SushiSwap has announced updates and a new roadmap. Despite declining numbers, holders continued to support the SUSHI token.
On January 17, SushiSwap [SUSHI] announced her plans for the future. These plans include improving the ecosystem by supporting independent NFT collections and launching their aggregator routers. The developments may help the current state of the exchange and boost the declining number of users in the protocol.
Read SushiSwaps [SUSHI] Price forecast 2023-2024
Specifically, SushiSwap will launch DEX aggregators in the first quarter of 2023. These aggregators aim to improve the user experience by providing a single interface that allows users to access multiple DEXs and find the best prices for their trades. This can greatly benefit the exchange as it aims to increase its market share in the DEX space.
SushiSwap is also trying to strengthen its position in the NFT market. In the coming months, SushiSwap would allocate funds and resources to support its NFT ecosystem. SushiSwap will also launch a new NFT marketplace in the coming months, according to the statement. This move is designed to capitalize on the growing popularity of NFTs and attract more users to the SushiSwap ecosystem.
SushiSwap in trouble?
However, at the time of writing, the situation at SushiSwap seemed dire. According to Dune Analytics, the number of users on SushiSwap has dropped significantly in recent months. The number of monthly users on the network dropped from 30,124 three months ago to 12,184 at the time of writing.
In combination with this, the number of transactions on the protocol also decreased. These developments also impacted SushiSwap’s ability to generate revenue.
Based on Messari data, SushiSwap’s revenue was down 30.19% and was $2.04 million at the time of going to press.
Source: Dune analysis
Despite these factors, holders continued to show support for the SUSHI token as the number of token holders grew significantly despite market volatility.
The growing MVRV ratio suggested that these holders were profitable. However, the growing number of profit trades suggested that a majority of these holders were trying to exit their positions. The decreasing long/short difference implied that many of these sellers would be short-term holders of the token.
Realistic or not, here is SUSHI’s market cap in terms of BTC
Source: Sentiment
It remains to be seen whether the upcoming developments and updates can appease users and restore the platform to its former glory.
At the time of writing, the price of SUSHI was $1.26 after rising 2.71% in the past 24 hours, according to CoinMarketCap.
This post SushiSwap Unveils New Roadmap to Revive Platform: Will SUSHI Rally?
was published first on https://ambcrypto.com/sushiswap-unveils-new-roadmap-to-revitalize-platform-will-sushi-rally/
