Our weekly crypto derivatives analytics report delves into macro events; the current state of crypto and trading signals from spot trading volume; and futures, options and perpetual contracts.

After mostly trading sideways at the end of April 2025, a US-UK trade deal sparked a crypto rally. BTC surged past $100K for the first time since February, but it’s ETH's performance that captured the derivatives market's attention. 

A 23% increase in ETH's spot price led to an inverted term structure and a spike in front-end volatility. The put/call skew for ETH shifted from a bearish bias to a nearly 10% skew toward OTM calls. Other sentiment indicators, such as perp funding rates and futures yield, also supported the rally. In contrast, while BTC's funding rates and skew have increased, its implied volatility remains low at 40%, over 30 points below ETH's 7-day implied volatility.

Please check out the report’s highlights.

ETH’s record performance since 2021 was propelled by positive term structure

ETH has significantly outperformed BTC and the top 10 cryptocurrencies, marking its largest single-day gain since May 2021. The options market has reflected this enthusiasm, with implied volatility for short tenors rising sharply and inverting ETH’s term structure, thus contrasting with BTC's muted, positively sloped structure. The 7-day tenor for ETH is now trading at a 33-point premium over that for BTC. 

While puts dominate BTC's open interest, ETH is seeing the opposite trend. On May 8, 2025, options volumes surged over $120M, more than double the typical monthly volume, with $60M more in calls than puts. ETH now boasts a positive futures curve and funding rates, as well as a strong skew toward OTM calls.

ETH sees exceptionally bullish put/call skew

ETH's substantial outperformance in the current crypto rally has led to bullish sentiment in its derivatives markets. Funding rates have surged, futures yields are strongly positive and the put/call skew has shifted significantly toward OTM calls, now close to 10%. This starkly contrasts with early April, when the skew was 20% toward OTM puts. Although ETH has underperformed (relative to BTC and other "ETH killers"), it has rebounded in this rally, with the ETH/BTC ratio rising after spending most of the year declining.

Open interest for Bitcoin options increased, with implied volatility remaining suppressed

The announcement of the new US administration's first trade deal, nearly 30 days into Trump's 90-day tariff pause, jolted crypto markets, pushing BTC back up above $100K. Surprisingly, implied volatility has remained suppressed, failing to invert BTC's term structure, with front-end volatility trading at around an 18-month low of 35-40%. On May 8, 2025, options volumes surged, with call volume reaching $189M, reversing last week's trend of higher put volumes. Meanwhile, open interest rose steadily to exceed $300M, the highest level this month, but remains significantly larger for puts than for calls despite the price increase.

Advanced

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Bybit X Block Scholes crypto derivatives analytics report (May 9, 2025): Ether’s put/call skew turns remarkably more bullish than Bitcoin’s

This article explores how Sign works, its flagship products (such as TokenTable, SignPass and EthSign), its native token (SIGN) and how to trade SIGN on Bybit.

Sign is an omnichain attestation infrastructure that empowers users and developers to verify real-world claims on-chain. Built for a more transparent and decentralized future, it eliminates the need to “just trust” and enables everyone to verify with cryptographic proof.

This article explores how Sign works, its flagship products (such as TokenTable and EthSign), its native token (SIGN) and how to trade SIGN on Bybit.

 is an omnichain attestation protocol designed to make it easy for anyone to verify the authenticity of any claim — 

. Whether it’s a document, credential or user identity, Sign transforms traditional trust models into verifiable, cryptographic attestations. 

Sign’s mission is to replace outdated, opaque validation systems with transparent, 

 proof — enabling a future where “verify” replaces “trust.” Through tools like schema registries and digital signatures, Sign empowers users to bring accountability and integrity to digital interactions.

Sign is developed by the team behind EthSign, a 

-native e-signature and agreement platform. Its core team brings deep experience in 

 development and cross-chain integrations.

The project is backed by top-tier investors, including Sequoia Capital China (now known as HongShan Capital Group), Mirana Ventures, HashKey Capital and Hack VC.

This strategic funding positions Sign as a foundational layer in the web3 infrastructure stack.

Sign allows users to create attestations — cryptographically signed statements that prove the validity of claims, such as credentials, achievements or actions. These digital proofs can be verified by anyone at any time, making them tamperproof and transparent.

