Aelf Market Update: SashimiSwap shoots up ELF by >140%
- ELF bears have since stepped in to correct the price in the early hours of Friday.
- The nearest healthy support level lies at $0.2079, at the upper curve of the 20-day Bollinger Band.
Aelf has caused quite a stir by jumping up by more than 140% this Thursday. The real catalyst behind this growth appears to be SasimiSwap, Aelf’s version of the infamous SushiSwap.
Sashimi and Sushi
Back on August 28, Aelf released AESwap, a decentralized trading platform and its first DeFi project. On September 9, AESwap launched SashimiSwap, its version of SushiSwap. Described as an “upgraded and simplified SUSHI,” SASHIMI is open for everyone to stake and mine in. SashimiSwap is very easy to get started with and offers a smooth mining experience and high yield.
In the early stages, only the following 10 liquidity pools could participate in mining – ETH-USDT, USDC-ETH, DAI-ETH, YFI-ETH, LEND-ETH, LINK-ETH, SNX-ETH, ELF-ETH, WBTC-ETH and SASHIMI-ETH.
So is SashimiSwap any different from SushiSwap?
In SUSH, 10% of the funding went to a “development fund.” On the other hand, SashimiSwap charges a 0.3% transaction fee, of which 0.25% will be used to reward users for adding liquidity. After the Aelf mainnet is launched, the remaining 0.05% will be sent to the SASHIMI DAO contract for community governance.
Aelf has aggressively promoted SASHIMI in the last two days.
SashimiSwap is a truly community-based project, and currently no one has a SASHIMI Token, which can only be obtained by farming.
— ælf (@aelfblockchain) September 10, 2020
Uniswap's liquidity providers can stake Uniswap LP Tokens on SashimiSwap and then start earning SASHIMI Tokens at block height 10,833,000. https://t.co/b4hn7ch7mv
ELF/USD daily chart
Thanks to SashimiSwap, ELF surged from $0.106 to $0.256 this Thursday, going up by >140% in valuation. Following this sudden surge, The price has since corrected itself to $0.2091. The nearest support level lies at $0.2079, at the upper curve of the 20-day Bollinger Band.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
