Overview of Sushiswap’s recent fundamentals: transaction volume hits a new high, user volume has doubled, and pledge volume has exceeded US$1 billion
Data shows that since the beginning of December 2020, the fundamentals of Sushiswap, a DEX platform that was once “negative”, have gradually improved. Its transaction volume, liquidity pool size, user volume, and the price of the native token SUSHI have all increased to varying degrees.
1. Transaction volume
Data shows that from December last year to the present, Sushiswap’s transaction volume has gradually increased, from about 70 million U.S. dollars to above 500 million U.S. dollars, and reached a record high on January 10, with the transaction size exceeding 700 million U.S. dollars.
2. Liquidity pool
As of January 10, the size of Sushiswap’s liquidity pool exceeded US$1.8 billion, exceeding its peak in mid-September. At that time, the platform had just completed the “vampire attack” and “robbed” a large amount of liquidity from the Uniswap platform, which attracted the attention of the DeFi market.
However, following negative news such as the dumping of tokens by the anonymous founder of Sushiswap, as well as Uniswap’s announcement of the issuance of tokens and the launch of liquidity mining, the amount of Sushiswap pledged began to fall sharply and remained below US$1 billion until mid-December.
According to Debank data, as the funds pledged on the Sushiswap platform increase, its lock-up amount has returned to the top ten, and it currently surpasses Balancer.
3. Number of users
Dune data shows that the number of users of Sushiswap has increased steadily since it went online in mid-September, and showed a significant increase in late December. At present, the platform has accumulated nearly 50,000 users, an increase of 25,000 compared to mid-December, ranking third in the DEX platform rankings. The first two are Uniswap and 1inch.
4.SUHSI token
Data show that from mid-December to the present, the price of SUSHI has doubled, reaching above $4.
Previously, after the coin plummeted in September last year, the price has been below US$2 and has been sideways for nearly 3 months.
The improvement of Sushiswap’s fundamentals may be related to the cooperation with the popular DeFi project Yearn (aggregate revenue generator). On December 1, the two announced an “alliance” to merge development resources. After the news came out, the price of SUSHI rose by more than 20% that day. The next day, the trading volume of the platform increased by 79.18% month-on-month.
In addition to the “warm up” factor, Sushiswap has also recently announced new developments in the project, such as the launch of the liquidity mining incentive project Onsen, the upcoming lending platform Bento Box and SushiSwap v2, and full support for IPFS this year.
