It appears that the decentralized finance (DeFi) boom is back after a multi-week hiatus. Ethereum gas fees have once again returned to the levels seen in the summer while DeFi coins such asÂ AAVE,Â Yearn.financeâ€™s YFI, SUSHI, and more, have begun to outpace Bitcoin by a fair margin.
Usage of DeFi platforms, too, has begun to increase.
Data indicates that the SushiSwap daily volume figure just hit a new all-time high.
SushiSwap volume surges to new all-time high
As noted by Darryl Wang, an investment analyst at DeFiance Capital, the daily trading volume on SushiSwap just hit a new all-time high at $355 million.
The seven-day trailing volumes have hit $1.26 billion, making SushiSwap one of the most popular decentralized exchanges.
Annualizing this figure, SUSHI stakers are earning $33 million in fees per annum.
SushiSwap is expected to soon release its roadmap/plans for 2021.
This is expected to include more information about BentoBox, a money-market solution that will allow investors to short and long a large number of assets in a decentralized manner. Analysts think that this launch will drive value to SUSHI as it will allow stakers to accrue more in dividends over time.
There are also expectations of a SushiSwap v2 in the coming months, though it is currently unclear what this means for SUSHI.
The Mithril Cash effect
One factor driving growth in SushiSwapâ€™s trading activity is Mithril Cash.
AsÂ reported by CryptoSlate previously, Mithril Cash is a fork of the Basis Cash protocol.Â Basis CashÂ is a stablecoin project that is attempting to build an uncollateralized stablecoin. Mithril Cash is a fork of the protocol with a few changed parameters and a more-hyped launch.
Mithril Cash saw an extremely strong launch despite it being a fork.
While few on Twitter would mention the name of the project when it launched, the contracts gained over $100 million worth of deposits in five minutes, $400 million in two hours, then over $1 billion in under 12 hours. At its peak, the project had over $1.4 billion deposited.
According to SushiSwap Vision more than $30 million of Mithril Cash has been traded in the past 24 hours while a few million has been traded in Mithril Shares.
While this is not a majority of SushiSwapâ€™s volume, Mithril Cash only launching pairs for the cryptocurrency on the exchange is likely helping SUSHIâ€™s overall trajectory.