Just months after launch, the royalty-free NFT platform continues to make significant strides
SudoAMM is a royalty-free NFT trading concentrated liquidity AMM protocol. Traders that use SudoAMM enjoy low-slippage swaps occurring between NFTs and tokens, in turn, liquidity providers can better control the price ranges for their liquidity pools and set up dynamic buy/sell walls. With SudoAMM users are able to make ETH-NFT or NFT-ETH swaps and liquidity providers are able to deposit ETH and receive NFTSs as traders swap within the pool, Deposit NFTs and receive ETH as traders swap within the pool, or deposit both NFTS and ETH and receive trading fees as traders swap within the pool. The protocol is governed by a $SUDO token.
The platform has recently achieved over $50 million in total trading volume. The AMM, which stands for Automated Market Maker, has so far surpassed 90,000 transactions and has amassed $251,000 in total fees. The platform was launched this past July and was created by the same team that created Sudoswap, another decentralized NFT marketplace.
SudoAMM was a bit controversial and had the community in a small uproar when the team decided to remove royalties from the market. At the time of this decision, royalties were one of the main draws of NFT projects, and developers and communities alike saw the move as an attack. Royalties in NFT projects allow the artists to earn more revenue from NFT transactions beyond the initial sale of the assets. Royalties were mostly focused on and enforced upon by the marketplaces themselves but due to the wrapping of NFT and the decentralized nature of Ethereum, enforcing royalties on the chain was next to impossible.
Even with the controversial decision, it is obvious that the high usage and trade volume shows that SudoAMM is still able to bring in a strong wave of NFT traders, most of whom do not mind losing out on royalties. Lately, a lot of NFT projects are taking new roads to build better utilities for those that purchase, making royalties less of a focus. Offerings such as membership, special swag, entry into VIP events, and more lucrative offerings have kept NFTs going strong, especially on Solana. The new ” Can’t Be Evil” IP ownership protocols have also changed the way that NFTs are owned and used.
SudoAMM may have been controversial with the decision it made but the month-to-month increase in volume may show that there is indeed a change in sentiment towards how NFTs are created, sold, bought, shared, and collected. Perhaps the future of technology is not about the small passive revenue that can be made from it but more about the actual real-life application of the tech and how it can better be used towards society and decentralization, at any rate congratulations are in order for SudoAMM for such a milestone in such a small amount of time.
[…] Source link […]