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<\/p>\n
- \n
- SushiSwap\u2019s TVL rose significantly over the last week.<\/em><\/li>\n
- Activity on the protocol continued to decline, as prices witnessed a correction.<\/em><\/li>\n<\/ul>\n
The DeFi sector has experienced a downturn in recent months. With Uniswap\u2019s dominance in the DEX sector, there was limited space for other DEX platforms to expand. Nevertheless, recent data indicated that SushiSwap [SUSHI]<\/a> has been making progress and demonstrating growth despite the prevailing market downturn.<\/p>\n
\nIs your portfolio green? Check out the SUSHI Profit Calculator<\/a><\/p>\n
\nGrowing despite all odds<\/h4>\n
According to data provided by digital asset firm ASXN, SushiSwap\u2019s TVL grew by 32.94% over the last week, reaching $21.3 million at press time.<\/p>\n
\n
Notable changes in TVL and fees earned over the past week:@eigenlayer<\/a> TVL grew 182.33%. They re-opened LSTs deposits for restaking yesterday.@GMX_IO<\/a> TVL grew 63.02%, and reached $34.7M.@sushiswap<\/a> TVL grew by 32.94%, reaching $21.3M. pic.twitter.com\/rsDAGtwSma<\/a><\/p>\n
\u2014 ASXN (@asxn_r) August 23, 2023<\/a><\/p>\n<\/blockquote>\n
In spite of the surging TVL, the revenue collected on the protocol continued to decline. Token Terminal\u2019s data indicated that over the last month, the revenue collected by SushiSwap fell by 7.4%. One reason for the decline in revenue would be the falling activity on the SushiSwap network.<\/p>\n
In the last month, the activity on SushiSwap dropped by 60%. This sharp decline in activity could hinder the growth potential of SushiSwap in the future.<\/p>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-24-at-12.11.19-PM.png\")
<\/a><\/p>\nSource: token terminal<\/p>\n<\/div>\n
What\u2019s going on in terms of governance?<\/h4>\n
Despite the ups and downs of the protocol\u2019s performance, the governance took an active role in making attempts to improve the state of the protocol.<\/p>\n
A proposal was recently passed by the Sushi governance, related to adding liquidity to one of its pools. DWF Labs, a global digital asset market maker, proposed a collaboration to enhance V3 liquidity and SUSHI token trading depth.<\/p>\n
The partnership involved providing at least $1.6 million additional liquidity to pairs like WETH\/USDT, WETH\/USDC, LDO\/WETH, and more. DWF Labs committed to achieving an increasing market share: 3% in three months, 6% in six months, and 10% in nine months.<\/p>\n
SUSHI support on exchanges like Binance and OKX with market-making depth was also part of the plan. SUSHI also planned to lend 2 million tokens for 24 months, with a 5% annualized yield paid to Sushi Treasury.<\/p>\n
DWF Labs has a European Call Option with strike prices based on SUSHI\u2019s spot price increase. The proposal passed with over 99.85% votes.<\/p>\n
- Activity on the protocol continued to decline, as prices witnessed a correction.<\/em><\/li>\n<\/ul>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-24-at-12.34.00-PM.png\")
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/SushiSwap-on-Ethereum-SUSHI-12.36.05-24-Aug-2023.png\")