On this dashboard, we can see the price of the Sushi token and its volume over the past 30 days.
In Sushiswap, how do you swap tokens?
Using SushiSwap, users can buy and sell different cryptocurrencies among themselves, like they do on a traditional exchange. The tokens are supported by smart contracts as opposed to a central organization, and users lock crypto into the software so traders have access to it.The trader who trades locked assets pays a fee, which is then proportionately distributed among all liquidity providers.
Swap : A swap is the process of trading one cryptocurrency for another, for example, USD Coin (USDC) for Ethereum (ETH).
How to Swap :
- Set up a wallet with SushiSwap (you’ll need some Ethereum to cover gas fees).
- Next, choose which token you want to sell and which token you want to receive.
- After that, enter the amount you wish to trade.
- Uniswap should be approved before swapping tokens.
- As soon as the transaction is complete, your new tokens will automatically appear in your wallet.
SUSHI Token
SUSHI is Sushiswap’s main token, which tokens are distributed to users as a reward for contributing liquidity.Holders of these tokens will also play an important role in managing the network, and some of the fees on the network will be split among them and distributed based on the number of tokens. SUSHI was launched on August 20, 2020. During its initial stage this token was trading at $1.60, but after its rapid growth has climbed to $ 7.50. Since the crypto market crashed nearly two months ago, the price of token has dropped to $4.05 as a result.
We can see on the given dashboard the price drop of SUSHi token over the past 30 days, and look at whether there has been any swap volume impact due to this price drop. Let’s see the below dashboard for a closer look.
Observations
From this analysis,
- Taking a look at the Sushi token price vs swap volume graph, we can see that when the price of the Sushi token was $6.62, the maximum swap volume was $583.67M.
- Furthermore, if we take a look at the daily basis of the price of the SUSHI token, it has decreased from $6.97 to $4.05 over the past 30 days.
- Similarly, Sushiswap Swap volume on a daily basis has dropped from $583.67M to $94.97M over the past 30 days.
- Therefore, if the SUSHI token price decreases then the swap volume declines as well; we can therefore say the swap volume is directly proportionate to the SUSHI token price.