A minor portion of OpenSea’s market share is being taken by a new non-fungible token (NFT) marketplace rival. OpenSea is the dominating business in this industry.
Messari, a provider of crypto market intelligence, reports that the decentralized NFT marketplace SudoSwap “has begun to chip away at OpenSea’s monopoly on the NFT field” with its daily trade volume hitting 10% of OpenSea’s in less than a month.
Presently, the NFT market is dependent on centralized order books, which provide both a downtime risk and a centralization risk. This is altered by sudoAMM, which is totally on-chain. Anyone may use Ethereum to get the same liquidity utilized by the sudoswap marketplace in their apps.
Due to fees, the market structure for NFTs has been inefficient. Typically, a 10% price rise is required for buyers to break even. Trading on SudoSwap incurs a 0.5% cost as opposed to the standard 7.5% (2.5% + 5% royalty) fee on other platforms, allowing for improved price discovery.
For traders, SudoAMM is designed from the bottom up to be gas-efficient. Trading single NFTs is as inexpensive as the most highly optimized NFT swapping contracts, and trading NFTs in bulk may be up to 40% cheaper using sudoAMM!”
According to data watcher DeFi Llama, SudoSwap’s total value locked (TVL) is already over $3 million, up more than 900% from $288,000 at the beginning of August.
The entire value of a blockchain’s smart contracts is represented by the TVL. Multiplying the amount of collateral locked into the network by the current value of the assets yields the TVL.