SushiSwap is eating into Uniswap's market share since being merged into Yearn

Editor's Note: This article comes fromOn January 29, Mira Christanto, a researcher at the data research company Messari,The data shows that from mid-December to last week, as Sushiswap's market share expanded, Uniswap's market share in the automated market maker (AMM) space decreased.

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Relative market share of AMM decentralized exchanges: Messari

Christanto claims that the merger with Yearn has given Sushiswap new legitimacy, freeing the project from critics at its launch in August, when it was criticized as a clone of Uniswap and flowing through so-called "vampires" early on. Sexual attack acquires total locked value.

In November last year, Sushiswap introduced liquidity mining rewards, which were previously incentivized by Uniswap, to further attract Uniswap’s liquidity.Christanto said that Sushiswap "has left the past behind," and now the platform's liquidity and weekly trading volume has been between $2 billion and $2.5 billion. The analyst pointed out that Sushiswap has no venture capital backing, is community-driven, and "innovates very quickly," he said.：

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“SushiSwap is evolving from an exchange to one that includes lending, franchised liquidity pools, cross-chain integrations, and a launchpad. Under Yearn’s ecosystem, it will benefit from new network effects.”

Despite SushiSwap’s apparent success in luring liquidity providers away from its main competitor, Uniswap remains hugely popular, with more than 60% of the number of unique addresses on the decentralized exchange having interacted with DeFi.