So Sushiswap I entered to take advantage of this giant W pattern on the weekly, which should retain the 0.618 fib level and teleport to $16.74; current gain of 64%.
The technicals though look bleak, with 0xMaki leaving his leadership position of Sushiswap, the man who took Sushiswap from a rug pull to a real Uniswap competitor, I think alone has dissuaded a lot of retail investors.
There also is a second issue of a “$1b bug” which a white hat hacker gave to Sushiswap, only to be rejected by the devs.
There was the Miso hack of $3m dollars as well, although fault of the auction contract, still reflects on Sushiswap.
I also am not a fan of the $12.6M given to Celo for liquidity provider rewards, but that’s a small amount given Sushi’s TVL .
Sushi does have some very strong attributes going for it. With Arbitrum and Optimism being the clear next goldmine in crypto (L2), Sushiswap was one of the front runners on Arbitrum, which as we’ve seen with DyDx, L2 can bring a lot of money upstream, fast.
MISO has grown into a very lucrative and successful launchpad, with many launches of successful projects under its belt.
Sushiswap also has been the clear winner in the AMM arena in going multi chain, but very obviously has slowed this effort down and lost on a lot of revenue with its lack of support for AVAX and SOL. With JOE on AVAX gaining huge value and being nothing more than a Sushiswap fork, this was a clear loss on Sushiswap’s part.
Point being, chart looks good, but is this bad news and lack of fast innovation Sushiswap used to be known for the reasoning behind it falling behind the pack?