SUSHI Records All-Time High Trading Volume Following DeFi Boom

SUSHI Records All-Time High Trading Volume Following DeFi Boom

The decentralized finance (DeFi) boom seems to have returned after several weeks of a lull. While Ethereum gas fees are now back to their former prices in the summer, DeFi coins, including AAVE, SUSHI, YFI, Yearn.finance, and several others, have even outperformed Bitcoin by a considerable margin.

DeFi platforms have now attracted more users than before

Reports suggest that the SUSHI daily volumes have now hit an all-time high. SUSHI volumes have now reached an all-time high. According to a detailed report established by DeFiance Capital’s famous analyst, Darryl Wang, SUSHI now boasts of an all time high market cap of about $355 million. With this record, it sows that SushiSwap has now made its way into one of the most popular DeFi exchanges following a joint trading volume of $1.26 billion, which spanned seven days.

A detailed evaluation of this figure indicates that SushiSwap stakers now receive around $33 million yearly. SUSHI has just transcended its ATH daily trading volumes by a wide margin. Presently, its 7-day trailing volumes are currently around $1.26bn. A January 3 Twitter post from @Wangarian1’s account reveals that Sushi stakers now earn up to $33 million in fees every year.

Stakeholders are now expecting SushiSwap to announce its plan for 2021

Some of the expected components of the 2021 SushiSwap roadmap include additional information about BentoBox. This newly launched money-market innovation will enable investors to be short and long a huge volume of assets in a decentralized method. Analysts hope that the takeoff of this solution will raise the SUSHI price because it will enable stakers to earn more dividends from their investments.

Besides, there are odds that a SushiSwap v2 will be unveiled soon. However, it is unknown what this portends for SUSHI. Mithril Cash is notably one of the significant factors contributing to the growth of SUSHI. A recent statement by CryptoSlate regarded Mithril Cash as a fork of the Basis Cash protocol. Also, it states the Cash is a stablecoin program that aims to create a collateralized stablecoin. Therefore, Mithril Cash is a fork of the protocol with a few alterations in parameters and more publicity during launch. Though it is a fork, Mithril Cash witnessed a much-publicized launch.

Despite few people discussing the project on Twitter after its launch, it witnessed over $100 million deposits in just 5 minutes and $400 million in 2 hours and gaining a whopping $1 billion in 12 hours. Up to $1.4 billion worth of deposits were made at the peak of the contracts.

A SushiSwap Vision report states that over $30 million of Mithril Cash have exchanged hands in trading while millions of dollars worth of Mithril Shares have been traded. Despite this not being a majority of SushiSwap’s volume, the launch of pairs for the crypto on the exchange boosts the surge in SUSHI’s value.

David Pražák