Sign’s key technical elements include a schema registry that ensures consistent data formatting, digital signatures proving authenticity, and on- and off-chain attestations with support for revocation or updates

This system acts like a programmable layer for web3, bringing a new level of trust to identity, credentials and data exchange.

TokenTable is Sign’s flagship token distribution platform. It helps projects unlock, distribute and manage tokens transparently and securely at scale.

It uses Sign’s attestation engine to verify token unlocks, 

 and vesting schedules, ensuring traceable, auditable token flows.

SignPass is a blockchain-based identity solution that brings real-world credentials on-chain. One notable implementation is the Sierra Leone PR Card, used for the world’s first government-approved on-chain permanent residency program.

SignPass offers encrypted on-chain records for easy 

 verification, physical ID issuance for daily identity use and streamlined digital application systems for cross-border access.

It showcases the way blockchain can modernize public sector services worldwide.

EthSign is a decentralized contract signing platform that lets users create, sign and store legally binding agreements directly on-chain. It removes intermediaries and ensures documents are immutable and accessible.

EthSign reinforces Sign’s mission by bringing traditional documentation into the realm of verifiable web3 attestations.

The SIGN token is the native utility token powering the Sign ecosystem. It’s used for:

The total supply is capped at 10 billion SIGN, with 1.2 billion tokens in circulation. While the fully diluted valuation (FDV) sits above $746 million as of May 7, the circulating market cap is approximately $89.6 million. SIGN continues to gain traction across exchanges and developer networks.

SIGN is available for trading on Bybit via Spot trading and as a USDT Perpetual contract. Bybit offers up to 75x leverage for the SIGNUSDT Perpetual contract and supports secure, high-liquidity spot trading.

Start exploring the future of attestations with SIGN on Bybit today.

Intermediate

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Sign (SIGN): Web3 protocol for trustless attestation

Compliant trading means following platform rules and avoiding manipulative behavior. Learn more about how you can trade responsibly and compliantly on Bybit.

Crypto trading has come a long way from what used to be the domain of institutional players, and is now open to almost anyone with an internet connection. It’s easier than ever to buy and sell digital assets, try new strategies or build a portfolio from scratch all within minutes.

But with that level of access comes responsibility. As more people join the market, the need for fairness and accountability has become even more important. This isn’t just about price charts or profits — it’s about keeping the playing field level for everyone involved.

At Bybit, we take that responsibility seriously. We're here to offer the tools, safeguards and education you need to help you trade responsibly and to protect the platform from misuse.

This article describes what it actually means to trade compliantly, why it matters — and what can happen if things go off course.

Compliant trading means playing fair, following the platform’s rules, staying within the boundaries of what’s allowed and avoiding anything that could unfairly affect the market.

It’s not about avoiding risk: it’s about knowing what you’re doing, using official tools the right way and making sure your trades aren’t causing harm to yourself or others.

In short, compliant traders don’t just focus on their P&L — they understand that how they conduct themselves while trading matters. Responsible trading protects their accounts, keeps the platform stable and builds long-term credibility in the crypto ecosystem.

Why does responsible and compliant trading matter?

It’s easy to assume that compliance is only something platforms or regulators need to worry about. But in reality, every trader plays a part. When someone attempts to exploit the system — for example, by coordinating mass trades through off-platform channels — the consequences can ripple across the entire market.

In extreme cases, irresponsible trading behavior can:

And if the trades in question are linked to coordinated action, use of fake accounts or external bots? That opens the door to account freezes, compliance reviews and, in some cases, permanent suspension.

Bybit has a responsibility to act when the system is being abused — not just for legal reasons, but in order to protect honest traders.

Common examples of noncompliant or risky behavior

Some traders join Telegram groups or online communities in which KOLs (key opinion leaders) give out coordinated trading instructions (for example, “Buy token A now, sell it in an hour”). This practice isn’t just risky: it often involves a small number of insiders benefiting while the majority end up with losses.

When many people follow the same instruction all at once, it can artificially inflate the price of a low-liquidity token. The KOLs then exit at the top —while others are left with falling prices and unexpected liquidations.

Such a textbook case of market manipulation violates our Terms of Service and, depending upon jurisdiction, could violate financial laws.

Using bots or unverified trading strategies

Some Telegram groups may seem convincing, but trades coordinated off-platform are often unverified and may serve someone else’s agenda. 

 programmed to front-run trades, mimic pump-and-dump strategies or follow unverified signals can trigger compliance red flags and may lead to account restrictions.

