No longer fear the hard punch of eating sushi rice, Sushi launches free 2024 commemorative NFTs.

Taiwanese internet celebrities Toys and Chao Ge recently had a bloody conflict over “sushi rice,” and a similar incident also occurred at a high-end sushi restaurant in Tokyo, Japan. Is it the sushi rice that makes people agitated or the raw fish that is irresistible? Let online sushi help you calm down!

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Sushi launches free 2024 commemorative NFT
“Sushi is not delicious?” Sushi’s glory is fading
The 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 “Mission Resignation, Free Sushi NFT Minting”. As long as you exchange cryptocurrencies worth more than $3 on the seven supported blockchains of Sushi and follow and like their Twitter, you can claim the NFT.

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Currently, Sushi ranks 36th in TVL among DEXs, with a scale of approximately $396 million, far behind Uniswap’s $4.3 billion. However, during the DeFi Summer from 2020 to 2021, it was once considered a protocol that had the potential to compete with Uniswap and even surpass it.

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The liquidity mining that year put pressure on Uniswap and led to the launch of the UNI token, which created a historical record for airdrop profits.

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Did you sell UNI and regret it? Uniswap governance token surged over 100% in the past 24 hours
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Sushi was also one of the early DeFi projects acquired by FTX founder SBF. After the scandal involving Sushi’s founder selling off, he took the initiative to lead and introduced Solana.

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One man’s efforts to save Sushi! Forbes interview with FTX founder on the future plans of “SushiSwap”
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Sushi actively expanded to multiple blockchains when the ecosystem of public chains was not yet developed, and attempted to incorporate all DeFi protocol functions (lending, IDO, etc.) into its own ecosystem. However, internal conflicts within the team and the departure of key members prevented the all-in-one ecosystem from gaining market acceptance. Uniswap remained steadfast and unaffected by competition from other protocols, even without developing liquidity mining.

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New CEO of Sushiswap accused of multiple frauds! SUSHI fell more than 10% in a single day
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DeFi Darknet report: Revealing the Sushi scandal, DAO ultimately lost to human nature
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Sushi also suffered from the continuous increase in the circulation of its platform token SUSHI due to liquidity mining rewards, causing SUSHI’s price to struggle to regain momentum. The case of Sushi at that time also proved the unsustainability of attracting DEX liquidity through mining rewards. In subsequent protocols, there have been improvements and changes in reward models, such as Blast, Manta, and Eigenlayer, which use behavior scores and expected airdrops to attract funds, rather than high transparent annualized interest rates to attract profit seekers.

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Toys
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Chao Ge
Sushi rice

Further reading
Developments in Asian Crypto Regulations | Is Hong Kong or Singapore the preferred destination for crypto companies? Taiwan’s crypto bill attracts attention
Listening to the industry’s voice! Japan revises the 2024 tax reform outline: Cryptocurrency “unrealized gains” will not be taxed.