Sushi Fork Kimchi Receives Millions of Dollars in Hours

Yet another DeFi protocol has been introduced to the market, with the Kimchi protocol launching on September 1.

The Kimchi protocol is a fork of Yuno and Sushi, the latter itself being a fork of Uniswap
The token crossed over $500 million in staked funds in a matter of hours, before dropping to roughly $150 million
Users can farm ETH, SUSHI, TEND, USDT, among other assets, on the protocol, with APY rates crossing a shocking 20,000% in most cases
Both Vitalik Buterin and Aave (LEND) co-founder Stani Kulechov have criticized the recent mania of DeFi protocols
Untested protocols come with inherent risks, especially when working with such high capital; the YAM finance protocol dropping to $0 in 2 days following a bug