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Sushiswap Has Moved Up Plan To Withdrawal A Huge Amount Of Liquidity From Uniswap
Summary: The automated market maker seeking to usurp leading maker Uniswap, Sushiswap, announced plans to move up the liquidity withdrawal to this weekend, as reported by Coindesk. Uniswap and Sushiswap always have a price at which they will swap any two tokens they have in liquidity pools. The total value in assets locked on Uniswap has gone ...
The automated market maker seeking to usurp leading maker Uniswap, Sushiswap, announced plans to move up the liquidity withdrawal to this weekend, as reported by Coindesk.
Uniswap and Sushiswap always have a price at which they will swap any two tokens they have in liquidity pools. The total value in assets locked on Uniswap has gone up by just under $1.5 billion since the SushiSwap contract went into effect at block 10750000 on Aug. 28, as reported by DeFi Pulse.
Sushiswap gives users an incentive in the form of LP tokens to deposit funds into Uniswap which they later return to Sushiswap in a scheme designed to pull liquidity from the platform. At a set time Sushiswap will redeem the LP tokens thus moving liquidity from Uniswap onto Sushiswap.
One tool tracking Sushiswap's expected token share estimates that the up and coming exchange holds 79.9% of Uniswap's liquidity in LP tokens.
The liquidity widthdrawl was scheduled for Friday, September 11, but has since been moved up by 48 hours after a proposal submitted by Sushiswap founder NomiChef was approved on Friday, September 5 with 86% of SUSHI holders voting in favor. The liquidity shift should happen some time on Sunday.
By Emily Mason
Tags: DeFi,Sushiswap,Uniswap
Link: Sushiswap Has Moved Up Plan To Withdrawal A Huge Amount Of Liquidity From Uniswap [Copy]
