Taiwanese internet celebrities Toys and Chao Ge recently had a bloody conflict over “sushi rice,” and a similar incident also occurred in a high-end sushi restaurant in Tokyo, Japan. Is it the sushi rice that makes people irritable or the raw fish slices that are irresistible? Let the online sushi community help you calm down!
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Sushi launches free 2024 commemorative NFT
“Sushi rice tastes terrible?” Sushi’s decline
Well-known DEX ecosystem project Sushi has prepared a special New Year sushi NFT in collaboration with the Galxe platform, launching a five-day event called “Mission Accomplished, Free Sushi NFT Forge.”
As long as you exchange over $3 worth of cryptocurrencies supported by Sushi on seven blockchain platforms and follow and like their Twitter account, you can claim the NFT.
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Sushi currently ranks 36th in TVL among DEX platforms, with a scale of approximately $396 million, far behind Uniswap’s $4.3 billion. However, during the DeFi Summer from 2020 to 2021, it was once considered a protocol that had the potential to compete with and even surpass Uniswap, known as the vampire protocol.
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SushiSwap liquidity migration ahead, Uniswap liquidity may decrease by 80% in one night
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The liquidity mining in those years put pressure on Uniswap, leading them to launch the UNI token, which created a historical record of airdrop profits.
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Did you sell UNI and regret it? Uniswap governance token surged over 100% in the past 24 hours
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Sushi was also one of the DeFi projects acquired by FTX founder SBF early on. After the scandal involving the founder of Sushi, he took the initiative to lead the project and introduced Solana.
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One man’s efforts to save Sushi! Forbes interviews FTX founder on the future plans of “SushiSwap”
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Sushi actively expanded to multiple blockchain platforms while the ecosystem was still undeveloped. They tried to incorporate all DeFi protocol features (lending, IDOs, etc.) into their own ecosystem. However, internal conflicts within the team and the departure of key members prevented their all-in-one ecosystem from gaining market acceptance, while Uniswap remained unwavering and unaffected by competition from other protocols.
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New Sushiswap CEO accused of multiple frauds! SUSHI’s daily price dropped over 10%
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Rekt by DeFi Dark Web Report: Examining the Sushi Scandal, DAO Ultimately Loses to Human Nature
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Sushi’s case also demonstrated the unsustainability of attracting DEX liquidity through mining rewards. In subsequent protocols, various improvements and changes have been made to the reward models. For example, Blast, Manta, and Eigenlayer currently use behavior scores and anticipated airdrops to attract funds, rather than high transparent annual interest rates to attract profit-seekers.
NFT
Sushi
Toys
Sushi
Japan
Chao Ge
Sushi rice
Further reading
Development of Cryptocurrency Regulations in Asia: Is Hong Kong or Singapore the Preferred Choice for Cryptocurrency Companies? Attention on Taiwan’s Cryptocurrency Special Law Amendment
Listening to the Industry’s Voice! Revised 2024 Tax Reform Outline in Japan: No Taxation on “Unrealized Gains” of Cryptocurrencies.