Sudoswap: Cumulative trading volume crosses $100m milestone, but…

• The cumulative buying and selling quantity on Sudoswap has crossed $100 million.
• There has, nevertheless, been a gentle decline in consumer exercise on the platform.

With elevated buying and selling exercise on Sudoswap for the reason that yr began, the cumulative buying and selling quantity on the decentralized NFT market has crossed the $100 million milestone, knowledge from Dune Analytics confirmed. 

Whereas this stays notable, it’s noteworthy to level out that every day buying and selling quantity on Sudoswap peaked at $2.3 million on 17 August 2022 and has since been on a downward pattern. As of 25 February, buying and selling quantity on the decentralized NFT market totaled $187,153. 

Supply: Dune Analytics

Issues look ugly

Though cumulative buying and selling quantity has rallied to an all-time excessive, consumer exercise on Sudoswap has declined constantly. Per knowledge from Dune Analytics, the NFT swapping platform has seen a gentle fall within the depend of recent customers since August 2022. Equally, the depend of recurring customers on the platform has since dipped. 

For instance, in August 2022, Sudoswap skilled a median of greater than 800 new customers every single day. Nevertheless, for the reason that begin of February, the platform’s common every day new consumer depend has fluctuated between 50 and 20. On 23 February, it even hit a low of 19 new customers.

Supply: Dune Analytics

As anticipated, the lowered consumer exercise on Sudoswap has led to a corresponding lower within the variety of every day transactions and the depend of traded NFTs. Since August 2022, the variety of every day transactions accomplished on the protocol has dropped by 93%. 

Supply: Dune Analytics

Likewise, throughout the identical timeframe, the depend of NFTs traded by customers every day on Sudoswap has dropped by 96%.

Additional, Sudoswap at the moment registers a gentle decline in protocol income. The downward pattern in transaction quantity means there have been fewer customers on the platform, leading to a lack of charges for Sudoswap.

Actually, within the final 30 days, the full charges made by Sudoswap had been $286,000, dropping by 8%. Throughout the identical interval, protocol income has additionally dropped by 28%, knowledge from Token Terminal revealed. 

Supply: Token Terminal

The newly-floated governance token

Sudoswap introduced the launch of its governance token SUDO on 30 January. The token rallied to the touch a excessive of $4.16 on 19 February, after which it launched into a downtrend.

Exchanging arms at $2.06 on the time of writing, the alt’s worth has since fallen by 50%, knowledge from CoinMarketCap revealed.