The total value of outstanding assets on the leading decentralized exchange Uniswap decreased 38% in 24 hours during the completion of the UNI Liquidity Reward Program on 17 November.

In the meantime, it has doubled on SushiSwap TVL’s “vampire” clone and is aggressively seeking extra money.

At the time of writing, TVL Uniswap’s total decline is 43% since it reached a record high of $ 3.07 billion just three days earlier. It now stands at $ 1.75 billion and continues to decline.

Following a sharp drop in Uniswap’s liquidity, token holders have begun to vote on a new management proposal aimed at restoring token UNI bonuses for liquidity providers.

Cooper Turley’s new proposal for the encrypted music streaming platform Audius cuts UNI rewards in two compared to the previous program. While 2.5 million UNI tokens were previously distributed to Uniswap’s liquidity providers WTBC / ETH, USDC / ETH, USDT / ETH and DAI / ETH each month, in the new proposal, 1.25 million UNI will be allocated per month to each pool. . It provides up to 10 million tokens, or about 4.6% of the current access to UNI tokens.

The community will first vote on a “spot poll”, which must receive 25,000 votes within three days to apply for the secondary “verify approval” survey, and double the number of quorums required to vote within five days.

If the Consensus Review collects 50,000 yes votes, Audius’ proposal will be a complete “management proposal” that requires 40 million yes votes for implementation.

The show was published the same day that DEX competitor SushiSwap introduced new incentives to provide liquidity to the four couples that Uniswap stopped offering incentives. The new reward system replaces the previous renewable reward structure in the Weekly Platform menu:

SushiSwap seems to be the recipient of completing Uniswap’s original bounty program, with TVL almost doubling SushiSwap in one week, from $ 260 million to almost $ 500 million.

SushiSwap was criticized after the “vampire looting” attack on Uniswap in early September, which briefly ranked SushiSwap at the top of the DEX in terms of liquidity.

However, SushiSwap’s dominance was short-lived: Protocol TVL fell more than 80% from $ 1.43 billion on September 12 to $ 265 million in one month, before seeing a downward trend last week.

Source: CoinTelegraph