The decentralized finance sector is once again enjoying a swell time in the mainstream media, going by the recent surge in the sector. The surprising fact is that even though most of the assets there are tipping well, two protocols lead the charge. Uniswap and Sushiswap, even though they are currently rivaling for the top spot, are repoing the decentralized sector very well.
Despite Uniswap having a shaky start to 2021, the protocol has been catching up and registering massive activity on the platform. Other factors that have made it stand out are the total value locked on the platform and the price of the native digital asset of the platform, SUSHI.
Both protocols show divergent in uses
A recent review of both activities in the market after the vampire attack by Sushiswap on Uniswap has shown that both protocols have been moving in a diverging manner. Sushiswap was initially designed to be the second version of Uniswap, which was also designed to accommodate its native token. The native token was also distributed in an airdrop across members of its community.
When the Sushiswap airdrop happened, Uniswap had not announced its airdrop. It was not until later that they announced their airdrops that involved sharing UNI tokens to tokens to those active in the sector. When the airdrop was initially announced, most of the crypto members saw this as an attack on Uniswap by Sushiswap to drain liquidity to the latter. Sushiswap had to endure the dumping of all assets by the creator of the protocol, but a recent turn in events saw the protocol take shape and return to the top.
Uniswap set to unveil V3
The difference between the two protocols was seen after both of them decided to offer different services. With both already established, the entire crypto market is waiting for the third version of Uniswap. Rumors going around shows that only the people on the inside know the services that they will offer.
While trust us what many users have put in the developers since inception, others prefer that the developers carry everyone along in their design and updates. Sushiswap, on its own, has been in constant communication with its community over the years. The members are also allowed to have an important say in what happens in the protocol. But Uniswap on its own doesn’t use this kind of governance, a major reason why the UNI tokens were rushed.