The number of active users on SushiSwap increased.
Despite a drop in price, SUSHI’s financing rate remained positive.
Sushi swap [SUSHI] has seen an increase in its Daily Active Users (DAU) according to Token Terminal data. The surge in user activity made the popular Decentralized Exchange the third highest, trailing only trending projects like arbitration [ARB] and the Mina protocol.
Realistic or not, here it is SUSHI’s market cap in terms of ARB
The DAU shows the number of unique public addresses that have transacted with a smart contract for decentralized applications (dApp). An increase in this statistic means demand is high.
At the crossroads between memes and the absence of…
Data from the blockchain and dApp data platforms showed that DAU increased by 82%. But one factor that played a role was the rise in numbers humorous memes on the Arbitrum network.
Since the Ethereum [ETH] scaling solution launched on the Arbitrum network, many related meme tokens followed. As such, some require the SushiSwap DEX to claim and/or trade.
For example, PEPE, who produced a Shiba Inu [SHIB] like the 2021 performance within days, was traded on the DEX through the Arbitrum network.
Despite the increased activity, SushiSwap lacked growth in other areas. One is network growth. When this value increases, it means that many new addresses are being created on the network. But when it decreases, it indicates a lack of adoption by new users.
At the time of writing, the project’s network growth had dropped to 15. And along the same route, it was sentiment weighted. This statistic was -0.685 at the time of writing.
Such negative sentiment implies that the social comments about the SUSHI token did not match the enthusiasm.
No DEX matches the SushiSwap liquidity
Concerning the financing rate, on-chain data showed that it has been positive for some time. So, this suggests that the SUSHI price for perpetual contracts was higher than the market price. Thus, longs have paid the periodic amounts of positions of the same size to shorts.
However, the increase in the number of outstanding contracts could not stop the fall in the value of SUSHI. At the time of writing, the token is down 3.44% as it trades hands at $1.06.
Is your wallet green? Check the SushiSwap Profit Calculator
As a result of the Arbitrum memes, SushiSwap’s DEX volume is up 236% in the past 24 hours. According to DeFiLlama, the statistic was 61.68 million. This means that a lot of liquidity has flowed into the SushiSwap ecosystem.
While Ethereum has been the largest contributor to volume over the past month, the second-largest blockchain has struggled to catch up with its upbeat L2 protocol in recent days.
This post Sushi swap [SUSHI] DAU peaks through Arbitrum’s memes, but…
was published first on https://ambcrypto.com/sushiswap-sushi-dau-spikes-due-to-arbitrums-memes-but/