Degens are finding favor with NFTs
Sudoswap has experienced tremendous growth since the launch of its automated market maker SudoAMM on July 8. On August 16, it facilitated 15.4% of OpenSea’s NFT trading volume—not bad for a project launched less than two months ago.
Aug 22nd 2022
Source: Dune
Sudoswap is a decentralized NFT marketplace that introduces an automated market maker like Uniswap to NFTs, allowing users to trade and swap NFTs using liquidity pools rather than standalone listings. More broadly, it’s a step in the direction of NFT financialization.
Instead of a traditional buyer-to-seller relationship, SudoAMM uses preprogrammed liquidity pools to buy and sell NFTs. In other words, it allows users to instantly sell their NFTs into a pool at a quoted price, similar to limit orders, rather than having to accept a bid like on OpenSea.