The proposal revolves around retaining talent, establishing a formal compensation committee and earmarks 6 million SUSHI to allocate towards future hires, strategy and leadership. For SushiSwap, after some community friction following a failed takeover from the now infamous Frog Nation, a few months of deliberation has led to a proposal for Sushi 2.0 3. In terms of recent developments, Uniswap’s most impactful change in the last year was the introduction of Uniswap v3 2, which added a number of improvements, including higher capital efficiency, layer 2 integration and flexible fees, among others. SushiSwap has had a slightly more rocky ride, peaking around ~26% in January 2021, but slowly falling since then to single digits for the majority of the last few months. For context, this compares to an October 2020 peak, albeit for Uniswap v2, at over 58%. In terms of share of DEX volume 1, looking at Uniswap v3, we see a peak of around ~45% in February of this year, just slightly above the current ~44% share. On the other hand, SushiSwap has cast an even wider net to ensure TVL growth and now supports 14 different chains. Uniswap, with their latest iteration (Uniswap v3), is now deployed on the Ethereum mainnet, as well leading layer 2 scaling solutions, Polygon, Arbitrum and Optimism. Both projects have their own governance token, UNI and SUSHI respectively, and rank among the top five DEXes across DeFi. SushiSwap is similarly an AMM-based DEX and differentiates itself from Uniswap through a larger suite of in-house DeFi products, including farming, lending and yield optimisation protocols. SushiSwap launched in 2020 via what was later dubbed a “vampire attack”, which, in short, involved a strategy to siphon liquidity off of their key competitor, Uniswap, in order to boost the launch of Sushi. Closely related to Uniswap is its most famous fork, SushiSwap. Traders are incentivised to become liquidity providers (“LPs”) and deposit tokens into pools in exchange for a share of trading fees. Uniswap matches buyers and sellers through a model called an automated market maker (“AMM”), which are essentially smart contracts that hold liquidity pools that can be traded against. Uniswap is a leading DEX, or to be more precise, automated liquidity protocol, on Ethereum. And what discussion on DEXes can start without talking about all things Uniswap. To open the discussion, we can discuss the primary means of exchange in the DeFi world decentralized exchanges or DEXes.
Source: DeFiLlama / Binance Research Decentralized Exchanges (“DEXes”)
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