Andre Cronje: The narrative that Sushiswap took TVL from Uniswap is false

Yearn Finance founder, Andre Cronje says he will be waiting for the post-incentive season on the Uniswap fork.

By Victor Ugochukwu · Sep 10, 2020 . 5min read

Recent news making the rounds is that Sushiswap succeeded in its vampire mining attack on Uniswap which saw it taking over 75% of its TVL. However, Andre Cronje thinks that it is all a false narrative.

In a recent tweet, founder of the largely successful DeFi aggregator Yield Finance shared his opinion. He tweeted:

I don’t have a horse in this race, but I do like accurate data

The narrative that @SushiSwap took TVL from @UniswapProtocol is simply false

Uniswap TVL pre/post Sushiswap remains unchanged

Sushiswap simply took their liquidity locusts with them

Only the liquidity locusts win

Additionally, to back his claims, Andre Cronje posted a chart showing pre and post TVL of Sushiswap migration for Uniswap did not change.

We saw yesterday how Uniswap’s Total Value Locked (TVL) plummeted sharply after Sushiswap completed its liquidity migration.

Again, data from DeFi Pulse shows a 75% drop in TVL for the DEX unicorn which many describes as “horrific”.

Moreover, Andre Cronje claims not to be taking any sides on the matter; he says he will be waiting for the post-incentive season on the Uniswap fork. In the ensuing tweet thread, Andre said about Sushiswap that;

Right now the “success” is being subsidized. Liquidity has no loyalty.

Uniswap may be making a statement with Version 3 which may impact Sushiswap’s TVL too

However, it looks like Uniswap may be staging a possible “re-migration” as it is set to launch Version 3 of its automated market maker (AMM). The rumours have been going around that the next version will have its own governance token. Even Hayden Adams, Uniswap’s inventor posted recently in the height of the Sushiswap liquidity migration away from the DEX.

Pretty colors pic.twitter.com/KaMZtgcxmN

— Hayden Adams 🦄 (@haydenzadams) September 9, 2020

Besides, Sam Bankman-Fried is demonstrating strong leadership in steering the Uniswap fork in a positive direction. However, it would be exciting to see how Sushiswap fairs after the incentives douse. After which the plans that Uniswap has will be unleashing as soon as version 3 launches.

Follow Cryptodose for daily updates.