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As DeFi occupies more and more market share, the transaction volume on Uniswap has also begun to rise. At some point, the trading volume exceeded $500 million, surpassing some of the largest centralized exchanges such as Kraken and Coinbase. In August 2020, SushiSwap came into being. This project is a fork of Uniswap, which was born out of direct competition.
In just a few days, the total value of SushiSwap locked in the agreement exceeded US$1 billion, exhausting the liquidity of more than 75% of the assets of its parent company UniSwap. In just 6 days, the native token SUSHI rose from $2.26 on August 29 to $7.24 on September 3, an increase of 220%. But after the hype subsided, some liquidity returned to UniSwap, and the agreement soon returned to the level before SushiSwap was created.
Then, UniSwap went public with its own governance token, which is UNI.