Sushiswap has surpassed Uniswap by volume of locked assets.
This was pointed out on Twitter by Camila Russo from Defiant, which reveals a truly remarkable difference.
Sushiswap: $1.2B TVL
Uniswap: $400M TVL
We'll see whether LPs stick around, but for now
SushiSwap won the liquidity wars and became DeFi's biggest DEX, just two weeks after its launch
— Camila Russo (@CamiRusso) September 10, 2020
According to the data reported on sushiswap.vision, by now the TVL in Sushiswap would be about 1.35 billion dollars, while on defipulse.com that of Uniswap is only 346 million.
In other words, when comparing these figures, the total volume of funds tied up in Sushiswap would be almost four times higher than that locked in Uniswap.
Although no data for Sushiswap has yet been added to defipulse.com, an analysis of the last 30 days of Uniswap’s TVL graph clearly shows a real collapse.
Until August 27th, Uniswap’s TVL had never exceeded 300 million, but then in just six days, it exploded to almost $1.7 billion.
On September 5th, it had even exceeded $1.8 billion, but from September 6th it started to fall. The real collapse occurred between September 9th and 10th, coinciding with the explosion of the TVL in Sushiswap.
In fact on sushiswap.vision no data are visible until September 8th, but it is clear that the explosion occurred between the 9th and 10th.
Sushiswap and the funds from Uniswap
The fact is that the migration of funds from Uniswap to Sushiswap took place in the last few days, and in 48 hours 70% of the liquidity on Uniswap migrated to the new protocol.
It must be said, however, that the same project report on the Binance Academy explicitly states that SushiSwap is an uncertified, bug-prone project whose deposit of funds should be considered risky.
It is described as “an exciting experiment” that challenges Uniswap thanks to a governance entrusted to the community, but with an uncertain future, especially when investors are really only looking for a quick profit.
In other words, it is not known whether the TVL stolen from Uniswap will remain on Sushiswap, or will end up going back or flowing on other DeFi protocols.
One curious thing is that the market value of the SUSHI token, which had reached $11 on September 1st, after falling to $1.2 on September 6th, has bounced back to $3, but has not moved from these levels in recent days.
On September 9th it had dropped to $2.2, but now it has risen to around $2.8, not reflecting the boom in TVL due to migration from Uniswap.
Therefore it is still quite difficult to make a definitive and clear judgement on what is happening. However, the situation could probably become more apparent in the next few days, as it becomes clear whether the enormous liquidity flowing over the last two days on this protocol will remain there, or will end up going elsewhere.