{"id":178323,"date":"2020-12-22T13:53:27","date_gmt":"2020-12-22T13:53:27","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=178323"},"modified":"2020-12-22T14:56:43","modified_gmt":"2020-12-22T14:56:43","slug":"even-after-400-rally-analysts-are-still-excited-about-defi-protocol-sushiswap-sushi","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/even-after-400-rally-analysts-are-still-excited-about-defi-protocol-sushiswap-sushi\/","title":{"rendered":"Even after 400% rally, analysts are still excited about DeFi protocol SushiSwap"},"content":{"rendered":"

SushiSwap's native token SUSHI<\/a>, even after the recent drop, is up strongly since the lows seen in October. From its all-time low price of just over $0.50, the cryptocurrency has shot as high as $3.00. Even at the current price of $2.65, it is up by over 400 percent since the lows.<\/p>\n

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Chart of SUSHI's price action over the past two months. Source: TradingView.com<\/a>.<\/figcaption><\/figure>\n

This persistent rally in the once-controversial cryptocurrency comes amid positive developments as it looks to eat at the market share that Uniswap has carved out for itself. SushiSwap has begun to do this as the market casts aside the initial controversy surrounding the cryptocurrency that pertained to the initial founder taking capital from a developer fund.<\/p>\n

SushiSwap is attempting to increase its dominance with increased liquidity incentives and new features, along with a partnership with Yearn.finance<\/a> that should help with the platform's long-term sustainability.<\/p>\n

Why is SUSHI still rallying in face of DeFi underperformance?<\/h2>\n

SUSHI has clearly been an outperformer in the DeFi space over the past few months, managing to gain 400 percent while other decentralized finance coins have only seen 100 percent rallies or so.<\/p>\n

This strong rally can be pinned to a number of fundamental trends for the Ethereum-based altcoin.<\/p>\n

Some of these are as follows:<\/p>\n

First and foremost, SushiSwap's “BentoBox” offering is expected to launch soon. First proposed by SushiSwap contributor “Boring,” BentoBox was slated as a way for users to obtain margin leverage on any token with a supported pair.<\/p>\n

As crypto investor Future Fund notes, the offering three months later is now a lot more comprehensive and has the ability to boost SUSHI's value proposition and accrual over time.<\/p>\n

“BentoBox has evolved from just a lending solution and into its own unique modular vault. It has the ability to hold not just lending contracts, but multiple protocols and extensions.”<\/p><\/blockquote>\n

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The evolution of @SushiSwap<\/a> Bentobox. $SUSHI<\/a><\/p>\n

1. BentoBox has evolved from just a lending solution and into its own unique modular vault. It has the ability to hold not just lending contracts, but multiple protocols and extensions.<\/p>\n

— Future Fund (@FUTURE_FUND_) December 21, 2020<\/a><\/p><\/blockquote>\n