SushiSwap’s SUSHI Surges 20% Again After Ethereum Price Correction
SushiSwap’s native token SUSHI is surging higher after a correction in the price of Ethereum, which reflected poorly on DeFi. SUSHI is currently up by 20% in the past 24 hours alone, making it the best-performing Ethereum-based large-cap digital asset. It is also the best-performing cryptocurrency in the top 100 by market capitalization.
SUSHI is pushing multi-month highs at $2.30.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom
SushiSwap Continues to Push Higher on Merger Hype
SUSHI’s continued push higher comes after a strong partnership/merger with the Yearn.finance protocol. The merger recognizes key synergies between the protocols and their developers.
As Andre Cronje, founder of Yearn.finance, wrote about the SushiSwap partnership in a November 30th blog post:
“As Sushi focused on expanding their AMM ecosystem, and as Yearn focused on expanding their strategies, more and more overlap became apparent, Yearn needed custom AMM experiences for their strategies, and Sushi started pushing the boundaries of yield and money markets. With these overlaps, more and more work started to become mutualistic, and at this point, it makes to take the relationship to the next level.”
The two teams will be working on a number of projects together. For instance, Deriswap, a much-hyped decentralized exchange with a focus on capital efficiency, will be worked on by SushiSwap developers. Other facets of each protocol will be integrated with one another to boost usability and development speed.
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Imminent Launch of New Products
SUSHI is also rallying on the expected launch of a swath of new products for the DeFi ecosystem.
Leading blockchain auditor Quantstamp just announced that it has begun auditing SushiSwap for two key features, limit orders and BentoBox. Limit orders will allow users to more easily trade on SushiSwap, and BentoBox is a new money market solution for margin shorting DeFi tokens, lending, and oracles.
We are excited to announce that we just kicked off our audit, yes audit… for @SushiSwap.
Credit to @0xMaki for such an amazing job coordinating. 🐟🐠On the menu, (audit scope)
🍣 New settlement feature — Limit Orders!📈
🍱 Bentobox! — Margin shorts, lending, flexible oracles! pic.twitter.com/oCGePSW0zZ— Quantstamp (@Quantstamp) December 4, 2020
Many are optimistic that these features will allow SushiSwap to differentiate itself enough from Uniswap. This should result in growth in the price of SUSHI over time as the market realizes the long-term potential and cash flows enabled by a Yearn-backed decentralized exchange.
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com SushiSwap Surges 20% Again After Ethereum Price Correction
OhNoCrypto
via https://www.ohnocrypto.com
Nick Chong, @KhareemSudlow