What is XMON SudoSwap Coin (SUDO), NFT and DeFi Token?

Sudoswap is the first DeFi marketplace to offer swaps to and from NFTs. Sudoswap aims to shake up NFT trading with automated market making (AMM) algorithms and liquidity pools, following the lead of the first decentralized Ethereum (DEX) exchange Uniswap. Read on and find out if the Sudoswap project is worth it.

What is SudoSwap?

Sudoswap is the first decentralized marketplace to offer swaps to and from Ethereum NFTs. In addition, Sudoswap was launched in July 2022, so the growth trajectory is surprising, as can be seen in the daily user counts below. He also mentions the need for such on-chain financial instruments. Sudoswap was started by anonymous developer 0xmons and co-founder StateLayer.

0xmons describes the NFT Decentralized Exchange (DEX) as a “gas optimized and capital efficient base layer protocol for NFT liquidity.” It’s a snack, so let’s share it. We’ve already talked about capital efficiency. Gas optimization results in minimal running costs, base level refers to level 1 of your Ethereum.

But why do we need Sudoswap anyway? Currently, NFT marketplaces operate on an order book model. This is also how traditional centralized exchanges work. These traditional marketplaces claim to offer decentralized services, but in reality, they don’t. They also suffer from downtime and a lack of transparency because none of their data is on-chain.

Advantages of using sudoswap:

  • Sudoswap is on-chain – Anyone can create a website and view listed NFTs on cryptocurrency exchanges. In this way they facilitate more decentralization. (When the market goes down, there are always other proxy sites that you can access, so the market is never really “down”.) Life in the chain also makes it easier for chain-bound collectives like DAOs and multisig groups. Finally, on-chain markets are less prone to any form of censorship, a core tenet of many blockchain proponents.
  • Minimal fees apply to users – Sudoswap charges only 0.5% and goes to Sudo Treasury. (Click here for Treasury Wallet.) Users can also buy and wholesale NFT, which saves a lot of gas.
  • Users have many options – Suppose you want to list your NFT at a certain price, say 1 ETH. After that, the reserve price rises to, for example, 2 ETH. Congratulations. Your NFT was purchased at a significant discount. Sudoswap avoids these shortcomings by automatically adjusting the sale price to the lowest price.

How does sudoswap work?

Sudoswap offers several services for NFT users. But the ingenuity behind the platform is that 0xmons looked at what already worked in DEX and extended the model with its NFTs. This is why Sudoswap allows users to buy and sell NFTs using a pool of liquidity. In particular, users can contribute liquidity to the pool and earn transaction fees. Users can also create pools configured to buy and sell their specific NFT collections along custom bond curves. Please note that pools are created and managed by a single liquidity provider.

Users can create three types of pools to earn platform fees: sell-only pools, buy-only pools, and liquidity pools. Let’s say you have 5 NFTs, but some of them are not minimum NFTs, so you don’t want to list all of them with a reserve price. In this case, you can create a pool whose price adapts to the configuration. This allows him to replenish his NFT collection on autopilot without constantly checking prices. If you want to create a buy pool, you can load the pool with ETH and set the bond buying curve. In this way, the price drops with each purchase, sweeping a predefined price range and letting the average dollar cost be your NFT position.

Peculiarities of the Sudoswap task

What is special about Sudoswap is that the task is performed by working with three structures: non-custodial transaction with productive petrol swaps and non-custodial swaps, minimum taxes and multi-asset swaps. Transaction fees on Sudoswap are much cheaper than related transactions on OpenSea.

The non-custodial backend means creators never have to spend listing fees, they just need to report a transaction. Executors pay a commission to execute trades, but the fees can be the same or significantly lower than other major NFT exchanges. NFTs on their platform can also be offered for ETH like many other exchanges or traded on a mix of different ERC tokens. Sudoswap also does not charge any fees.

sudoAMMM

Unlike most other NFT marketplaces, sudoAMM uses an on-chain liquidity pool as a substitute for an off-chain buying guide. Traditional MA allows you to offer liquidity that carries the cost of infinity. SudoAMM is a centralized liquidity AMM for total NFT trading, meaning anyone is free to adjust the selection of fees at which they present liquidity.

SudoAMM does not split NFTs into ERC tokens, but instead uses bond curves to facilitate trading of the entire NFT. Accordingly, some estimates will be made primarily based on the bond curve shape chosen by the pool’s creators – this is a methodology specific to the NFT ecosystem market.

Step-by-step guide to using Sudoswap

There are several ways to use Sudoswap, so let’s get started:

  • Go to sudoswap.
  • Plug in your wallet in the top right corner.
  • Click on “Your pools”.
  • On a new page, click “Create a new pool”. At this point you will be presented with several options.

The options are:

  • Buy NFTs with tokens
  • Sell ​​NFTs for Tokens
  • Do both and earn protocol fees

By clicking on one of the options, you will be redirected to a new page. Only ETH is currently available for the token. When you select an NFT, you can only select NFTs that you already have in your wallet. On the next page you configure your pool. Here you should pay special attention to the bond curve and the delta. The bonding curve is linear or exponential, shown linear in ETH and exponential in percentage. Delta refers to the variation in price per NFT sold or purchased.

In the last step you just need to verify your details and click on “Create pool”. That is it. You’re done. On the contrary, Sudoswap is incredibly easy to use and intuitive. And part of its ingenuity lies in its simplicity. Rather than reinventing the wheel, the platform took what already worked with DEXs and applied the same model to NFTs.

XMON/SUDO Token

XMON token

Sudoswap has a governance token, this token is XMON. Since Sudoswap is a decentralized trading protocol, only governance tokens make sense. Granted, most projects don’t really need it, even though they’re decentralized. Only time will tell how these tokens will grow in value and give the project even more utility. There is an exceptional supply of 1,495 XMON Coins and up to 10,000 XMON Tokens.

SUDO token

SudoAMM is managed by the SUDO token. Once the token is issued, SudoAMM contracts are immediately administered by SUDO token holders.

More information about XMON

Where can I buy the XMON token?

The XMON token can be purchased on several major cryptocurrency exchanges, some of the largest are: MEXC, BKEX, Uniswap (V2)

Conclusion

O sudoswap has experienced phenomenal growth since the launch of its NFT marketplace in July 2022. With the rapid adoption of NFT pools and the elimination of creation costs, Sudoswap has already had a noticeable impact on the ecosystem. PortalCripto hopes you, the reader, have clarified everything about the Sudoswap project.

* PortalCripto appreciates the quality of the information and attests to the verification of all the content produced by its team, but emphasizes that it does not make any form of investment recommendation and is not responsible for losses, damages (direct, indirect and accessories ), costs and loss of profit.

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