SushiSwaps TVL on 14 blockchains | Source: Defi Lama
Even though SushiSwap is used in 14 chains, the reason SushiSwap still ranks 10th is because of its audience.
Its very protocol. SushiSwap is a decentralized exchange (DEX) that limits usability to those who want to swap tokens. On the other hand, since platforms like Aave are credit and monetization systems, they enable higher key value.
Because of this, Aave leads the way even though it only has 76,000 users while SushiSwap has 447,000 users. Aave’s simple and publicly available protocol resulted in TVL increasing 1,361 percent to $ 14.18 billion at press time.
Sushiswap’s pure DEX functionality is also the reason why TVL is under $ 1 million in 50% of the chains used. In fact, some only have a total of $ 26 in TVL.
Aave users overall | The source: Dune analysis
However, the remaining 50% keep up with the protocol and its token. Last week, SUSHI is up 47.38% and cracked over $ 15 before dropping back to $ 13.15 at press time.
SUSHI price table | Source: Tradingview
This resulted in bullish investors buying over 833,000 SUSHI worth $ 11.6 million on exchanges in just one day.
Dimensions Net transfer from SushiSwap | Source: Glassnode
Simply put, SushiSwap takes more capital to become a bigger log. Until then, the volatility will make investors suspicious.
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