Sushi Fork Kimchi Receives Millions of Dollars in Hours

By Abhimanyu Krishnan | News | 2 Sep 2020


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

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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