Bybit does not support trading bots from unverified sources. They can also trigger flags in our monitoring systems, which may result in account suspension.

Using another person’s account or sharing login credentials — even if it’s with a family member — goes against both Bybit’s policies and global 

(AML) rules. It also opens the door to fraud, loss of funds and irreversible penalties.

Tips for responsible and compliant trading on Bybit

The good news is that there’s a better way to trade — responsibly, safely and with confidence, starting with the right tools, mindset and habits.

Use copy trading the way it’s meant to be used

 is one of Bybit’s most trusted features, and for good reason. It gives users access to professional traders’ strategies while maintaining full transparency. However, it only works if you follow verified 

These traders have been vetted and their stats are fully visible. You can view their P&L, risk settings and trade history. Bybit also provides built-in tools, such as 

 and staking products allow you to earn passive yield with minimal effort. These products are fully backed by our infrastructure and undergo regular audits, and are a compliant way to generate returns without chasing risky trades.

No matter how convincing a Telegram group may sound, remember that trades executed outside of regulated channels are unverified and often unaccountable. They may be coordinated for someone else’s gain.

 offers a wide range of articles and tutorials, covering everything from indicators and oscillators to advanced portfolio strategies. Before following any external signal, it’s worth spending 10 minutes to understand the rationale behind it. In trading, knowledge is your best form of compliance. Before you enter any position, ensure that you fully understand the asset you're trading, the current market conditions and the risks involved.

, never share your login credentials, and always enable two-factor (2FA) authentication. In addition, all trading activity should originate from your own account and remain under your own control.

Bybit’s systems are designed to flag irregular behavior. If your account is found to be engaging in prohibited activity, even unintentionally, you may be:

We take these steps in order to protect the broader user base and to uphold market fairness.

Being compliant doesn’t mean missing out on opportunity. In fact, it’s the opposite. It means you’re using the platform the way it was designed, with safeguards, transparency and trust. Shortcuts might look appealing in the short term, but they rarely end well. The most successful traders on Bybit are the ones who understand risk, stay informed and trade with integrity.

Take the time to learn and use the tools available to you. And remember: protecting your account starts with choosing how you’ll trade.

Beginner

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How to trade compliantly and responsibly on Bybit

Discover how DAI evolved into USDS under the Sky protocol—unlocking passive rewards, scalability, and a new era of DeFi with Sky Token Rewards.

In September 2024, MakerDAO, a pioneering 

 (DeFi) protocol, underwent a significant transformation by rebranding itself as 

 (SKY). This rebranding was part of the project's comprehensive strategy to enhance scalability, user engagement and regulatory compliance. The major changes that came with the rebranding include token upgrades, whereby the platform’s stablecoin, Dai, was upgraded to USDS (Sky Dollar) while the 

Let’s take a deeper look at USDS and its role on the Sky platform.

USDS (United States Dollar Sky) is the upgraded version of the Dai stablecoin, launched under the newly rebranded Sky protocol (formerly MakerDAO).

 Like DAI, USDS is a decentralized, overcollateralized stablecoin designed to maintain a 1:1 peg with the US dollar.

However, USDS significantly improves scalability, user incentives and regulatory positioning, making it a next-generation solution for DeFi.

One of the standout features of USDS as a stablecoin is that it creates 

 opportunities for its investors. With USDS, you can access the Sky Savings Rate (SSR) feature, which allows you to participate in the Sky ecosystem's governance by accumulating Sky Token Rewards (STR) (presented in the form of SKY tokens).

SSR also features a variable automated token accumulation feature, whereby you receive 

 to the SSR program. This passive earning potential offers a major advantage for users seeking yield without complicated 

Sky uses a dynamic model that adds USDS to the SSR pool every few seconds. Over time, the value of sUSDS in the particular pool increases. You can then opt to redeem your sUSDS for USDS, and receive the USDS you initially supplied in addition to the USDS equivalent you’ve accumulated.

These rewards serve as an incentive mechanism, enabling users to passively grow their holdings while supporting the health and stability of the Sky ecosystem.

Upgrading from DAI to USDS is straightforward. Users can visit Sky.money and initiate the upgrade directly through a noncustodial, user-controlled process.

