SushiSwap blew up on the promise of outsized rewards for those who got in before the automated market maker (AMM) actually started making markets: 1,000 SUSHI tokens per block for liquidity providers (LPs) who committed before it went live.
It was a deal good enough to lure in almost $1.6 billion worth of various crypto assets, but now those heady days of outsized rewards are over. As planned, each block reward has dropped to 100 SUSHI as of 23:10 UTC or Ethereum block 10850000.
Now that SushiSwap is serving up less SUSHI, it’s anyone’s guess as to what will happen to the piles of crypto locked up in SushiSwap’s smart contracts.
SushiSwap successfully migrated over $800 million in crypto assets from rival automated market maker (AMM) Uniswap on Sept. 9, using Uniswap tokens entrusted to the upstart project by users seeking those SUSHI block rewards.