Sudoswap: Cumulative trading volume crosses $100m milestone, but…

ambcrypto.com:

With increased trading activity on Sudoswap since the year started, the cumulative trading  volume on the decentralized NFT marketplace has crossed the $100 million milestone, data from Dune Analytics showed. 

While this remains notable, it is noteworthy to point out that daily trading volume on Sudoswap peaked at $2.3 million on 17 August 2022 and has since been on a downward trend. As of 25 February, trading volume on the decentralized NFT marketplace totaled $187,153. 

Source: Dune Analytics

Although cumulative trading volume has rallied to an all-time high, user activity on Sudoswap has declined consistently. Per data from Dune Analytics, the NFT swapping platform has seen a steady fall in the count of new users since August 2022. Similarly, the count of recurring users on the platform has since dipped. 

For example, in August 2022, Sudoswap experienced an average of more than 800 new users every day. However, since the start of February, the platform’s average daily new user count has fluctuated between 50 and 20. On 23 February, it even hit a low of 19 new users.

Source: Dune Analytics

As expected, the reduced user activity on Sudoswap has led to a corresponding decrease in the number of daily transactions and the count of traded NFTs. Since August 2022, the number of daily transactions completed on the protocol has dropped by 93%. 

Source: Dune Analytics

Likewise, within the same time frame, the count of NFTs traded by users daily on Sudoswap has dropped by 96%.

Further, Sudoswap currently registers a steady decline in protocol revenue. The downward trend in transaction volume means there have been fewer users on the platform, resulting in a loss of fees for Sudoswap.

In fact, in the last 30 days, the total fees