SUSHI joins the ARB bandwagon, but whales swim away

SUSHI joins the ARB bandwagon, but whales swim away

March 24, 2023

By Himalay Patel

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SushiSwap collected large amounts of ARB due to Arbitrum’s AirDrop.

SUSHI faced the heat as whales seemingly lost interest in the token.

If a 22 March tweet by SushiSwap [SUSHI] is to be believed, the protocol would be on the receiving end of a large amount of Arbitrum [ARB]. Notably, the latter would be AirDropping 4.2 million ARB onto the Sushi network.

These funds can be added to SushiSwap’s treasury, which was worth $20.3 million at press time, according to data from Token Terminal. This can be used to make progress on the protocol and improve the DEX.

In other news, the protocol’s network activity fell over the last week. This was indicated by the declining number of code commits, which dropped by 72.3% over the last week on SushiSwap’s GitHub. The added influx of revenue that will be procured through the Arbitrum AirDrop will aid the protocol in financially incentivizing more developments.

However, despite the declining code commits on its GitHub, SushiSwap was performing better than most protocols in terms of volume. It captured 14.2% of all DEX market share, coming in second only to Uniswap [UNI] at press time, according to Dune Analytics.