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Blockchain network Aelf launches SushiSwap ‘upgrade’ called SashimiSwap, already has $315 million in liquidity

Saniya More
·1-min read

Open-source blockchain project Aelf has launched SashimiSwap, an "upgraded and simplified" version of Sushiswap, the Aelf team announced Friday. This comes just two days after SushiSwap migrated over $800 million in liquidity funds from its parent protocol Uniswap.

According to the announcement, SashimiSwap will give Uniswap liquidity providers the ability to earn SASHIMI tokens by staking their Uniswap liquidity provider (LP) tokens on what it calls "a fairer and more transparent DEX platform."

Unlike SushiSwap, SashimiSwap will not distribute 10% of its funding to the founding team. Instead, SashimiSwap will charge users a 0.3% transaction fee, of which 0.25% will be used to reward users adding liquidity.

According to the announcement, once the Aelf mainnet is launched, the remaining 0.05% will be transferred to a SASHIMI DAO contract, where it can be used for community governance. There are currently about $315 million in digital assets deposited on SashimiSwap.

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© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.