SUSHI TVL tops billion dollars in total value locked

sushi TVL

SUSHI TVL is presently the hot topic of the decentralized finance sector after it has recorded massive growths over a few days as farmers rush to take their profits.

Few days after it launched on the Uniswap blockchain, SUSHI TVL is now the hottest topic in DeFi after it witnessed nothing less than a 1200% increase. The token aimed to offer token swapping services but offers the token to providers of liquidity as rewards. 

Furthermore, Uniswap says it only offers around 0.3% share of the deposit fees paid by collateral providers on the platform. The offer by Uniswap has not been able to win investors to their side as investors have moved over to Sushiswap.

SUSHI TVL surges over 1000% to reach $1.1 billion

Sushiswap makes use of the pool tokens that are owned by Uniswap as a means for traders to earn in its own 13 liquidity pools. Presently, liquidity farmers have been doing what is termed ‘vampire mining’ which has seen SUSHI TVL grow to be worth $1.1 billion

As of now, the total value that has been moved since the launch of the rewards from Uniswap to SUSHI TVL is 77%. CoinGecko reports that the tokens are now trading at $7.60 which means it has seen an increase of about 1000% over the last few days.

Binance lists Sushi on its platform

Like previously reported, Uniswap has been recording massive volumes of trades in the past days to displace popular crypto exchange platform Coinbase. According to DeFi pulse, the total value locked of Uniswap has hit $1 billion reaching that of SUSHI TVL. 

According to statistics, Uniswap has surged up to third place in the total value locked in the DeFi protocols. Presently, Binance has just announced that it has listed Sushi on its platform. According to the exchange, Sushi will pair with various stablecoins. As it stands now, users who want to start trading can now start depositing Sushi on the platform.

Kamsi King

Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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