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- OpenSea Faces Competition From SudoSwap
- SudoSwap Daily Trading Volume Touches 10% of OpenSea.
- SudoSwap Ready to Give Head to HEad competition to OpenSea
Even after a subtle drop in the crypto sphere, many companies are joining the marketplace. One such newbie is a Non-fungible token marketplace that is giving tough competition to OpenSea. This new NFT marketplace is clearly snatching a small percentage of the market share from OpenSea.
The decentralized NFT marketplace SudoSwap is giving tight-end competition to the dominant company. SudoSwap is disrupting OpenSea’s powerful stranglehold in the NFT market. The daily trading volume is approximately 10% of OpenSea’s in less than a month.
The decentralized NFT marketplace was launched in early July and framed itself as a highly flexible, gas-efficient, and fully on-chain.
Claims the project,
“Currently, the NFT market relies on centralized order books that are subject to downtime and centralization risk. sudoAMM changes that by being fully on-chain. Anyone can source the same liquidity used by the sudoswap marketplace in their applications using just Ethereum.
The market structure for NFTs has been inefficient due to fees. Buyers often need a price increase of 10% to just break even. Trading on SudoSwap means you only pay a 0.5% fee versus the usual 7.5% (2.5% + 5% royalty) fee on other platforms, enabling better price discovery.
SudoAMM is written from the ground up to be gas-efficient for traders. Trading single NFTs is just as cheap as the most highly-optimized NFT swapping contracts, and when trading NFTs in bulk, sudoAMM can be up to 40% cheaper!”
The SudoSwap’s total value locked (TVL) currently hovers around $3 Million, up more than 900%.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
