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.

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
— ælf (@aelfblockchain) September 10, 2020

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.

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram