Sushiswap, a decentralized cryptocurrency exchange (DEX) and community-led AMM built on the Ethereum, has a low price to sales (P/S) ratio, suggesting that it may be undervalued.

According to Token Terminal, Sushiswap is currently trading at a 3.4x P/S ratio, compared to its main counterpart Uniswap which is trading at a 9.5x P/S ratio. Here are the key metrics surrounding Sushiswap.

Dapps Project P/S ratio sorted from low to high

Over the last few months, SushiSwap has consistently ranked as one of the largest DEXs by trading volume and total liquidity.

As of the time of writing, Sushiswap has a total value locked of $4.2 billion. Its market cap is at $1.53 billion at $12 per coin.

On the other hand, Uniswap has a total value locked of $5.4 billion, with a market cap of $15.5 billion at $27.5 per coin.

Market Cap$15,666,992,400$1,532,983,808
Total Value Locked$5,404,618,271$4,271,054,539
Market cap to total value locked comparison

With just 20% more valued locked in Uniswap, it is trading at a 10x market cap more than Sushiswap, suggesting that Sushiswap can be 5x undervalued or worth at least $60 per coin.

Project annualized revenue comparison

On top of the these metrics showing that Sushiswap is undervalued as compared to other tokens, Chief Investment Officer of cryptocurrency investment firm Arca, Jeff Dorman, has also tweeted that Sushiswap is currently one of the most undervalued cryptocurrency, and shared some possible reasons why.

Here’s the thread: