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Sushi Swap, the most active DEX on Binance Smart Chain, is rebranding to Sushi Labs. The DEX will also offer a new derivative exchange for US-based traders.
Sushi Swap announced its rebranding after reassuring its users that the project will remain just as decentralized and retain all its old features. Sushi Labs will have bigger goals of updating to the latest trends in blockchain technology. One of the developments will be an on-chain perpetual DEX, a trend that took off in the past few months.
The change aims to solve the fragmentation of Sushi Swap, which has versions on multiple leading blockchains.
Sushi Labs will also introduce a governance council while allowing Sushi DAO to retain governance functions on important decisions. The council will be tasked with making faster day-to-day decisions, aiming to put the DEX back into the center of the DeFi landscape.
Sushi Swap aims to re-grow volumes, inflows
Perpetual DEX with on-chain settlement is one of the more successful crypto projects despite the high fees and competition. One of their main features is the possibility of completely permissionless trading. The Susa on-chain DEX will have a consensus mechanism that will allow for faster and cheaper on-chain trading.
Additionally, the Sushi Swap team reminded users that the Sushi DAO will remain operational, all services will be decentralized, and profit-sharing will continue. Sushi Swap aims to boost its performance after sliding from a peak value above $8B. Sushi Swap aims for growth through several protocols, each with around $300M in value locked.
In the past few months, Sushi Swap has served relatively small traders with orders between $300 and $1,000. However, fees have been rising since the end of May.
Sushi Swap has also adapted similarly to Uniswap and is represented on the latest trending exchanges. The DEX still has its BSC and Ethereum representation but has expanded to Base, Arbitrum, and Celo. The three networks may be an additional source of stablecoin inflows and general activity. Overall, Sushi Swap now handles around $3.7M in total volumes while retaining its relatively high-profile position on social media. Sushi Swap Ethereum carries more than $10M in daily trades.
Can SUSHI make a comeback?
Sushi Swap became one of the hottest assets during the 2021 bull market. The rise of decentralized listings boosted SUSHI to a peak of $21.54. Sushi Swap even survived the attempted rug pull and ownership transfer after the actions of its founder Chef Nomi.
One reason for the loss of popularity is the slowdown in new BSC tokens, which have been replaced by Solana-based meme tokens. Now, Sushi Swap is moving toward aggregation and tools to go beyond a single trading pair and into easy cross-chain trading. Sushi Swap has also expanded to The Graph, another network capable of fast interaction between protocols to reach that goal.
Sushi Swap tries to revive trading by launching a special themed week around gaming tokens. Sushi Swap lists some of the top Ethereum-based gaming tokens, including Guild of Guardians, Illuvium, and Yield Guild Games. The most active trades on Sushi Swap remain the wETH pairings with USDT and USDC. Currently, Sushi Swap carries more than $12M in USDT liquidity.