New competitor gains market position of OpenSea's Non-Fungible Token (NFT)
A new non-fungible token (NFT) market competitor is taking away a small share of market share from OpenSea, the dominant player in the field.
Cryptocurrency insights firm Messari noted that the SudoSwap decentralized NFT market “has begun to creep into the OpenSea NFT space,” with daily trading volume reaching 10% of OpenSea in less than a year. full month.
The decentralized NFT marketplace launched in early July, self-paying is “very flexible, fuel efficient and completely on-chain”.
“Currently, the NFT market relies on centralized order books which can be subject to downtime and centralization risks. sudoAMM changes that by being completely on-chain. Anyone can generate the same liquidity used by the sudoswap swap market in their applications using only Ethereum.
The market structure for NFTs is inefficient due to fees. Buyers typically need a 10% price increase to break even. Trading on SudoSwap means you only pay 0.5% fees compared to the usual 7.5% (2.5% + 5% royalty fees) on other platforms, allowing for better price discovery.
SudoAMM was written from the ground up to save traders gas. Trading single NFTs is as cheap as the most optimized NFT swaps, and when trading NFTs in bulk, sudoAMM can be up to 40% cheaper! ”
The total value of locked SudoSwap (TVL) is now above $3 million, up more than 900% from $298,000 at the beginning of August, according to DeFi data tracking tool Llama.
The TVL of a blockchain represents the total capital held in its smart contracts. TVL is calculated by multiplying the amount of collateral locked in the network by the current value of the asset.
Aug 27, 2022