SUSHI has gained a mammoth 23 percent in the past 24 hours and is leading the surge following a day of growth for decentralised exchange tokens (DEX). This comes only weeks after a potential exploit of SushiSwap’s (SUSHI) token fundraising platform was foiled by white hat hackers.
In the same period, other DEX tokens PancakeSwap (CAKE) and THORChain (RUNE) gained 2.5 percent and 13 percent respectively. Market cap leader UniSwap also gained 6.23 percent against the US dollar.
SushiSwap, a DApp, has become one of the most popular distributed ledger technologies that allow for the easy transfer and swapping of crypto assets. The exchange is a user-orientated platform in which users provide liquidity in exchange for rewards.
Its native token, SUSHI, is a governance token that enables the community to vote for platform proposals and can be farmed through the yield farming program. Holders of SUSHI, funded by Chef Nomi, an anonymous group, receive a portion of SushiSwap’s trading fees.
SushiSwap Leads the Pack
SushiSwap as a DEX platform has recently branched out to more blockchains than its peers. This has been generating more fees for users and thereby raising the prospect of holding SUSHI tokens.
SUSHI has gained in popularity since it was announced it will be deploying on Arbitrum, a layer-2 scaling solution for Ethereum-powered decentralised applications (DApps). The company also recently announced that stakers had locked in US$30 million worth of SUSHI tokens into Arbitrum’s smart contracts.
The SUSHI ecosystem is showing healthy growth signs as it attempts to scale its DEX solutions across various layer-1 and layer-2 chains. SushiSwap has also unveiled its upcoming non-fungible token (NFT) marketplace, Shoyu.
SUSHI Price Outlook
Following all its announcements, SUSHI has beaten its DEX rivals in terms of interim returns with profits in the past seven days at over 45 percent compared to UniSwap’s 16.93 percent.
However, the token is behind in its year-to-date gains, sitting at 370 percent compared to UniSwap’s 474 percent gain. PancakeSwap’s CAKE has surpassed all its DEX competitors by showing a 3,330 percent return.
The future for SushiSwap looks positive as it currently sits at the fourth-highest DEX market cap. The protocol that started out as a decentralised exchange is growing into something much more than that.
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