SushiSwap’s native SUSHI token has risen more than 200 percent this month. It momentarily set a new all-time high as the team prepares to launch a new service called BentoBox.
SUSHI briefly surged past the $9 mark to break the previous all-time high of $8.84 according to CoinGecko. The hot price action comes as the SushiSwap team prepares to launch its next product offering, dubbed BentoBox.
Based on the Ethereum blockchain, Uniswap provides a range of smart contracts that allow for decentralized token exchanges. These transfers, dubbed ‘swaps,’ happen automatically without the need for an arbiter from a third party.
SushiSwap contributes to this by putting both government and the mix together. Its governance structure requires the holders of SUSHI to vote on suggestions for the creation of the site. Stake helps the liquidity suppliers of the platform to gain interest by contributing to the ‘pools’ that promote these swaps.
SushiSwap Adds Features
Continuing on the sushi theme, the next group of inventions to hit SushiSwap is called BentoBox. This update is meant to enhance the way tokens are ‘stored’ on the network.
At present, each exchange includes a commodity and a denomination (i.e. WBTC/USDT). In order to perform a switch, the network hosts a particular smart contract, which ensures that a separate set of rules must be established by each of them.
BentoBox is suggesting a ‘vault’ holding a collection of tokens. If a token has been accepted to be part of the vault, any swap may be made.
The team also proposes some other advantages, such as reduced gas charges and “advanced” transfers.
The Great Re-adjustment
The DeFi space finally began to take off in the summer of 2020. In reality, so many cryptocurrencies that DeFi ventures have seen substantial increases in valuation, that the group has called the DeFi Summer era.
Projects such as Yearn Finance, Aave and Compound have seen substantial increases in valuation. Every is now worth more than $1 billion in market capitalization.
Moreover, the total value locked (TVL) for the DeFi space, a measure of the value staked in all DeFi projects, soared past $20 billion towards to end of last year. TVL currently sits at over $25 billion.
All in all, DeFi space is going through a “great re-adjustment” according to those in the group, implying that its true worth is now being activated.
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