SushiSwap Enters into 2021 with A Bang; Volume, TVL, & Locked BTC Hit ATH’s

But with the price/sales ratio of Sushiswap trading at 6.5x compared to Uniswap’s 14x and Curve’s at a mammoth 150x, Sushi seems undervalued.


SushiSwap started on a controversial note by forking popular decentralized exchange (DEX) Uniswap and the exit of its creator Chef Nomi but the project has been gaining a lot of organic traction as it continues to develop.

The DeFi project actually registered record volume going into 2021.

The growth started in December when the broad cryptocurrency market shifted its gear into a hyper bull mode.

For Sushi, it meant the liquidity on the platform going from half a million dollars to beyond $1.7 billion. The same has been the case for volume which has reached above $2 billion.

In comparison, Uniswap has nearly $3 billion in liquidity and $4.76 billion in volume.

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When it comes to the fees generated on the DEXs in the last 24 hours, SushiSwap did $1.35 million while Uniswap’s has been just over $2 million. Ryan Watkins of Messari noted,

“Uniswap and SushiSwap are two of the easiest assets to underwrite in DeFi. Both trade at low multiples of earnings, have clear product market fit, have compelling narratives, and are accelerating volumes rapidly. Especially true for SUSHI which has an explicit claim on fees.”

The project not only has a record amount of total value locked in it at $1.78 billion but the staked Sushi is at ATH too at almost $233 million.

Interestingly, the total BTC locked in Sushi is on an uptrend, currently around 8.3k — an increase of 2700% in the last two months. This trend is completely opposite of what Uniswap is seeing whose total BTC locked has dropped 900% during this time and is currently around 3k BTC.

Still based on price/sales ratio while Sushiswap is trading at 6.5x, Uniswap at 14x, Curve at a mammoth 150x, and Balancer at 120x, which gives an indication of Sushi being undervalued.

The price of Sushi is currently just above $4, up from $0.5 in November but way lower than the ATH at $12.5 on Sept. 1st.

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