With leading decentralized exchange Uniswap having ceased its yield-farming incentive program, rival automated market makers 1inch, SushiSwap and Bancor are snapping up liquidity providers with targeted rewards.
On Nov. 17, the same day that Uniswap’s rewards ended, the cloned AMM SushiSwap announced a new incentive scheme for the same four pairings previously incentivized by Uniswap.
Uniswap’s total value locked, or TVL, plummeted by more than $1 billion in less than 24 hours that day. Since posting a record high of $3.07 billion on Nov. 14, Uniswap’s TVL has crashed 57.5% down to $1.3 billion.
Uniswap TVL: DeFi Pulse
By contrast, SushiSwap’s TVL has rocketed nearly 160% since Nov. 17, from $407 million to $1.05 billion. It’s now up more than 313% since one week ago.
SushiSwap TVL: DeFi Pulse
SushiSwap was not the only DEX to launch a ‘vampire’ campaign targeting Uniswap’s liquidity providers, with Bancor unveiling a liquidity mining program including retroactive rewards on Nov. 17.