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SUSHI hits new all-time high, more than 20% increase in the top 50 market cap coins

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SUSHI hits new all-time high, more than 20% increase in the top 50 market cap coins

After investigating the 24-hour price changes of the top 50 cryptocurrencies by market capitalization, it was found that Terra (LUNA) ranked 32nd with a 22% increase, SushiSwap (SUSHI) ranked 36th with a 31% increase, Compound (COMP) ranked 39th with a 22% increase, and PancakeSwap (CAKE) ranked 48th with a 26% increase.

(1) Terra Stablecoin Continues to Grow

Terra LUNA is a stablecoin project with a native PoS consensus blockchain that has tokens circulating on Ethereum and Solana. It is notably backed by the fund Galaxy Digital. While there have been no major announcements in the past day, Terra's stablecoin TerraUSD has climbed to 85th place in market capitalization, ranking seventh among all stablecoins.

(2) SUSHI Hits All-Time High, Block Rewards Reduced

SushiSwap's SUSHI token has reached an all-time high, while its competitor Uniswap still has a way to go to reach its own historical peak. Recent positive developments for SUSHI include a reduction in block rewards and the inclusion of the high market value DEFI+L product from decentralized ETF provider PieDAO.

The trading volume of SushiSwap compared to Uniswap in February records showed no significant difference, but liquidity has notably increased. As a result, the ratio of trading volume to liquidity has slightly decreased. While Uniswap still leads in this aspect, SushiSwap liquidity providers may earn more with mining rewards in certain trading pairs.

(3) Compound Announces Cross-Chain Interest Rate Market Gateway

Compound's COMP token announced an update to Compound Chain, introducing a prototype for a cross-chain interest rate market that allows users to collateralize assets on one chain and borrow directly on another.

(4) Pancake Rises with Binance Coin

Pancake's CAKE token is the primary decentralized exchange (DEX) on Binance Smart Chain (BSC), and its token CAKE is also utilized across various liquidity mining platforms within the BSC ecosystem. Like the highly correlated BNB token, it has shown a significant recovery from a sharp decline.