Like most big players in the crypto space, SushiSwap suffered losses during the bear market. A recent Messari analysis, however, indicated that SushiSwap might be experiencing some revenue and transaction growth.
According to Messari’s report, SushiSwap experienced growth during the past week on a number of fronts. Additionally, from the previous week, Sushiwap’s revenue increased by 61.52%. Trading volume and Liquidity Pool transactions both showed growth.
The cryptocurrency data aggregator found that SushiSwap experienced growth during the past week on a number of fronts. Additionally, from the previous week, Sushiwap’s revenue increased by 61.52%. Trading volume and Liquidity Pool transactions both showed growth.
SushiSwap grew, no doubt, but it was still in need for improvement in some areas.
SushiSwap was unable to compete with Uniswap in terms of pool values. In fact, Uniswap has been able to significantly outperform SushiSwap during the past few months.
SushiSwap’s growth may be hindered by a number of factors, including a drop in the number of new members joining the network. The SushiSwap network’s average daily addition of new users has been declining since September, according to data.
SushiSwap may want to rise in this area in order to increase its potential for success in the future.
Along with it, further key indicators were flashing red for SushiSwap.
The number of daily active users on the network has decreased during the last few days. In addition, network growth also experienced a steep drop.
The number of fresh addresses that transferred SUSHI for the first time fell, given the decreased in network growth. This would suggest that SUSHI is declining in appeal to new addresses.
According to CoinMarketCap, the SUSHI token has increased by 2.22% over the past 24 hours and was now trading at £1.18 at press time. Similar rise had been seen in its market cap, but during the same time, its volume declined by 20.40%.