Decentralized finance SushiSwap’s native token SUSHI has surged over 15 percent in the past 24 hours, while Bitcoin and other large cap altcoins are in a sea of red. SushiSwap’s SUSHI token has become the best performing asset in the past 24 hours, and the DeFi token has been able to climb nearly 60 percent in a week.
While Bitcoin has attempted to surpass the $20,000 resistance level while hitting its all-time high, selling pressure quickly accumulated and the digital asset dropped 7 percent.
After the founder of Yearn.finance, Andre Cronje revealed that SushiSwap would be merged with the team of Yearn.finance, the SUSHI token quickly rose. Cronje announced the merger, saying:
“As Sushi focused on expanding their AMM ecosystem, and as Yearn focused on expanding their strategies, more and more overlap became apparent, Yearn needed custom AMM experiences for their strategies, and Sushi started pushing the boundaries of yield and money markets.”
The decentralized finance (DeFi) industry has also seen a boom lately, with over $14.4 billion in cryptocurrencies locked. MakerDAO continues to be in the lead with the most cryptocurrencies locked, almost reaching $3 billion, after SushiSwap’s original blockchain before its fork, Uniswap recently lost most of its dominance in the ecosystem.
SushiSwap currently has over $790 million in total value locked and is currently trading at $2.25 per token. SushiSwap is also expected to roll out new products in the future, which would enable it to differentiate itself from other automated market makers (AMM) in the DeFi ecosystem.
The last time SushiSwap’s SUSHI token price surged was when Uniswap’s rewards ended. SushiSwap’s TVL climbed over 150 percent the day Uniswap’s rewards ended and has reached above $1 billion. Bancor, another decentralized exchange has released a liquidity mining program, which includes retroactive rewards on Nov. 17.
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