Swap Competition: Uni Stops Mining, Sushi Seeks Change

After Uniswap stopped liquidity mining, market-making capital flowed out significantly, with total locked value dropping from over 3 billion USD to 1.76 billion USD. SushiSwap is the biggest beneficiary. As Uniswap's long-time rival, SushiSwap quickly added a "one-click liquidity migration" function after the opponent stopped mining, providing convenient relocation for Uniswap users. Moreover, it increased mining rewards for certain pools to attract market-making capital inflows.