Why is SushiSwap (SUSHI) Moving Today?

SushiSwap SUSHI/USD is up 11.7% today after Tuesday’s announcement of an upgrade to the protocol known as “Trident”.

SushiSwap Twitter

The SushiSwap protocol began as a fork of Uniswap UNI/USD, the largest automated market maker (AMM) on the Ethereum ETH/USD blockchain. 

Now the SushiSwap developer team has announced Trident, “a new AMM protocol built in-house by the Sushi team, with features never-before-imagined in DeFi”

SushiSwap was successful at stealing liquidity away from Uniswap by offering additional SUSHI incentives. Since then, Uniswap’s V3 upgrade has been released. 

Uniswap V3 allows users to provide liquidity within a concentrated range of the price curve, exposing themselves to additional impermanent loss and therefore higher yield. SushiSwap plans to implement its own concentrated liquidity feature, releasing with the Trident update. 

See Also: How to Buy SushiSwap and How to Buy Uniswap

SushiSwap’s need to innovate is apparent, and Trident appears to have holders excited. After forking from Uniswap, SushiSwap has added a plethora of new features to distinguish itself from its competitors.

Alongside the launch, SushiSwap has partnered up with CoinMarketCap and Binance for an exclusive $50,00 learn initiative. By learning about SushiSwap and taking a short quiz, you can claim some free SUSHI tokens to your Binance or Binance.US account. 

See Also: Uniswap vs. SushiSwap