Today in DeFi - SushiSwap is Live, Curve adds hBTC, StableCredit
SushiSwap is Live
Sushiswap, the actual AMM Dex that Sushiwap.org was creating liquiduity for, is finally live at sushiswapclassic.org. A fork of Uniswap, it works exactly the same way, however it uses a separate set of liquidity, which was migrated over from the Sushiswap farms.
The migration of those Uniswap LP tokens into Sushiswap went quite smoothly and well.
One surprising fact. While Sushiswap was inspired by a βvampire attackβ article, in fact it did not end up reducing Uniswapβs liquidity. It seems that Uniswapβs liquidity is actually greater after the migration than before.
Right after the migration, Sushiswapβs liquidity was around 1.15B, significantly more than Uniswapβs 518M at the time. However, at press time, Uniswapβs volume has increased significantly. It seems that current farms are still prefering Uniswapβs LP tokens. This may be because Uniswap still has a much greater variety of tokens than Sushiswap, which at migration time had a limited set of pools.
While Sushiswap is a very new DEX, its volume is already comparable to Uniswap. This is no doubt helped by its liquidity. Its liquidity advantage over Uniswap allows it to have a pricing advantage since they use the same exact pricing mechanism.
The real test for Sushiswap will be whether 3rd party tools will be willing to integrate this new fork and whether users will be keen on going to exchange.sushiswapclassic.org instead of uniswap.exchange. In addition, it will remain to be seen if users decide to add βlong-tailβ pool liquidity that isnβt incentivized.
So far, 1inch.exchange and matcha.xyz have already integrated Sushiswap. Along with its native token for incentivization, this match is far from over.
Curve hBTC
Curve Finance has just added hBTC, as part of the hBTC/WBTC pool. This pool sparked a lot of controversy on the governance forum, and there was suspicion that Curveβs team may have pushed it through with their disporportionate voting power.
Curve says that they did vote on passing it through, but that the majority of the vote pushing it through was from Huobi.
Whether you agree with it or not, there is now a new pool on curve.fi - and it has a lot of CRV rewards! veCRV is power.
StableCredit Coming
Yearn Finance has announced StableCredit. This is a decentralized lending protocol where users can deposit USD stablecoins, then borrow crypto assets against it. Find out more in the medium post.