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Understanding SushiSwap

SushiSwap is receiving an enormous amount of attention as its locked funds reached $1.3 billion less than the week of its launch at three major cryptocurrency exchanges. After projects like Uniswap issued the digital token SUSHI, decentralized finance (DeFi) projects are gaining momentum. The following are the details of SushiSwap as reported by 8BTC. The wild popularity of SushiSwap reflects the excessive volatility of the DeFi coin. While crypto investors are befuddled by the soaring prices of YFI coins, SUSHI, the management token of SushiSwap, made its debut. On Sept. 1, three major exchanges — Binance, Okex and Huobi — listed the token. SushiSwap provided platform tokens ahead of Uniswap and raised a great deal of funds based on its liquidity mining scheme. It became the top decentralized exchange without even starting transactions. Still, the upbeat performance appeared to make Uniswap skeptical since Uniswap Founder Hayden Adams labelled SushiSwap “an incredibly high-risk investment.” He tweeted "Can't tell who is pretending and who legitimately doesn't understand that the $1B TVL deposited in an incredibly high risk investment on a single days notice is mostly massive whales." Mining farmers don’t care about competition among different swaps since they are preoccupied with high returns. Investors who missed the chance of investing in YFI and YFII are eager to get their hands on the SushiSwap project. The three exchanges are already showing alarming signals. According to Huobi’s data, SUSHI soared to $13.4 from the beginning price of $5.71 and then retreated to $10. After swings in price, SUSHI came in at $7.47 as of 4 p.m. on Sept. 2, down 44 percent from the peak price. SushiSwap is considered to be mimicking the act of centralized exchanges issuing platform tokens, which makes industry insiders bemused with the intense attention. The popularity also triggered doubts over whether something is pulling the strings behind the project. Wan Hui, co-founder of Primitive Ventures, is trying to verify the behind-the-scenes force. She claimed that SushiSwap has close ties with the CEO of BitMex Hayes, adding that it is a logical inference, although there is no evidence. The quick-paced fund-raising from SushiSwap led some to question the potential existence of the illegal force. SushiSwap has yet to pass the review of its code. Rather, there is no auditing to begin with. After the sensational debut of SushiSwap, fake tokens emerged to lure investors looking for SUSHI token. PeckShield, a blockchain security company, announced on Sept.2 that YUNO, a fraudulent project, contains security risks. The company warned that the project is fraught with the problem of recurrently issuing new tokens, which means an operator can make tokens as much as he or she wants. After increasing the price of the tokens, the operator can take profits by issuing a myriad of tokens.

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