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No longer afraid of hard punches when eating sushi rice, Sushi introduces free 2024 commemorative NFTs.

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No longer afraid of hard punches when eating sushi rice, Sushi introduces free 2024 commemorative NFTs.

Taiwanese internet celebrities Toys and Chao Ge recently got into a bloody clash over "sushi rice" as reported here, and a similar incident occurred in a high-end sushi restaurant in Tokyo where a master almost hit a customer as reported here. Is it the vinegar rice that makes people irritable, or the raw fish slices that test their patience? Perhaps trying some sushi on the blockchain can help calm their anger!

Sushi Launches Free 2024 Commemorative NFT

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 "Complete Tasks and Mint Sushi NFT for Free".

All you have to do is exchange over $3 worth of cryptocurrencies supported by Sushi on seven different blockchains and follow and like their Twitter account to claim the NFT.

"Is the Sushi Rice Not Good?" Sushi's Decline

Currently, Sushi ranks 36th in TVL (Total Value Locked) among DEX platforms with a market size of approximately $396 million, far behind the leading platform Uniswap with $4.3 billion.

However, during the DeFi Summer of 2020-2021, Sushi was once considered a protocol that had the potential to compete with and even surpass Uniswap, the vampire protocol.

SushiSwap's liquidity migration caused an 80% reduction in Uniswap's liquidity overnight.

During that time, the liquidity mining frenzy put pressure on Uniswap, which led to the launch of the UNI token, creating a historical airdrop record of profits.

Did you sell your UNI and regret it? Uniswap governance token surged over 100% in the past 24 hours.

Sushi was also one of the early DeFi projects acquired by SBF, the founder of FTX. After the scandal involving Sushi's founder, SBF took the initiative to lead and introduced Solana into the project.

One man's effort to save Sushi! Forbes interviews FTX founder on "SushiSwap" future plans.

Sushi was also a DeFi protocol that actively expanded into multiple blockchains before the ecosystem fully developed, aiming to incorporate all DeFi protocol functionalities such as lending and IDO into its ecosystem.

However, internal conflicts within the team and the departure of key members hindered the acceptance of its all-in-one ecosystem. Uniswap, on the other hand, remained steadfast and unaffected by competition from other protocols, even without liquidity mining.

Sushiswap's new CEO accused of multiple frauds! SUSHI drops more than 10% in a single day.

DeFi Darkweb Report Rekt: Analyzing the Sushi scandal—did DAO lose to human nature?

Due to the continuous increase in Sushi's token circulation through liquidity mining rewards, the SUSHI token struggled to regain its upward momentum against market sell pressure. The Sushi case also proved the unsustainability of attracting DEX liquidity through mining rewards. Subsequent protocols have gradually improved and changed their reward models.

For example, current projects like Blast, Manta, and Eigenlayer use behavior-based scoring and airdrop expectations to attract funds, rather than high transparent annualized interest rates to attract profit-driven users.