SushiSwap peaked during the beginning of 2021 in March amidst the bull run after establishing its new all-time high but subsequent bullish momentum fell short for the cryptocurrency as it could not reach its ATH. The token has been consolidating since October and began a downtrend as November began. Sushi token has been declining steadily ever since – with the exception of a few minor upside jumps. At the time of writing, the cryptocurrency stands at a price level of $5.99. The past day has been bullish for the token with an increase of more than 10% in the price level despite the continuation of the downtrend.
What is SushiSwap?
SushiSwap is an Automated Market Maker (AMM) which are essentially decentralized exchange that utilize smart contracts. Decentralized exchanges serve the same purpose and work similar to centralized ones; however, with a huge advantage – decentralization. The decentralization that comes through the power of the blockchain technology makes them more efficient and cheaper. SushiSwap is a hard fork of UniSwap – which was one of the first decentralized exchanges to enter the market, altering the course of the how users exchange cryptocurrencies.
Recent developments on the network
Being a fork of the more popular Uniswap, the DEX suffered by being overshadowed by Uniswap. However, it quickly gained a name for itself in the market and gave a good competition to Uniswap. The development team is working arduously on the exchange with the hopes of further propelling it upwards. The previous quarter was regarded as one of the busiest ones for SushiSwap as it saw a lot of major developments.
Sushi has been taking increasing interest in boosting its efficiency and success in terms of its customer service and it is believed a hallmark feature which will enable the DEX to compete with its centralized competitors. The Sushi Samurai was tasked with creating structured content and support for the DAO and are making headway in the right direction as a Sushi Academy – similar to Binance Academy – is under works. Moreover, a proposal for a community-enabled Analytics (CEA) was passed which aims on taking on third-party analytics platform for the blockchain industry.
SushiSwap is also working on expanding its scope to NFTs as they are one of the hottest segments of the market. The Shoyu NFT marketplace is expected to be rolled out soon. The marketplace will prioritize supporting artist communities. The Shoyu is also among some of the other highly-anticipated products that are soon to be launched. Lastly, SushiSwap is regarded as one of the most interoperable DAO and the yield program is also to be expanded to Moonbeam, Avalanche and Near as well. Suffice it to say, there is a lot more planned for the last quarter of 2021.
