Many in the decentralized finance (DeFi) market are probably getting out of hand with new projects in yield farming. KIMCHI, a new DeFi token, no longer SUSHI or YAM, is becoming popular. We are slowly beginning to see how the KIMCHI token, a fork of SUSHI, will move in the coming days.
KIMCHI Earns $ 500 Million Within Hours
It’s crazy how people show such interest in DeFi because of its high annual rate of return (APY). Taking its name from a traditional and delicious Korean dish, KIMCHI reportedly earned approximately $ 500 million in value from all its staking activities (within 4 hours). However, the figure was reported to have dropped to as low as $ 150 million along the line, following a similar trend to YAM.
YAM was one of the DeFi tokens that received a lot of attention in its early stages. The token jumped above $ 150 and then dropped to $ 0 completely within 48 hours. Notably, the sudden movements of the YAM token came after the creators announced a bug in the project that was reportedly unrecoverable.
What is KIMCHI?
KIMCHI has gained about 10% in the last 24 hours, approaching $ 6, according to CoinGecko data. The cryptocurrency was trading at $ 5.67 at the time of writing. The following statements are used on the website of the DeFi currency:
“Do you know KIMCHI? You know that, SUSHI is much better with KIMCHI. Surprisingly, KIMCHI and TEND are also very tasty. KIMCHI could be the next DeFi farming token. Who knows?! It is forked from KIMCHI, SUSHI and YUNO. KIMCHI can be produced in every block forever. ”
It provides farming of assets such as KIMCHI, ETH, SUSHI, TEND, USDT, BAND.
In addition, the following statements were used in the statement made from KIMCHI’s official Twitter account:
“KIMCHI is writing a new history in the DeFi crypto space. We have just entered the new age. ”
KIMCHI has not even appeared in 24 hours yet. But the cryptocurrency has already managed to attract the attention of many people.