Following its merger with yearn.finance (YFI) in Jan. 2021, the SushiSwap (SUSHI) DEX has captured a chunk of market share from Uniswap (UNI), according to a report from Messari published on Jan. 29.
- The data from Messari shows that the exchanged has captured roughly 10% of Uniswap’s market share since Dec. 2020
- Calling it the “Grassroots exchange”, Messari researchers Mira Christanto and Ryan Watkins detailed how the firm had valued SushiSwap, based on price/sales multiple and dividend yields
- The researchers acknowledge that Uniswap remains the top DEX, but also stating SushiSwap could capture more of the market
- Prior to the Dec. 2020 merger with Yearn.finance, SushiSwap had approximately 10% of the DEX market share, but it has since grown to roughly 20%
- In terms of trading volume, Uniswap has over twice as much 7-day volume at $5.8 billion compared to Sushiswap’s $2.5 billion
- The SUSHI token has also been performing relatively well in the past 7 days, despite reports of a scavenger attack
- SushiSwap is set to add more features to its platform, including the possible addition of exclusive liquidity pools via Badger DAO, while Uniswap is preparing to launch its much anticipated v3 upgrade