Crypto market downturn mostly comes up as an outcome of some instance happening around the world. Global economic fall, Geo-political disturbance or even Interest rates hiking by the Federal reserves are among such instances. For July month, it was also expected that Fed’s interest rates would result in turbulence on the crypto market, but surprisingly this time it did not happen.
Cryptocurrencies prices not showing any signs of getting affected by Fed’s move is just one factor. Decentralized exchanges have also witnessed growth where their total value locked or TVLs were drowning and hitting their extreme lows during the second quarter of 2022. The celebration of DEXs was also accompanied by SushiSwap.
As reported, Ethereum based decentralized exchange SushiSwap has seen a surge in its overall DeFi holdings. It has seen notable growth that led the holdings to add more than 133 million USD. This way, the defi holdings jumping from 454 million USD reached upto 587 million USD. Meanwhile it’s also noteworthy here that there are several specific reasons responsible for the significant interest increase in SushiSwap.
In July, SushiSwap announced the Sushi Guard Router proposal launch proposal. SUSHI users all across the world accepted the proposal and currently is going through several implementations. Those who accepted the proposal were approx 6 million while those who did not support it were barely 467 users only.
The launch is expected to help in protection of maximum extractable value or MEV on the protocol specifically for SUSHI users. Moreover, it is said to boost efficiency of transactions that would make it inexpensive to make swaps. Additionally, profits of the routers will become frictionless due to back-running swaps.
Recently, SushiSwap also made another announcement about their partnership with LayerZero Labs for launching omnichain swaps. As far as development updates are concerned, they are being rolled out currently while ensuring a more user-friendly experience.
Development in the importance and relevance of the decentralized exchange platform was clearly taken into notice. This could be seen as the top 100 ETH whales have filled their bags with SUSHI tokens. Moreover, trading platform Blockchain.com also listed the tokens on its platform.
Source: https://www.thecoinrepublic.com/2022/10/05/sushiswap-riding-the-dexs-raising-waves-within-the-crypto-space/