SushiSwap’s SUSHI token – a relatively unknown crypto, is the best performing crypto-asset in the last one week, as it has surged more than 85% – making it the best-performing coin in the top 100 by market capitalization.
Data from Coingecko showed that in the past one week, Sushi gained 85%. Its main audience is DeFi traders and associated entities looking to capitalize on the boom in project tokens and create liquidity.
What you should know
The coin gain is largely attributed to the ongoing rally across the Decentralized Finance assets. Top digital assets across the Ethereum altcoins risk spectrum have pushed such assets even at record highs from their local lows.
- The crypto asset is an Automated Market Maker (AMM). A well-known tool used by a significant number of crypto users.
- It began its debut in September 2020 as a fork of Uniswap, the AMM which is now synonymous with the (DeFi) movement.
- SushiSwap aims to diversify the AMM market and also add additional features not previously present on Uniswap, such as increased rewards for network participants via its in-house token, SUSHI.
What they are saying
It’s important to note that this fast-growing crypto is listed on the fifth largest crypto exchange FTX.com and its CEO, Sam Bankman-Fried, recently commented on the exchange and its token SUSHI.
“Sushiswap had really shitty autumn, as the glow of Defi summer wore off and the memory of NomiGate lingered. And during that…. it just kept on building. I’m not really involved in what Sushi is doing, but I’m happy to see it keep pushing the industry forward,” Bankman-Fried.