF, the founder of FTX exchange and Alameda Research. 

As a TLDR, there are a few important takeaways to share

 

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