As communicated by the head chef of SushiSwap, a protocol similar to Uniswap but with a token economy in its own right, yesterday funds were sent to the SushiSwap contract for the beauty of $400,000, but these funds have now been lost.
As you can see, 2 transactions have been effected from the Bitcoin Trader exchange Gate.io, but unfortunately because of an error they have been sent to the wrong address and, sending them directly to the smart contract without passing from the relative procedure, this has involved the loss of such funds.
What is Sushi Swap?
For those who were wondering what SushiSwap is, it is a liquidity provider very similar to Uniswap and therefore it is useful to recover and exchange different tokens.
The main difference in using this protocol compared to Uniswap is that you can retrieve proprietary tokens called SUSHI.
It is interesting to note that in this protocol the so called LP tokens are entered, i.e. all those tokens of the various protocols and pools that provide really hallucinating APYs.
These rewards currently range from a minimum of 902% for USDC-ETH UNI-V2 LPad, to a maximum of 3079% by depositing UMA-ETH UNI-V2 LP.
Considering these values, it is normal that everyone has started the gold rush to use this protocol and retrieve these tokens that are currently worth just over $3.
Now it is legitimate to think that in the next days this token will always increase in value triggering the so-called yield farming, that is to provide liquidity to the pool, recover the SUSHI tokens, sell/exchange them with others in the pool and repeat the process.
In short, the decentralized finance (DeFi) sector doesn’t seem to stop and has found in the last period a fertile ground with a lot of new projects that set records every day, just as it is happening with the Yearn Finance token that broke all kinds of records.