The platform provides a simple interface on which users connect their wallets, exchange their existing DAI for an equal amount of USDS and instantly become eligible for yield accumulation and other Sky ecosystem benefits. There are no fees for the upgrade, and users retain full control of their assets at all times.

USDS isn’t just a stablecoin; it’s an evolution of DeFi money. With passive earning through Sky Token Rewards and a smooth, secure upgrade path, USDS sets a new standard for the way decentralized stablecoins can deliver value and financial empowerment to users worldwide.

USDS and DAI are both decentralized stablecoins originally developed under the MakerDAO ecosystem (now Sky). While they share the same core principle — overcollateralization and the maintenance of a 1:1 peg with the US dollar — USDS represents a major evolution of DAI, introducing additional incentives designed to enhance user experience, scalability and regulatory alignment.

DAI has long been a favorite in the DeFi ecosystem, allowing users to generate stablecoins by locking up crypto collateral such as 

. DAI features a savings program, the DAI Savings Rate (DSR), from which people can earn 

 (sDAI). While the DSR program is still running, upgrading to USDS lets you earn two types of rewards through the SSR program: sUSDS tokens and Sky Token Rewards (STRs).

In addition, USDS is well positioned to meet regulatory requirements, aiming for broader mainstream adoption while maintaining decentralization.

Below is a comparison table between DAI and USDS:

USDS is backed by collateral that’s deposited in Sky vaults by borrowers. In return, the reserves for these vaults are backed by three main assets: 

With a market cap of over $8 billion, USDS is the currently third-largest stablecoin after 

 is more complex than that of typical stablecoins, as it includes liquidation mechanisms and a peg-stability module. However, an audit of USDS’s smart contract in September 2024 didn’t report any significant risks with the stablecoin. Notably, S&P Global Ratings 

 of 4 out of 5, indicating constrained ability to maintain its peg under certain conditions. 

​Additionally, the proposal to include a freeze function for USDS, which bestows upon the Sky protocol the power to halt USDS transfers between wallets, has sparked heated discussions within the community, highlighting the ongoing conundrum of balancing security measures with principles of decentralization.

The evolution of DAI to USDS marks a major leap forward for DeFi. By combining DAI's trusted and overcollateralized model with additional passive earning opportunities through Sky Token Rewards, USDS empowers users to enjoy greater financial benefits with less complexity.

The streamlined upgrade process and stronger regulatory positioning set the stage for broader adoption and a more resilient future. As Sky continues to build, USDS represents more than just a stablecoin — it’s the foundation of an open, accessible and more rewarding financial ecosystem for everyone.

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From DAI to USDS: Unlocking an open Sky for a more rewarding future

DeFi

DeFi has exploded over the last year. Here, we look at one of the decentralized exchanges at the heart of this growth: Sushiswap.

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Throughout the past year, the world of crypto has witnessed the decentralized finance (

) market grow and evolve to unprecedented levels. 

technology and cryptocurrencies are taking the financial world by storm. There has been a slew of innovative products developed to provide investors with creative ways to yield returns on their investments, such as 

SushiSwap, a relatively new decentralized exchange (

) and DeFi token with a continuously growing user base.

, one of the best-known Ethereum dApps, was the inspiration for the DEX. SushiSwap extends the platform’s group governance structures and DeFi functionality.

So, what’s all the fuss about? You’ve come to the right place if you want to learn more about SushiSwap (SUSHI). This guide will teach you everything you need to know about the project, from where it all began to the risks and benefits of SushiSwap.

 decentralized exchange (DEX) and automated market maker (AMM) with its own smart contracts. It was developed by “Chef Nomi” in 2020 and runs on the Ethereum blockchain. Decentralized exchanges have been a stable environment for peer-to-peer cryptocurrency transfers, without neither the requirements nor interference of any middlemen or third parties. Providing its own AMM ensures that assets are priced using a trading algorithm, rather than an order book in the way conventional exchanges operate.

SushiSwap is a fork of Uniswap, with several significant variations and additional features, the most notable of which is the SUSHI token. Essentially, the token serves two purposes. First, it grants holders governance privileges and entitlements unique to SushiSwap. And second, it represents a share of the protocol’s payments. SUSHI holders, to put it another way, “control” the overall protocol.

For those unaware of what Uniswap is, it is a decentralized distribution protocol that operates without the use of an order book. It uses an AMM model instead of an order book, in which liquidity suppliers add funds to liquidity pools. AMMs provide instant quotes to traders through an algorithm, as opposed to an order book, to which a trader has to refer to for a price.

