- The cumulative trading volume on Sudoswap has crossed $100 million.
- There has, however, been a steady decline in user activity on the platform.
With increased trading activity on Sudoswap since the year started, the cumulative trading volume on the decentralized NFT marketplace has crossed the $100 million milestone, data from Dune Analytics showed.
While this remains notable, it is noteworthy to point out that daily trading volume on Sudoswap peaked at $2.3 million on 17 August 2022 and has since been on a downward trend. As of 25 February, trading volume on the decentralized NFT marketplace totaled $187,153.
Things look ugly
Although cumulative trading volume has rallied to an all-time high, user activity on Sudoswap has declined consistently. Per data from Dune Analytics, the NFT swapping platform has seen a steady fall in the count of new users since August 2022. Similarly, the count of recurring users on the platform has since dipped.
For example, in August 2022, Sudoswap experienced an average of more than 800 new users every day. However, since the start of February, the platform’s average daily new user count has fluctuated between 50 and 20. On 23 February, it even hit a low of 19 new users.
As expected, the reduced user activity on Sudoswap has led to a corresponding decrease in the number of daily transactions and the count of traded NFTs. Since August 2022, the number of daily transactions completed on the protocol has dropped by 93%.
Likewise, within the same time frame, the count of NFTs traded by users daily on Sudoswap has dropped by 96%.
Further, Sudoswap currently registers a steady decline in protocol revenue. The downward trend in transaction volume means there have been fewer users on the platform, resulting in a loss of fees for Sudoswap.
In fact, in the last 30 days, the total fees made by Sudoswap were $286,000, dropping by 8%. Within the same period, protocol revenue has also dropped by 28%, data from Token Terminal revealed.
The newly-floated governance token
Sudoswap announced the launch of its governance token SUDO on 30 January. The token rallied to touch a high of $4.16 on 19 February, after which it embarked on a downtrend.
Exchanging hands at $2.06 at the time of writing, the alt’s value has since fallen by 50%, data from CoinMarketCap revealed.