Ethereum is undergoing its latest craze: SushiSwap, whose native governance token is Sushi (SUSHI). The coin took a strong drop after it was launched this past weekend, but has since bounced back.
Since bottoming around $ 0.70 just two days ago, the asset has exploded higher by 1,000%. The coin now trades for $ 6.60 and is up 120% in the past 24 hours alone.
A good portion of this move higher comes after the coin was listed on FTX, a leading centralized exchange known for listing DeFi coins earlier, then sparking price rallies in those coins.
FTX was the first major centralized exchange Sushi was listed at, hence the influx of investment the asset saw in the wake of the listing.
What Is Sushi and SushiSwap?
SushiSwap is a clone of the Uniswap exchange with bells and whistles attached. The Ethereum-based protocol is focused on adding community and governance incentives to Unsiwap, which has rapidly become the most prominent Ethereum application and decentralized exchange. In the project’s words:
“With that, we have designed SushiSwap as the next step forward in the Uniswap protocol design: an evolution. Taking Uniswap’s elegant core design, we’ve added community-oriented features that we believe help improve the design of the protocol, as well as provide further benefits to the actors involved,” the SushiSwap team wrote in regards to the purpose of this fork.
Photo by Kelvin Zyteng on Unsplash Price tags: sushiusd, sushibtc Charts from TradingView.com Ethereum DeFi's Sushi Rips 100% Higher After FTX Listing