The DeFi concept is inextricably related to community governance. A slew of new tokens has been released, due to liquidity mining (yield farming) as a feasible form of token delivery. The goal is to give an equal opportunity by, for instance, providing a fair distribution, depending on the sum of funds supplied.

Governance privileges are one of the primary features of SushiSwap. These privileges are awarded to token holders as a result of the token issued by these liquidity rewards. On top of this, SUSHI holders are also entitled to a percentage of the fees charged through the protocol by traders as a form of entitlement. In the case of SUSHI, anyone may apply a SushiSwap Improvement Proposal (SIP), which is then voted on by SUSHI token holders. 

As a result of this method of governance, the SushiSwap protocol can undergo minor or significant changes. SushiSwap’s creation is entirely in the hands of SUSHI token holders, rather than a more conventional team like Uniswap. DeFi protocols will benefit from a strong community. This is the idea behind SushiSwap.

In order to develop the base for SushiSwap, the founding team copied the open-source code used by Uniswap. Then SushiSwap implemented a tactic in which they offered users SUSHI token prizes if they put money in a special Uniswap pool.

Despite being young and growing in popularity, SushiSwap has had a troubled background. The project went live in August 2020, and developers decided not to perform a pre-mine. Instead, the DEX SushiSwap was founded by a pseudonymous person or collective named Chef Nomi.

Sam Bankman-Fried, CEO of FTX derivatives exchange and quantitative trading company Alameda Research, took 

 charge of SushiSwap on September 6th, 2020, and migrated tokens from Uniswap to SushiSwap on September 9.

The idea (and main purpose) behind SushiSwap is to simulate a standard market by allowing users to buy and sell various crypto assets. Tokens traded on SushiSwap are maintained by smart contracts, rather than by a single central authority. Users can also lock crypto on the software, which can then be accessed by traders. Those who sell against locked securities must pay a premium. This premium is then proportionally allocated to all liquidity suppliers, depending on the funds invested.

By first adding their Ethereum wallet to the SushiSwap farming program and then successfully combining two assets into a smart contract, liquidity providers can add to SushiSwap pools. For example, SushiSwap’s USDT/ETH liquidity pool is made up of reserves of equivalent size in USDT and ETH. Following that, buyers will exchange tokens inside the pool according to the protocol’s rules.

SushiSwap smart contracts require a buyer to give and receive the same amount of tokens in order to maintain an overall stable price pool. Suppliers are compensated with protocol payments, as well as SUSHI tokens in return for preserving liquidity in these pools.

Providers will redeem their funds as well as their “harvest,” which is the cryptocurrency gained through farming, at any time. Users can access the SushiBar software if they choose to gain more cryptocurrencies after harvesting their SUSHI. The software helps them to stake their SUSHI to earn the xSUSHI coin, which is made up of SUSHI tokens purchased on the open market and a portion of the exchange’s generated fees.

In order to use SushiSwap, you’ll need to first get your hands on some ETH. There are many options, but the most common is to use a fiat on-ramp. You first have to find a centralized exchange that accepts fiat currency and also fits your personal needs. Fiat on-ramps call for verification through proof-of-identity (POI) or proof-of-address (POA).

Next, you’ll turn the fiat currency to ETH after you’ve enrolled. Now you can get to SushiSwap. The first thing you can do when you get to SushiSwap is pick a liquidity pool. Keep in mind that AMMs like SushiSwap don’t need projects to go through any kind of verification. It’s important to always do your own research, in order to avoid rug pulls and other dubious schemes when investing.

The next step is to attach your ERC-20-compliant wallet once you’re ready. Link it to your chosen exchange platform and then deposit your crypto investments into the liquidity pool that best fits your investing plan. You can get SLP tokens after you stake your tokens. If the project’s liquidity pool grows, the value of SLP tokens rises. You can also farm these tokens to win more rewards.

In a nutshell, SushiSwap is a feature-rich clone of Uniswap. It’s taken the framework of Uniswap and added a whole ton of stuff that makes it an upgraded version on Uniswap. It began with Sushi Chef, which was a smart contract that allows Uniswap liquidity providers to store their pool tokens in exchange for SUSHI tokens. So, essentially, Uniswap liquidity providers sent their pool tokens to Sushi Chef, and Sushi Chef rewarded them with tokens.

