On September 5th, Chef Nomi, the anonymous founder of SushiSwap, sold all SUSHI tokens (approximately 2.56 million) in his wallet in exchange for approximately 18,000 ETH (approximately more than 6 million US dollars). This incident once caused The price of SUSHI's token fell, with the lowest falling to 1.13 US dollars, which was a drop of 10.8 times compared with the highest price after the opening of 13.4 US dollars.
On September 6, SushiSwap founder Chef Nomi tweeted that he had sent SushiSwap's time lock management control authority to FTX founder SBF (Sam Bankman Fried) and transferred the control to SBF. According to SUSHI's planning progress, about two weeks after the launch (after 100,000 blocks), the Liquidity Migration will be carried out, and users can redeem the liquidity on UniSwap and put it in SushiSwap.
The current block height of SUSHI is close to 100,000, which means that it will undergo liquidity migration in the near future. Today, FTX founder SBF (Sam Bankman Fried) tweeted to update SushiSwap's latest work progress. The migration code of SushiSwap has been deployed. If no serious bugs are found, it will take 1 hour to start.
SBF stated that SUSHI's current liquidity migration will migrate to a new contract address. There are two reasons for abandoning the previous migration contract. One is because it is the address of Chef Nomi, and the other is because the old contract has been tested by the SBF technical team. There are some security loopholes and serious governance flaws. This loophole can multiply someone's governance capabilities without the need to obtain new tokens. Therefore, from the perspective of security, SUSHI's liquidity will migrate to a new, more secure contract address with multi-signature verification.
The main reason why SUSHI has received attention in a short period of time is that it solves the shortcomings of UniSwap. No matter whether the liquidity provider withdraws the liquidity funds provided in the UniSwap liquidity pool or not, as long as they hold SUSHI tokens, You have the right to continue to earn part of the transaction fees of the SUSHI agreement. As an early liquidity provider to improve liquidity, you will become an important stakeholder of the agreement.
The innovation of SUSHI's reward system greatly stimulated the enthusiasm of liquidity providers, resulting in the increase of UniSwap's liquidity from 300 million U.S. dollars to 1.96 billion U.S. dollars within a week. UniSwap's 24-hour transaction volume surpassed Coinbase, the largest centralized exchange in the United States. Under the user's authorization, SUSHI can help the user to accept the market-making funds from UniSwap, and then transfer it to its own liquidity pool. The reason why SUSHI has such a high liquidity fund is mainly because it seizes 70% of UniSwap's liquidity.
In the future liquidity migration of SUSHI, if all the traffic currently owned by UniSwap is successfully transferred, then SushiSwap will become No. 1 in DEX and No. 1 in DeFi, while UniSwap will fall to No. 10 in DeFi. At that time, SUSHI's currency The price will rise again, but this is only a current guess, everything depends on SUSHI's successful migration.
In terms of the current popularity of DeFi and its own application value, regardless of whether SUSHI can migrate successfully, the popularity of DeFi will not recede. On the contrary, thousands of SUSHI will be born and rise, which will surely boost the development of Ethereum. The price has risen sharply, coupled with the major benefits of the main network of the beacon chain in the phase 0 of the Ethereum 2.0 version, the price will inevitably reach a new high when the Ethereum 2.0 upgrades. The BitOffer exchange launched the Ethereum ETF fund also ushered in a hot subscription Tide, due to the intelligent position adjustment mechanism, the return is 3 times higher than the spot price, and preferably more than 17 times.
The relationship between DeFi and Ethereum is mutually promoting. The continued popularity of the DeFi market will help promote the price of Ethereum. After the successful upgrade of Ethereum 2.0, the gas cost will be reduced, the ether network will be smooth, and the coin deposit and withdrawal speed will be reduced. Improvement also contributes to the development of DeFi, the two complement each other.