NFT Briefing: Su-Susudoswap
sudoswap is an Ethereum-based automated market maker for trading NFTs.
- sudoswap is a Uniswap-like automated market for NFTs.
- It lets users create liquidity pools for their non-fungible assets.
- sudoswap's trading volume has soared in recent weeks.
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Chris Williams explains why sudoswap is soaring.
The sudoswap Surge
Those of you who were around back in 2020 will remember early Uniswap fever, which was one of the biggest contributors to the heady period that became known as “DeFi summer.” Degens would throw their ETH and other coins into liquidity pools on DeFi apps as they launched, scoop up farming rewards in the form of food tokens, and then head to Uniswap to trade them for other coins while their wares were still hot. Many of the biggest names in Ethereum cut their teeth in those days and there was huge money to be made if you were early enough to the new projects. It was a glorious time.
Uniswap has since become a crypto juggernaut with over $1 trillion in lifetime volume, and those same degens have moved onto a new metagame. It centers around what’s been described as the “Uniswap for NFTs”—sudoswap.
Like Uniswap, sudoswap adopts an automated market maker model that lets users create their own liquidity pools. This offers some benefits over other trading venues like OpenSea as it means sellers can collect trading fees and instantly sell their JPEGs at a marked price rather than waiting for a bid. Tokens are priced using a bonding curve, which essentially means that the price increases as demand does. sudoswap also optimizes gas fees, which is particularly beneficial for those looking to “sweep the floor.” Notably, however, there are no royalty fees, which is obviously a big drawback for creators. And it doesn’t account for rare traits, so isn’t the best place to list a grail piece.
sudoswap launched in May but has really taken off over the past couple of weeks. According to Dune data compiled by 0xRob, it’s handled about $18 million of trading volume and activity has jumped up this week.
In response to the growing hype surrounding sudoswap, several familiar sudo-themed projects have cropped up, including Sudo Loot, SudoPepes, and—yes— Sudo Inu. While most of them are likely to trend to zero along with 99% of other NFTs over time, there’s a buck to be made for those who are paying attention. Plus, after having a quick play around with the app myself, I suspect those with patience and sniping skills will find at least a few bargains across some of the older but overlooked NFT collections.
He’ll keep you posted on where the puck is going, and you’ll get access to our Discord server with all of the important info on the latest big drops. Sign up and get up to speed today.
Have fun if you plan on checking out sudoswap for yourself, but try not to get too carried away. Like with every other buzzy trend in Web3, soon the degens will have moved onto the next meta to rinse. In other words, be early (and don’t forget to take profits along the way).
Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.