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SUSHI Joins the ARB Bandwagon, But Whales Swim Away

According to a tweet from SushiSwap [SUSHI] on March 22, the protocol will be the recipient of a significant amount of Arbitrum [ARB]. The latter would particularly involve AirDropping 4.2 million Files into the Sushi network.

These monies can be added to SushiSwap’s treasury, which, according to data from Token Terminal, was worth $20.3 million at press time. This can be utilized to advance the protocol and enhance the DEX.

In other reports, network activity for the protocol has decreased during the past week. This was demonstrated by SushiSwap’s GitHub account’s dropping amount of code commits, which fell by 72.3% during the previous week. The Arbitrum AirDrop will bring in additional income, which will help the protocol financially incentivize further advances.

SushiSwap was outperforming most protocols in terms of volume, despite the diminishing number of code commits on its GitHub. According to Dune Analytics, it held 14.2% of the global DEX market share, trailing only Uniswap [UNI] at the time of publication.

Despite the protocol’s great effectiveness, whales began to leave their SUSHI places. Lookonchain reports that on March 23, the world’s largest asset management company GoldenTree unstaked SUSHI worth around $2.68 million. At the time of publication, further whales have staked the token for $4.38 million.

These addresses would lose money if they choose to sell their unstaked SUSHI. This size of a sell-off would ultimately result in more price declines for SUSHI.

Over the past several days, SUSHI’s network growth decreased along with its prices. This implied that at the time of writing, the new addresses were not as interested in the coin.


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