Aelf (ELF) price surged over 50%, with the daily gains reaching 150% but why ELF is up so far and so fast?
If you’ve ever seen a bull market in 2017 and early 2018, you will most likely remember the name “Aelf (ELF).” At its highest level in early 2018, Aelf reached a market cap in excess of $ 600 million – this is what made Aelf (ELF) price one of the most notable cryptocurrencies at the time.
But since then, like the majority of other Blockchain projects, the ELF has fallen into availability due to a downward macro trend.
But, does the Aelf (ELF) price seem to be recovering?
Over the past 24 hours, the Aelf (ELF) price has increased by more than 50%, with daily gains once reaching 150%. With this performance, the ELF outstripped Bitcoin, Ethereum, and a host of other top cryptocurrencies.
And why is this coin going up so fast and so fast?
Probably most ELF investors don’t know, but the Aelf team has been working on a fork of decentralized exchange SushiSwap. This name has been controversial for the past few days, culminating in the launch of SashimiSwap on September 9, 2020.
SashimiSwap is a “new SushiSwap project developed by Aelf” that adopts the automatic market maker (AMM) model that was first put into practice by Uniswap. Like SushiSwap and a host of other Ethereum-based projects, SashimiSwap offers even more productivity opportunities when users offer specific cryptocurrencies in exchange for the platform’s native token.
Welcome to join the SashimiSwap community https://t.co/pZXuUx5EGv, hope you guys have a pleasant journey.
Let me introduce Sashimi, a Fair Version of Sushi, with No Team Shares, No Pre-mine and a Cross Chain Swap Ecosystem! 🐟
— ælf (@aelfblockchain) September 10, 2020
The reasons why the launch of this product affected ELF is included in the following explanations:
First, SashimiSwap will soon be integrated with AESwap, a decentralized exchange based on Aelf, to become the world’s leading automated trading platform and provide practical, convenient, and secure DeFi products more complete than Uniswap. AESwap was purposefully the first DeFi project by Aelf.
Second, Aelf’s developers created a profitable farming pool with high rewards for users depositing ELF / SASHIMI liquidity tokens. This has fueled massive demand for ELFs, especially when users are looking for profit. We have seen the impact of profitable farming on crypto prices on a larger scale with Yam, as top DeFi coins rose 20% – 30% in the 12 hours following the project’s release.
The fate of most of the SushiSwap forks
While SashimiSwap’s fate remains unclear at the moment, we must be aware of the fate of many of the SushiSwap forks.
HotdogSwap, which was promised a competitor to Uniswap, is now fundamentally worthless. The project appears to be dead, no longer active in its media.
SpringrollSwap, along with a bunch of other chains, failed because capital failed to sustain these projects.
Aelf is trying to differentiate SashimiSwap with its integration in AESwap, among other tweaks. But whether that is a winning formula or not remains to be seen time answered.