A new list of the top decentralized exchanges (DEX) is in the making as Uniswap and SushiSwap catch a boost to reach fresh, new highs. Analysts note that there is an ongoing divergence in the development and goals of the two DEXs as their individual exchange tokens surge to new highs.
According to the latest sources, the two exchanges currently leading the DeFi bull run are SushiSwap and Uniswap, on the basis of their trading volume. Both these DEXs are taking the bull run higher for DeFi users, say analysts.
But this is not what the crypto market had expected of SushiSwap after its controversial start. However, the past few months have proved otherwise. It made its way to the top alongside Uniswap in terms of the total locked value, platform activity and the value of the SUSHI exchange token.
DEX Diverges After SushiSwap Makes It To The Top
Several analysts have, since then, noted the fundamental difference between the two DEXs. They state that SushiSwap was originally brought into action as a Uniswap fork. Its launch included the distribution of the SUSHI token of governance to the participants. This was different from that of Uniswap that was yet to launch its governance tokens. This exchange platform later airdropped its UNI tokens to the community participants.
Market analysts are of the opinion that Uniswap was likely to release its UNI tokens later. However, the surprise airdrop of the governance tokens was a way to suppress SushiSwap’s vampire attack on the leading DEX. SushiSwap’s move was a tactical one that planned on draining the entire liquidity of Uniswap to their exchange platform.
Since this bumpy beginning, the two decentralized exchanges have gone their ways. And within months, Sushiswap, with its more decentralized approach and different experience than Uniswap, has successfully made it to the list of the top DEXs.