The Sushiswap trading volume has just reached an all-time high as the DeFi market is heating up after a multi-week hiatus, with ETH gas fees returning to the levels seen during the summer, while DeFi coins like YFI and Aave started outpacing BTC as we can see in today’s altcoin news.
The usage of Defi platforms started increasing as well according to the data which indicates that the Sushiswap trading volume hit a new all-time high. As noted by Darryl Wang, the investment analyst at DeFinance Capital, the daily trading volume for Sushiswap hit a new all-time high of $355 million. the weekly trading volumes hit $1.26 billion and made Sushiswap one of the best-decentralized exchanges. Annualizing this figure, Sushi stakers earned about $33 million in fees per year. Sushiswap is also expected to release its roadmap plans for 2021.
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) pic.twitter.com/GnuqU3C6QZ
— Wangarian (@Wangarian1) January 3, 2021
This is expected to include more info on BentoBox which is a money-market solution that will allow investors to short and long a large number of assets in a decentralized manner with many analysts thinking that the launch will drive value to SUSHI and it will also allow stakers to accrue more in dividends in time. There were also some expectations of SushiSwap v2 in the next few months but it is now unclear what this means for sushi. One factor that is boosting the growth in Sushiswap’s trading activity is Mithril Cash.
As reported previously, Mithril Cash is a fork of the Basis Cash protocol. Basis Cash is a stable coin project which is trying to create an uncollateralized stablecoin. This is also a fork of the protocol with a few changed parameters and a hyped launch. Mithril Cash saw a strong launch despite it being a fork. Few on Twitter mentioned the name of the project when it was launched, and the contracts gained over $100 million worth of deposits in a few minutes with $400 million in two hours but then it got to $1 billion in less than 12 hours. The project had over $1.4 billion deposited at its peak.
According to the Sushiswap vision, more than $30 million of Mithril Cash was traded in the past 24hours while a few million was traded in the shares. While this is not the majority of the Sushiswap volume, Mithril Cash only launched pairs for the crypto on the exchange that will liekyl help SUSHI’s overall trajectory.
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