Daily Top Mover — SushiSwap (SUSHI)
Stocks surged in the regular session with Nasdaq gaining 3.25% in the aftermath of less hawkish comments from Fed Chair Jerome Powell yesterday. However, corporate earnings from Amazon, Alphabet, and Apple in the post-market trading disappointed the market and caused major indices to give back part of early gains. Meanwhile, the broader cryptocurrency market is mixed, with Bitcoin down by 0.66% and Ether up by 1.23% in the past 24 hours as of the time of writing. The top mover for today, SUSHI, registered a 24-hour return of 15.19%, outperforming the broader market due to the revamped SUSHI tokenomics.
SUSHI is the native token of SushiSwap, the fifth-largest decentralized exchange by TVL. The recent outperformance of SUSHI comes as the community voted to redirect 100% of fees to treasury instead of liquidity providers. As CEO Jared Grey warned of only a 1.5-year treasury runaway left, the Sushi community passed the Kanpai 2.0 proposal on Jan 23, 2023. SUSHI token holders may benefit from increasing treasury in a similar manner to Uniswap’s “Fee Switch”, which aims to direct cash flow to the Uniswap treasury. That said, falling incentives on Sushiswap may lead to an exodus of liquidity providers, in turn, dampening trading interests from investors and weakening future cash flow to SUSHI.
Check Out the Latest Prices, Charts, and Data for SUSHI/USDT!
Talk of the Town
One of the hottest NFT collections Cool Cats, announced new branding and airdrop of Fracture NFTs to existing Cool Cats and Cool Pets NFT holders. The Fracture NFT is different from profile picture NFTs, which will evolve as holders complete missions within the project's "World of Cooltopia" narrative. While the concept is not new with Doodles 2 newly pitching the same evolving NFTs that can be outfitted with virtual apparel, what is unique about Fracture NFTs is the comparability with Layer 1s and Layer 2s, regardless of whether those blockchains are EVM-comparable.
Check out what else is buzzing in the crypto scene today:
PFP project Cool Cats has announced to airdrop customizable NFTs. (Link)
MakerDAO approves $5 Million Legal Defense Fund. (Link)
Avalanche rallied following the protocol’s network update called “Banff 8”. (Link)
Metis aims to simplify crypto adoption with Banxa integration. (Link)
Solana-based DeFi protocol Everlend announces shutdown. (Link)
Jack Dorsey-backed Web3 App aims to disrupt Twitter. (Link)
Source: Bybit Blog | SUSHI Surges Following Tokenomics Revamp; Cool Cats Airdrops Evolving NFTs
