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According to the Sushiswap announcement of the partnership with Aura Finance, the DEX said the new deal also included at least 28 other projects.
Sushiswap (SUSHI), one of the pioneering Decentralized Exchange (DEX) protocols in the crypto ecosystem has seen its price jump by a mile after unveiling participation in the latest social experiment among top Decentralized Finance (DeFi) protocols.
At the time of writing, the Sushiswap digital currency is changing hands at $1.46 up 1.95% over the past 24 hours according to data from CoinMarketCap. At its current price, the SUSHI token trading close to its 90-day high of $1.63. The current SUSHI price action is not a farce as the growth is backed by a significant surge in its 24-hour trading volume.
The participation of Sushiswap in the social coordination initiative is a showcase of how well the protocol is relevant and revered in things that concern the broader Decentralized Finance (DeFi) ecosystem. The social coordination initiative according to the participating protocols is an attempt to get DeFi products into the limelight. The plan here is to foster one-on-one participation among users.
According to the Sushiswap announcement of the partnership with Aura Finance, the DEX said the new deal also included at least 28 other projects. It said the new initiative is billed to strengthen DeFi by boosting liquidity, yields, and governance power.
“Web3 is powered by composability and interoperability. Our industry wins when we play to these values. We’re proud to be one of the 30+ DeFi projects that took part in today’s experiment in social coordination,” the Sushiswap announcement reads.
While the exact working modalities of the social coordination innovation are not so clear, it will involve users’ ability to stake, trade, and move tokens easily among chains. It comes off as one of the biggest and most targeted link-ups in the history of DeFi.
Sushiswap Social Coordination and the Fight against Price Slump
Sushiswap has been making attempts for a comeback since the rug pull attempt from Chef Nomi back in 2020. With the price falling from the top 20 at the time to below the top 100 as profiled by CoinMarketCap, the recently announced social coordination initiative might help revitalize the protocol and place it on the right pedestal.
With SUSHI down by more than 93% from its All-Time High (ATH), it comes off as one of the DeFi tokens most hit by the ongoing crypto winter. With the potential of the social coordination program, there is bound to be an easy flow of funds from other protocols into Sushiswap, a trend that is bound to bolster the usability of SUSHI and the exchange’s products and services.
While a steep mile away from retesting half of its ATH, SUSHI is more on track to print a new 52-week high should the current price momentum be sustained.