What Is SudoSwap?
SudoSwap is an Automated Market Maker protocol which facilitates NFT to token swaps using bonding curves. The protocol supports ERC721, ERC1155 NFT’S and as well as ERC – tokens. The liquidity providers of the Sudoswap can deposit assets into single or double sided pool which buy and sell NFT’s. The users of the protocol can buy or sell NFT through these pools and the item in the pool changes through these bonding curve. The SudoSwap liquidity protocol enables anyone to provide liquidity and earn rewards.
SudoSwap was launched in July 2022 and has seen a strong growth ever since. The protocol has observed 40 transactions in between the unique active wallets and dapps smart contract. In the past 30 days, the number of unique active wallets has observed a surge of 67%. The overall volume of the Sudoswap has also seen strong gains in the past 30 days.
Sudoswap has a TVL of $3.25 Million which has been on a decline for the past few days. The protocol has a treasury of $8.95 Million which can see a surge in the future.
Meanwhile the total value of assets on the Sudoswap smart contract is around $587K which has declined by 10% in the past seven days.
A Look Into Sudoswap
Sudoswap is one of the most active NFT AMM present in the market. The number of active and recurring users has been observing a decline from the past few months. Meanwhile, the selling of NFT’s constitute 70% of the activity in the market. The number of NFT,s traded on the platform has also declined and has a seven day average of 92.
The majority of traders on Sudoswap has done 5 to 10 trades which is less as compared to major players. Meanwhile there are 235,121 NFT which have been traded on the platform. Sudoswap has been observing a surge in unique buyers and sellers. Meanwhile, the airdrop of the platform has been one of the most discussed topics in the crypto community.
Summary
Sudoswap is one of the most traded NFT AMM across the cryptoverse. The value of pools and the assets traded in the platform has also increased. It would be interesting whether or not Sudoswap sees as much adoptation as Blur or Opensea.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/06/17/sudoswap-decentralized-the-nft-marketplace-for-all/