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Uniswap stopped mining, and 2.9 billion US dollars of funds will face new choices, and SushiSwap and Balancer are the best choices for trading pair migration.
Original Title: “Sushi’s Spring”
Written by: Lin Ming, Co-founder of FirstPool
Uniswap is about to stop mining in the near future, and it will take about a week to start again. As the number one lock-up project on DeFi, the lock-up market value exceeds US$2.9 billion, which will have a very large impact on the entire DeFi. When judging the impact on the market, After investigation, it was found that Uniswap’s chaotic period will bring a period of spring to competing products, Sushi. In previous articles , I said that I am not optimistic about DEX and I do not recommend that you intervene. However, with the large decline in DEX, some real gold will appear after the bubble.
Sushi’s token model
The price of Sushi has experienced a very exaggerated drop. As a knight who singled out Uniswap, Uniswap once experienced a lot of pain due to excessive issuance and founder incidents. However, the Sushi community quickly reflected on it through public elections. Nine multi-signature members were selected, the core team was established, and the token model was modified to fix the total amount of Sushi at 250 million. The current circulation is about 152 million, from the original 1,000 rewards per block to Now each block rewards 80 sushi, which will decrease in the future, and 2/3 of them will be locked. The daily release amount is about 433333, and the actual release after deducting the lock-up is about 144444. Based on the price of 1.2 knives/sushi, a daily supply of 173,000 US dollars is generated, while UNI generates a daily supply of 1.28 million US dollars. And Sushi established a repurchase mechanism, repurchasing approximately US$1.7 million of Sushi. It can be said that Sushi’s token model has created a new supply-demand relationship through the continuous running-in of the market decline.
Market value analysis of Sushi
According to Sushi’s total volume of 250 million, circulation of 152 million, a total market value of 300 million US dollars, and a circulating market value of 182 million US dollars, compared to UNI, which has a total of 1 billion, the current circulating volume is 200 million and the total market value is 4 billion US dollars. The circulating market value is 800 million US dollars. The price of Sushi has been falling from the price of 15usd, a very exaggerated decline, until the price of 0.48usd rebounded to 1.2usd, it can be seen that most of the sushi is a hold-up plate, and the cost is very high. Too low prices are not attractive for most funds.
Sushi profitability analysis
Sushi achieved a transaction volume of approximately US$3.387 billion, which brought about US$10.16 million in revenue to platform participants. Among them, 5/6, or about 8.47 million U.S. dollars, was allocated to liquidity providers; the other 1/6, or about 1.7 million U.S. dollars, was allocated to xSushi owners after the Sushi was repurchased. According to the annualized calculation, the fee income is about 60 million, and three-thousandths of the fee is used as the profit. The total market value PE is 5, the current market value PE is 3.03, and the total market value PE is 30, the current market value PE is 18.18, it can be seen that sushi is very cost-effective.
Number of transactions
Sushi is also very good in terms of transaction volume and number of users. We can see that Sushi’s transaction volume and number of users are firmly ranked third in DEX. With the inflow of Uniswap funds, the slippage will be more friendly. It is not ruled out that Sushi will be more Good ranking changes.
Sushi lockup analysis
Sushi’s lock-up has experienced a peak to a trough and then rebounded. The amount of lock-up is an important indicator of DeFi. Sushi has experienced a lock-up of US$1.42 billion to a low market value of US$240 million. However, Uniswap has stopped in the past week. The price of mine and Sushi rebounded, and the rebound trend is very obvious, directly rebounding from the low point to 350 million US dollars.
Sushi route map
Limit Order. The beta version of the limit commission has been released by the development team Levx on the lightweight UI lite.sushiswap.fi. It is currently being tested and awaiting audit by professional institutions. No transaction data has been generated yet.
Bento Box. The Bento Box, a lending product that the community has placed high expectations on, has been basically completed with the efforts of the developer BoringCrypto, and has entered the stage of testing and waiting for institutional audits.
Moonbeam. The community has tried cross-chain deployment to Polkdot and Kusama’s initial proposal, which is expected to be advanced by the end of the year, when the moonSushi token airdrop will be issued to the SushiSwap community.
- Gusoku. SushiSwap has contacted an external team and plans to introduce options and stoploss tools to develop Gusoku, a product that reduces liquidity’s impermanent loss in market making, or it will increase the willingness to enter the market.
- MISO. The Minimal Initial Sushi Offering will incentivize the launch of new projects on the SushiSwap platform.
It can be seen that the Sushi team is very pragmatic, and the direction of the roadmap is more in line with the expectations of the public. At the Uniswap community meeting, 0xMaki, the head of Sushi, said that once Uniswap V3 appears, Sushi will use it as soon as possible. Although the team still has to replicate Uniswap, it can be seen that it is very grounded, and the project itself is more important.
Uniswap mining suspension impact
Recently, the most significant event of DeFi is the suspension of UNI, and US$2.9 billion of funds will face new choices. As the best choice for transaction pair migration, it is undoubtedly Sushi and Balancer. Uniswap is about to enter the chaotic period, which is the biggest benefit for Sushi. The uncertainty of Uniswap is precisely the certainty of sushi. It is certain that funds will migrate from Uniswap to Sushi. The greater the uncertainty of Uniswap, the higher the amount of funds to be migrated. Sushi’s transaction slippage will be more friendly, which in turn will promote transaction volume. , Thus entering the positive cycle.
With the re-opening of Uniswap mining, Sushi will be in a weak state again, but a currency that has undergone multiple reflections on itself will not be too bad in the future.