The Dex arena never gets boring. Uniswap’s supremacy in this sector has made it the undisputed champion. And there is no shortage of challengers vying for a shot at the title.

Now, as Uniswap’s position is well established, they opted to cut the UNI liquidity mining regards program last Monday. This program distributed some 2.5million UNI tokens (UNI is priced currently at USD 4.10 on Cryptowatch) among liquidity providers of four specific pools.

Uniswap’s contender SushiSwap took advantage of this situation and started offering incentives in the same pools that Uniswap has just disincentivized. The effect of this move is not a coincidence, and it could be compared to a second vampire attack on the platform.

As can be seen in this chart from SushiSwap.vision the Total Value Locked in the platform jumped from about USD 425 million in November 16 up to USD 1.21 billion on November 21. This peak was not sustained and by yesterday November 23 TVL had fallen to USD 683 million.

Things looked exactly opposite over at Uniswap, as can be seen in this graph from uniswap.info. Total Value Locked in the platform dropped from about USD 3.08 billion in November 16 down to USD 1.61 billion on November 19. The drop was stopped at that level and by yesterday November 23 TVL was sitting at USD 1.78 billion.

A look at the weekly transaction volume shows that all these TVL ups and downs have had little effect on the Dex’s most basic metric. Only a momentary spike was observed in either chart, as these liquidity movements also count as transactions.

We must conclude then that Uniswap seems to have been able to overcome this challenge. The TVL to transaction volume ratio has been reduced and that could bring improved profitability for the Liquidity Providers that remain in the platform.