SushiSwap sees spike in trading volume as DeFi resurges
DeFi markets appear to be rejuvenating with signs of strong upward momentum after several weeks of dormancy
In addition to the DeFi boom bouncing back, the usage of decentralised exchanges has also started shooting up. The total value locked (TVL) in DeFi has seen a 31.6% upswing in the last four days, jumping from $14.26 billion on New Year’s Day to $18.81 billion as of writing. Only two out of the top ten biggest projects in terms of locked value have a negative 24 hour change according to DeFi Pulse.
Seventh-placed Curve Finance has dipped 1.27%, whereas RenVM, one spot above tenth-placed yearn.finance moved down 2.91%. Maker had the largest positive jump at 31.71% followed by Uniswap and Synthetix at 27.27% and 23.84% respectively.
SushiSwap trading volume glides past previous ATH
Trading volume on Uniswap’s rival project, SushiSwap has ascended to a new all-time high of $355 million according to DeFiance Capital’s analyst Darryl Wang. The analyst reported yesterday that the seven-day trailing volumes had hit $1.26 billion. Further analysis of these figures revealed that SUSHI stakers were accruing $33 million in fees yearly.
“FYI SushiSwap just smashed its ATH daily trading volumes by a mile. 7 day trailing volumes now stand at ~$1.26bn. On an annualized basis xSushi stakers are earning $33m in fees. That puts $SUSHI at 13x trailing PE (16x FDV),” capital allocator at Defiance noted on Twitter.
On the back of these developments, the total value locked in the protocol crossed $1.4 billion today – up 19.34% in the last 24 hours. SushiSwap TVL was just short of $1.1 billion at the end of the last year and has since surged by 28%.
Users in the SushiSwap camp have more to look forward to as the project is expected to announce its plans for the year in the coming weeks. The announcement could feature additional information on the money-market solution BentoBox.
There are also rumours about an anticipated SushiSwap v2 in the next few months. While the specific impact of the latter event is not clear at the moment, experts foresee a strong positive momentum for SushiSwap upon the announcement of BentoBox.
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Sam Grant, @KhareemSudlow