• Sudoswap has crossed the $100 million milestone in cumulative trading volume since it began, but there has been a steady decline in user activity on the platform.
• The count of new and recurring users have decreased significantly, as well as daily transactions and NFTs traded.
• The launch of its governance token SUDO resulted in a decrease of fees collected and protocol revenue by 8% and 28% respectively.
Cumulative Trading Volume Reaches $100 Million
The decentralized NFT marketplace Sudoswap has seen an increase in trading activity since the year started, crossing the $100 million milestone in cumulative trading volume, according to data from Dune Analytics.
Decline in User Activity
However, user activity on Sudoswap has been steadily declining since August 2022. Daily new user count dropped from 800 to an average of 50-20 per day since February this year and hit a low of 19 users on 23 February. This drop is also reflected with fewer daily transactions and NFTs traded showing a 93% drop for transactions and 96% for NFTs since August 2022.
Governance Token Launch
Sudoswap launched its governance token SUDO on 30 January which surged to touch a high of $4.16 on 19 February before dropping to $2.06 at present – down by 50%.
Decrease in Fees Collected
The reduced transaction volume due to lower user activity lead to fewer fees collected by Sudoswap; total fees made within the last 30 days were recorded as only $286,000 – an 8% decrease from before. Similarly, protocol revenue also decreased by 28%.
Overall, while cumulative trading volume has increased significantly for Sudoswap reaching over $100 million milestone, there is an evident decline in user activity leading to fewer transactions being carried out resulting in reduced fees collected and protocol revenue overall.