SashimiSwap: A Decentralized Exchange That Once Aimed for Fairness
SashimiSwap is a decentralized exchange (DEX) based on the automated market maker (AMM) model, launched by the aelf team in September 2020.The project’s original vision was to create a “fairer” alternative to SushiSwap, with its core feature being that 100% of SASHIMI tokens are distributed through liquidity mining—with no presale, pre-mine, or team allocation—aiming to return all value to the community.
Historical Background and Launch
SashimiSwap’s genesis mining began around September 10, 2020, initially attracting liquidity providers by offering generous SASHIMI token rewards.During the first 100,000 blocks, 1,000 SASHIMI were released per block, after which the rate decreased to 100 SASHIMI per block. This incentive mechanism rapidly attracted significant capital at the time; as of September 11, 2020, its liquidity had reached $500 million, making it the second-largest DEX by trading volume on Ethereum.
The total supply cap for SASHIMI tokens is set at 100 million, all of which are generated through liquidity mining. The platform charges a 0.3% transaction fee, of which 0.25% is distributed to liquidity providers, and 0.05% is planned to be sent to the SASHIMI DAO after the aelf mainnet launch for community governance.
Early Innovation and Development
SashimiSwap also sought to introduce innovations in its early stages; for example, in October 2020, it launched version 2.1 of SashimiSwap, designed to multiply liquidity providers’ earnings by optimizing and automating the investment of idle liquidity into the most profitable platforms.The project also planned to integrate with AESwap to enable cross-chain asset swaps and reduce the high gas fees associated with Ethereum.
Security Incidents and Project Stagnation
However, SashimiSwap’s development suffered a major setback on December 30, 2021. The project was hit by a flash loan attack, resulting in the loss of approximately $210,000 in assets.Although the project team claimed at the time to have a recovery plan, trading volume for SashimiSwap’s token and social media activity have virtually stalled since the attack. According to a CertiK report, despite the team redeploying the router contract, there has been little further activity surrounding the project since then.
Current Status and Risk Warning
As of this writing (July 27, 2026), the SashimiSwap project has essentially come to a standstill.CoinMarketCap has listed it as “Untracked” and no longer provides active trading volume data. CoinGecko shows that the 24-hour trading volume for the SASHIMI token on Uniswap V2 (Ethereum) is extremely low, amounting to only a few dollars.Data from DefiLlama also shows that SashimiSwap’s Total Value Locked (TVL) on Ethereum and BSC is very low, at only a few hundred dollars and just over $10,000, respectively.
Given the project’s long-standing lack of maintenance, past security breaches, and current near-zero activity, any liquidity mining or investment activities related to SashimiSwap carry extremely high risks. Users should fully understand its current status and carefully assess the potential risks.
