March 24, 2023

A new non-fungible token (NFT) market competitor is taking a sliver of market share from OpenSea, the dominant company in the space.

Crypto Insights Company Messari notes Decentralized NFT marketplace SudoSwap “has begun to erode OpenSea’s grip in the NFT space,” with daily trading volume reaching 10% of OpenSea’s in less than a month.

Source: Messari

Decentralized NFT Market roll out In early July, it claimed to be “highly flexible, fuel efficient and fully wound.”

claim the item,

“Currently, the NFT market relies on centralized order books that are subject to downtime and the risk of centralization. sudoAMM changes this by going completely on-chain. Anyone can use just Ethereum in their applications Get the same liquidity that sudoswap markets use.

The market structure of NFTs is inefficient due to fees. Buyers typically need a 10% price increase to break even. Trading on SudoSwap means you only pay a 0.5% fee compared to the usual 7.5% (2.5% + 5% royalty) fee on other platforms, resulting in better price discovery.

SudoAMM was written from the ground up to save traders on fuel. Trading a single NFT is as cheap as an optimized NFT exchange contract, while sudoAMM can be up to 40% cheaper when trading NFTs in batches! “

According to the data tracker, SudoSwap’s total value locked (TVL) is currently hovering above $3 million, up more than 900% from $298,000 in early August DeFi Camel.

A blockchain’s TVL 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.

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