SUSHI, the native token of SushiSwap, has risen sharply even after the recent drop since the October lows. From its all-time low of just over $ 0.50, the cryptocurrency has shot up to $ 3.
Even at the current price of $ 2.65, SUSHI is up more than 400 percent from the lows.
Chart of the SUSHI price action over the past two months. Source: TradingView.com.
This ongoing rally in the once controversial cryptocurrency comes amid positive developments as it seeks to eat up the market share that Crypto Trader has stolen for itself.
SushiSwap is trying to increase its dominance with increased liquidity incentives and new features – along with a Yearn.finance partnership that should help with the sustainability of the platform.
Why does SUSHI keep increasing despite the weak DeFi performance?
SUSHI has clearly been an outperformer in the DeFi space for the past few months, while other decentralized finance coins have “only” seen 100 percent rallies or something.
The strong rally can be pinned to a number of fundamental trends for the Ethereum- based altcoin.
Some of these are as follows:
First and foremost, the “BentoBox” offering from SushiSwap is expected to start soon. BentoBox is a way for users to take advantage of margin leverage on any token with a supported pair.
As crypto investor Future Fund notes, the offering is now much more extensive three months later – and that can increase Sushi’s performance.
“BentoBox has developed from a pure rental solution to its own unique, modular safe. It has the ability to save not only loan contracts, but also several protocols and extensions. ”
Along with the original value proposition that investors in the ever-changing DeFi space can more easily trade and speculate in coins like Ethereum , BentoBox also offers synthetic assets like stablecoins, company stocks and gold.
In addition, SUSHI is expected to increase in value through this new offering as platform fees are distributed to the holders of the coin.
BentoBox is currently under review, and some reports suggest it will be released soon. In addition, the Yearn.finance partnership is expected to show that SushiSwap has a long-term existence as a fundamental decentralized exchange of the Yearn ecosystem.