Despite the rug-pulling and all the drama in the DeFi sector, newly cloned projects continue to pop up in the market. Copy-pasting has become a norm of the market, just like in 2017, with the initial coin offerings (ICO). And after the food mania, it looks like it’s time for beverages.
The latest project is SakeSwap, a fork of Uniswap and SushiSwap.
SushiSwap itself was the copy cat of popular DEX Uniswap, which saw its creator selling his share of the development fund, then returning it and now under issue for airdropping millions of SUSHI, buying back tokens, and generously rewarding a team member.
“SUSHI tastes better with SAKE!” and “Stake Uniswap LP tokens to claim your very own hot SAKE!” are the latest project’s taglines.
First introduced early last week on Sept. 8, the project has already amassed more than $530 million in deposits.
The initial set of pools available are USDT-ETH, USDC-ETH, USDC-USDT, DAI-ETH, COMP-ETH, LEND-ETH, SNX-ETH, LINK-ETH, UMA-ETH, CRV-ETH, SWE-ETH, STAKE-ETH, SRM-ETH, GRAP-ETH, YAMv2-ETH, BASED-ETH, YFI-ETH, YFII-ETH, SUSHI-ETH, and SAKE-ETH.
Lol, obviously someone went ahead and actually did this. $400m TVL in one day.
— Hsaka (@HsakaTrades) September 14, 2020
This Uniswap and SushiSwap fork comes with a few key improvements. Here, SAKE token holders have governance rights and get a portion of fees paid to the protocol, and “eventually, SAKE holders will own the protocol.” SakeSwap has a tokenomics of deflation.
Unlike SUSHI, SAKE token has been set a limited total volume to avoid dilution and maintain project sustainability. 6% of every SAKE distribution is set aside for its dev fund.
Following SushiSwap, 0.25% of transaction fees go to LPs, while the remaining 0.05% will be converted back to SAKE. As for the remaining 0.05%, 30% of it will be burned while the rest will be redistributed to token holders.
Unlike Uniswap, instead of arbitrators acquiring 100% of slippage, 50% will go to LPs. It even introduces Slippage Token (S Token) to incentivize traders, and once AMM pools are active, holders can farm SAKE by staking S token.
Currently, the SAKE token is trading at $1.39, down 57% from its all-time high at $3.18 hit on the weekend, as per CoinGecko.