Both liquidity providers who kept their Uniswap pool tokens with the Sushi Chef allowed Sushi Chef to remove their tokens from Uniswap pools and transfer it to SushiSwap pools on September 9, 2020. The Vampire Attack 

 in the move of nearly $1 billion of liquidity from Uniswap to SushiSwap.

Then we have SUSHI tokens. Uniswap was levying a 0.3 % tax for any exchange that was then added to the pool. SushiSwap contributes just 0.25 % of the charge to the pool, with the remaining 0.05 % split among all SUSHI holders. There are roughly three distinct classes of people to which SushiSwap most pertains traders who exchange, liquidity investors that gain 0.25 % of trading commissions, and sushi holders who earn 0.05 % of the trade fees.

When SushiSwap successfully carried out a “Vampire Attack” on the Uniswap DEX, it literally sucked out Uniswap’s liquidity. Both platforms use a very basic algorithm to automatically balance exchange pairs. They also both use the #DeFi hashtag and operate in the Ethereum ecosystem.

As we mentioned, SushiSwap is essentially an upgrade from Uniswap. Let’s take a look at some of the features and benefits associated with SushiSwap.

Uniswap pays liquidity providers, or investors, 0.3 % of all trading fees, while SushiSwap pays 0.25 % to all participating providers, with the remaining 0.05% converted into SUSHI and allocated to token holders through SushiSwap. Individuals who hold SUSHI tokens can also benefit from farming.

SushiSwap had an amazing DeFi boom very early on, quickly becoming one of the most successful DeFi investments. SushiSwap helps users keep collecting the protocol’s charge, which is denominated in SUSHI. And if a liquidity provider wishes to leave the service, he/she can still profit from the SushiSwap protocol’s rewards through SushiBar.

The Uniswap scheme, like most DeFi protocols today, rewards its providers with trading commissions as they stake their tokens. If they’re deliberately providing liquidity to the pool, this automatically happens. However, if they withdraw their percentage, they are no longer eligible for benefits. Meanwhile, liquidity providers in SushiSwap own a percentage of the pool, and have the option to retrieve SUSHI tokens in order to sell them.

SushiSwap allows consumers to win incentives for becoming active liquidity suppliers, as well as token holders. However, despite SushiSwap’s advantages, there are certain setbacks and risks associated with the project. First and foremost, SushiSwap has experienced, and been criticized for, a lack of audit. Furthermore, the project’s anonymous creators don’t have protections for the majority of users. The bulk of DeFi ventures, including those stable and audited, have been hacked with flash loan hacks and other forms of threats.

Additionally, there have been some issues found recently with regard to SushiSwap’s security. For instance, there have been errors that failed to avoid the same liquidity provider token from being inserted more than once, causing payout variables to be disrupted. A flaw that could enable funds to be stolen from the network if the owner’s private key is compromised has also been an issue.

In addition to these events, there was a massive loss of trust in the platform when Chef Nomi 

 his entire SUSHI stake from a development fund and sold it for nearly 18,000 ETH, valued at over $13 million, on September 5, 2020. This is when Bankman-Fried was sworn in. Despite Chef Nomi’s attempts to defend his conduct as beneficial to the project, several users suspected him of pulling an escape scam, prompting him to leave the project due to the community’s lack of trust. However, Chef Nomi then returned the approximately $14 million to the fund, apologizing to SushiSwap users.

To recap, SushiSwap helps users to share cryptocurrency assets rapidly and efficiently while collecting payments by adding crypto to a liquidity pool. It builds on its predecessor by adding the SushiSwap token, which allows users to collect SUSHI even after withdrawing their crypto from the pools, and has a say in how SushiSwap is managed. SushiSwap had shortcomings from the start, such as uncapped inflation and a lack of security for its development funds. SushiSwap became more decentralized as a result of Chef Nomi’s decisions, and SushiSwap users voted to limit overall SUSHI availability, making SushiSwap even safer for investors.

It’s fair to say that SushiSwap has made a splash in the DeFi sphere, rapidly outpacing many other well-known DeFi ventures in terms of overall value locked. Indeed, SushiSwap’s meteoric rise may be far from over with new features such as lending and cap orders on the horizon.

A Beginner’s Guide: What SushiSwap (SUSHI) Is and How It Works

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