Journalist
Posted:
- SushiSwap’s Daily Active Addresses registered a steep spike on the 20th of November.
- SUSHI was up by 14% in the last 24 hours, and metrics were bullish.
SushiSwap [SUSHI] recently witnessed a major surge in its network activity, clearly reflecting a hike in usage and adoption.
SushiSwap’s adoption is on the rise
AMBCrypto’s analysis of Token Terminal’s data revealed that the DEX’s daily active addresses have increased sharply since the 20th of November. SushiSwap’s revenue also remained pretty stable over the last multiple weeks.
Source: Token Terminal
Things could get even better in the coming months as SushiSwap submitted a new proposal.
Notably, the DEX platform proposed deploying Algebra’s Integral to provide an effective solution to several challenges with a light core with key functionalities and custom plugins.
Curious to see how the “Sushi x @CryptoAlgebra Proposal” can outpace and outperform Uniswap V4?
✅ The outcomes:
⛽️ 8-20% gas savings compared to Uni V3
🛒 DeFi AppStore for Plugins
⬆️ No liquidity migration during updates
🕔 Constant innovation according to top DeFi trends
💧… pic.twitter.com/0jcNc3CO6c— Sushi.com (@SushiSwap) November 22, 2023
As per the official proposal, the goal of this integration is a significant increase in Total Value Locked (TVL), trading volume, and overall efficiency. The integration will save 7–22% on gas costs on average compared to Uniswap [UNI] V3.
The proposal mentioned that the introduction of new plugins will provide chances for more stakeholders to engage, expanding revenue streams for the DEX.
As plugins enable the implementation of new features without requiring a shift in liquidity, SUSHI will be able to maintain its competitive edge.
If the proposal gets passed, then SushiSwap’s already expanding adoption and usage could get a further boost, which will be interesting to keep an eye on.
SUSHI surprises investors
Amidst this, SUSHI registered double-digit growth. According to CoinMarketCap, in just the last 24 hours alone, the token’s value surged by more than 14%, trading at $1.13 with a market capitalization of over $263 million, making it the 149th largest crypto.
Thanks to the price uptick, SUSHI’s Social Dominance surged by more than 103% in the last seven days. Its AltRank also improved, which is a bullish signal as well.
AMBCrypto then checked SushiSwap’s on-chain metrics to see what was behind this massive price uptrend.
Source: LunarCrush
How much are 1,10,100 SUSHIs worth today?
Our analysis found that SUSHI’s Exchange Outflow remained relatively high throughout the last week, meaning that it was under buying pressure. SushiSwap’s MVRV ratio has also improved in the recent past.
Additionally, Network Growth spiked, suggesting that more new addresses had been created to transfer SUSHI. Surprisingly, despite the recent price hike, whales’ confidence was low, evident from the drop in its supply held by top addresses.
Source: Santiment