Why SushiSwap Is Going To Explode In 2023

Enjoy the power of DeFi by investing in SushiSwap and learn more about the SUSHI token.

Last Updated December 28th 2022

6 Min Read

Decentralized Finance or DeFi is one of the booming sectors that gained massive success and popularity in 2021. As this space evolves, competition between different DeFi cryptocurrencies also gets more intense. However, breaking all the noise in the DeFi market, the SushiSwap token is emerging as a gamechanger.

It has undergone the waves of the crypto market and withstood the major crypto market crash earlier in 2021 and is now trying to rebound from the one at the end of the year. Why do we think SushiSwap is going to explode in 2023? Let us find out.

By providing an excellent investment opportunity for those interested in decentralized finance (DeFi) and AMMs, SushiSwap has positioned itself as one of the promising digital assets in the market today.

Looking At 2023: Is SUSHI Price Set For A Massive Year?

SushiSwap is one of the fastest-growing DeFi cryptocurrencies in the market today.

SushiSwap is both an AMM (automated market maker) and a DeFi token. This DEX (decentralized exchange) was specifically designed to enhance Uniswap, one of the most popular Ethereum dApps in the world.

Its native token, SUSHI, has been on a significant rally over the past few months, grabbing investor attention. Therefore an investment in SushiSwap now could likely help you generate massive returns in the future. But what are the factors that drive the price of SUSHI to explode in 2023?

#1: The Significant Rise Of SUSHI Token

SUSHI, the native token for the decentralized exchange SushiSwap, is a governance token that powers the network. Its liquidity pools allow users to trade digital currencies seamlessly. Furthermore, since it is an automated market maker, it uses smart contracts for peer-to-peer crypto trading.

Although released in August 2020, SushiSwap has seen a high adoption rate so far and has positioned itself as a significant player in the crypto space. With a strong rally, the SUSHI token hit an all-time high of $23.38 in March 2021, with around $4 billion TVL in Q2 2021.

#2: Unique Features Of SushiSwap

SushiSwap is an AMM cryptocurrency with a detailed reward program for its users. By using advanced DeFi features, Sushi reward programs give investors an added opportunity to earn more income. Moreover, SushiSwap allows its users to trade cryptocurrency tokens by eliminating the need for a central authority. It automatically decides and sets prices by employing mathematical formulas and facilitates trades using smart contracts.

In addition to this, SUSHI also offers lending markets to its users to lend and borrow currency on the platform. The team is also aiming to unveil an NFT marketplace named Shoyu NFT, expanding its reach to the booming sectors of the market.

#3: SUSHI - The Governance Token

SUSHI is a utility token, while xSUSHI is a governance token that offers token holders the right to vote on upgrades and future changes on the Sushi platform. In addition, by staking SUSHI locked for over 6 months, the liquidity providers are rewarded with xSUSHI. xSUSHI holders also get rewarded with 0.5% of Tx fees.

Moreover, another reason to buy SUSHI and hold it is that users can stake tokens on the SushiSwap app. It is one of the easiest ways to earn more crypto, along with gaining a share of the swap fees on the exchange. As the popularity of SushiSwap continues to increase, the price of SUSHI tokens will also rise significantly.

#4: Why SUSHI Is Going To Explode In 2023?: Expert Predictions

Trading Beasts:

“Sushi token is expected to close at $5.3 in 2024, with an average of $4.6 for the same year. In 2023, the coin will average $5.8 price with a closing price of $6.25 in December of 2023. This price change represents a growth rate of 40% from the current price.”

Coinquora:

“If this bullish trend continues, SUSHI will reach $40 by the end of 2023. Moreover, the first half of 2023 is going to show rapid growth, up to $45. Then the rise will slow down, but no major falls are expected. With upcoming partnerships, and developments reaching $40 is quite optimistic in the price point of view but undoubtedly feasible for the near future.”

Don't Miss: What Top 10 DeFi Cryptocurrencies Will Explode In 2023?

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Factors That Push SushiSwap To Explode In The Coming Years

The rise of DeFi along with numerous partnerships have driven the value of SUSHi to explode in 2023.

1. Reinventing DeFi With BentoBox

BentoBox is a unique DeFi innovation by SushiSwap. It is a token vault that supports a collection of dApps. Unlike the traditional DeFi lending platforms, BentoBox allows users to deposit digital assets as collateral and borrow other assets against them. By leveraging the benefits of using a mutual token vault, users can also seamlessly interact with all the dApps in a gas-efficient manner. Thanks to this infrastructure, developers can use BentoBox for the deployment of contracts at a lower cost.

In addition to this, the significance of BentoBox lies in its effortlessly scalable design and infrastructure. This scalar design allows BentoBox to become the future infrastructure for the forthcoming DeFi protocols on Sushi. Furthermore, unlike any other protocol, the platform creates a primary source of liquidity that any user can access with features like minimal approvals, minimal gas usage, and maximal capacity efficiency.

2. SushiSwap’s Partnership With Harmony

In 2021 SushiSwap partnered with Harmony, a decentralized application-focused blockchain that facilitates cross-chain asset transfers. Harmony users can now seamlessly access SushiSwap’s trading platform along with its other DeFi applications.

Further, both the networks have doubled down on their partnership recently, and SushiSwap introduced an array of new products on the Harmony blockchain. They also launched a few incentive campaigns like a $2 million in liquidity mining rewards, a hackathon dedicated to SushiSwap developers, etc.

Moreover, both Harmony and SushiSwap have launched $2 million worth of rewards for borrowers and lenders on their lending and margin trading platform - Kashi. The rewards will be eventually split equally between ONE and SUSHI holders.

3. SushiSwap’s Partnership With Celo

SushiSwap has partnered with Celo with an innovative initiative to make DeFi more accessible to the estimated six billion mobile phone users worldwide. The project, named The DeFi for the People initiative, comprises leading crypto protocols. In addition, it offers more than $100m in funding for educational initiatives, grants, and incentives to assist Web3 projects.

The unique combination of Celo’s mobile-first and user-friendly focus and SushiSwap’s DeFi expertise is the major driving force behind the partnership. It strives to serve real people with real needs and facilitates seamless DeFi access globally. As a result, SushiSwap attracts more users and investors by broadening its DeFi initiatives, thus pushing the price of SUSHI to skyrocket in 2023.

Why Is SushiSwap Going To Explode In 2023?

SUSHI seems to be a good buy now for investors interested in exploring the world of decentralized finance.

With significant growth in its entire network and ecosystem, SushiSwap has seen colossal growth over the past few months. The team has also significantly increased its liquidity pools. Moreover, Sushi tokens are AMM tokens that utilize smart contracts to create tradable pairs in the market. Since AMM’s are a relatively new concept, their future is promising and has plenty of room for growth.

The developers of SushiSwap have also announced the launch of Trident; a new AMM protocol built in-house by the Sushi team with an array of innovative DeFi features. Moreover, the team is also focusing on developing new features for its users in the coming years.

The Bottomline

Each DEX provides unique features, various ways to earn interest, and different interest rates. With a tremendous rally and several DeFi initiates, SushiSwap is one of the most popular decentralized exchanges available today. Since its launch, it has performed exceptionally well and has positioned itself as one of the top cryptocurrencies in the DeFi space today. Thanks to its fast-growing ecosystem and series of developments, the SUSHI token is likely going to explode in 2023.