SudoSwap V2 Review: Not Meeting Community Expectations

What is SudoSwap V2? SudoSwap is an AMM platform for NFTs that allows users to buy or sell NFTs instantly. Recently on June 9, 2023, SudoSwap announced the launch of SudoSwap V2 version. So what is different about SudoSwap V2 compared to the previous V1 version? Let’s find out with Weakhand in this article.

Sudo V2 Launch Background

General market context

The NFT market is currently in a saturated stage and has not found a new trend. Only a few Blue Chip projects such as Pudgy Penguins have had exciting activities with the launch of Pudgy Toys on Amazon and achieved sales of $500K USD after only 2 days of opening.

Newly launched projects have not created waves or new trends for the entire NFT market. Except for Mad Lads, which was launched in April 2023 and has created great attraction and fomo for investors on Solana, the remaining projects do not have many highlights.

Regarding market overview:

After that, the market became excited when Blur launched tokens and airdrops for users in the market. After that, we saw a gradual downward trend in volume across the entire NFT market.

The current greed and fear index is only about 29 points, which also shows the current psychology of the market with most investors in a state of loss.

SudoSwap’s performance before launching V2

Regarding the development status of the project:

We have 2 parameters including: Core Developers – number of developers participating in product development and Code Commits – Representing product changes and updates.

Looking at the chart above, we can see that the number of Developers and the number of Commits are at extremely low levels. Since June 2022, only a few sporadic commits have appeared, showing that the team is hardly involved in product development. This situation has only ended since March 2023, showing that developers are actively working again, perhaps preparing for the launch of SudoSwap V2.

In terms of transaction volume as well as daily active users, we see a downward trend since August 2022. At the moment there are only about 50 daily active users with a transaction volume of about $30K USD, much lower than the peak number that SudoSwap achieved which was nearly 2K users with $2.3M USD block amount of transactions generated.

Overall, the parameters of SudoSwap are really not positive in terms of both the development team and the number of active users on the platform. And when the NFT market is as bad as it is right now, why did SudoSwap launch SudoSwap V2?

Perhaps part of the reason is because Bitcoin Having occurs in 2024 and the SudoSwap team wants to develop its product to welcome new people to the platform during the upcoming uptrend period.

What’s Special About SudoSwap V2?

On June 9, 2023, SudoSwap announced the launch of SudoSwap V2 version with some new features such as:

• Royalties (royalties): With SudoSwap V2, royalties will be enforced onchain on-chain via Smart Contract. Royalties will be issued automatically for collections implementing the ERC 2981 standard as well as collections created on marketplaces such as: Manifold/Foundation, Rarible, SuperRare or Zora.
• Creator Settings: These are Smart Contracts that allow creators to reduce royalties to LPs in compliance with conditions set by the creators, such as locking the NFT in the Pool for 90 days or sharing a portion of the transaction fees with them. Creator Settings are always set by the project creator, and LPs who do not opt ​​in will pay on-chain royalties by default.
• ERC 1155 support: SudoSwap V2 now supports ERC 1155 NFTs with ERC 1155 NFT trading pairs for both ETH and ERC 20 tokens.
• Attribute filtering features: SudoSwap V2 version now supports filtering attributes in a collection allowing users to search for NFTs by attribute and rarity to find NFTs that suit their desires.

SudoSwap V2 Review

The implementation of 4 new features with 2 related to creator royalties shows that SudoSwap is focusing more on the role of creators instead of eliminating copyright fees and charging 0.5% for all all transactions.

Here are some advantages in SudoSwap V2 version:

• Pool creation fees for LPs are 15 – 20% cheaper than the SudoSwap V1 version. This is also an advantage that helps drive more LPs to the platform.
• User transaction fees are also 5 – 25% cheaper depending on the number of NFTs traded.
• In addition, the addition of the attribute filtering feature on the platform is also a big plus in this version of SudoSwap V2.

Disadvantages of SudoSwap V2:

• Currently, SudoSwap V2 still does not support many popular collections on the market. Perhaps part of the reason is that SudoSwap’s AMM implementation makes it difficult to set a common price for all NFTs in the collection.
• Setting a common price for all NFTs in a collection also presents another problem. Typically the NFTs traded on SudoSwap are the “cheap” NFTs in each collection and are often at floor prices. So SudoSwap V2 is not suitable for expensive and rare NFTs in the collection. But for those who want to buy NFTs at the floor price, SudoSwap V2 is not the most suitable choice, why? I will give the following example: The Lil Pudgy set is currently being traded at a price of 0.375 ETH on SudoSwap v2, we move to the Blur platform, users can buy Lil Pudgy immediately at a low price of 0.3417 ETH. much better than on SudoSwap V2.

summary

In general, SudoSwap V2 currently still has many shortcomings that need to be improved to be able to take a piece of the cake from NFT Marketplace platforms such as: Blur, OpenSea, … But the launch of SudoSwap V2 also shows innovation and efforts from the development team. Above is all the information I want to introduce about SudoSwap V2, hope everyone will receive interesting knowledge.