Evaluating SushiSwap’s [SUSHI] renewed tenacity amid possible tribulation
Between 21 March and the time of writing, activities on the SushiSwap [SUSHI] protocol remained increasingly steadfast. Surprisingly, this has been the case despite a recent revelation that the Automated Market Maker (AMM) could face the wrath of the ever-lurking SEC.
Realistic or not, here’s SUSHI’s market cap in UNI’s terms
According to DeFi Llama, SUSHI’s TVL had increased by 12.04% on a monthly basis. The TVL is a metric used to measure the overall health of a protocol. The higher the TVL, the more asset a protocol had locked in its ecosystem.
However, SushiSwap resisted the expected drop in TVL as a result of SEC’s subpoena. Instead, the metric increased by another 2.83% in the last 24 hours. This means that 2020’s Uniswap [UNI] fork maintained a healthy level of unique deposits into the 24 chains under its belt.
Source: DeFi Llama
Furthermore, SushiSwap’s CEO Jared Grey’s revelation drove the project to rank high among the most searched on 21 March. This inference was based on the social volume data acquired from Santiment. According to the blockchain validation hawkshaw, SUSHI’s social volume rose to 46.66 within the said period.
In a more perplexing observation, the weighted sentiment also increased. The metric combines positive and negative comments. It also takes the social volume trend into account. At press time, the weighted sentiment was 0.246. This hike implied that the feeling toward SUSHI remained positive.
Source: Santiment
But why has this been the case despite the investigation into the project’s activities? Well, voting from Grey’s communique showed that the SushiSwap community was resolute in supporting the proposal. At press time, 77% of voters supported the proposal for the legal
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