Delphi Daily

Disclosure: Delphi Ventures owns UNI; the author owns UNI and SUSHI.

As the most used DeFi product in existence today, Uniswap needs no formal introduction to crypto natives. Even crypto traders with minimal knowledge of DeFi who have never used protocols like Aave, Maker, or Synthetix have probably used Uniswap at least once.

But if you’ve been keeping up with DeFi over the past couple of months, you know Uniswap’s moat is not intact as it stands today. Sushiswap, which started as a fork of Uniswap v2, has been catching up to Uniswap in terms of liquidity and volume across a range of pairs. I won’t get into the full history of Sushiswap, but it has quickly evolved from an ignorable yield farm to a protocol with legitimate fundamentals.

Sushiswap sought to take on Uniswap by forking it and minting a native governance to

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