During a conference given in Miami, the “Head Chef” of Sushi Swap announced the desire to launch a perpetual futures trading platform on Sei Network. This is part of the DEX’s desire to develop its field of activity.
SushiSwap interested in Sei Network
Some time after asserting its desire to expand its field of activity, the decentralized cryptocurrency exchange platform (DEX) SushiSwap (SUSHI) has announced the launch of a perpetual futures exchange on Sei Network.
Sushiswap is launching a perpetual futures exchange on the Sei Network to expand into non-Ethereum-based ecosystems. As a part of the Cosmos ecosystem, Sei is a new Layer 1 blockchain that specializes in decentralized trading applications. TheBlock https://t.co/SdMsoQy8ol
—Wu Blockchain (@WuBlockchain) January 26, 2023
The information was revealed by our colleagues from The Block and taken from an intervention by Jared Grey, head of the SushiSwap Foundationat a conference in Miami:
“We work hand in hand with them [Sei Network] on the development resources that need to be allocated from their side so that Sushi can leverage what they have built and more importantly that we can provide value to them, as a brand, in return. »
As a reminder, Sei Network is a new layer-1 type blockchain which thrives on the Cosmos ecosystem. This network specializes in optimizing transaction processing and more specifically for decentralized trading platforms.
Note that this new blockchain is still in the test phase, but an airdrop has already been announced. To find out the steps to follow to become eligible, join our Cryptoast Research group and discover all the analyzes and tips from our DeFi experts.
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This initiative will allow SushiSwap to break out of the Ethereum (ETH) ecosystem and venture into a new area, different from the decentralized finance sector. This is part of a greater ambition to develop new activities and give a more important role to its governance token, the SUSHI.
Moreover, perpetual futures are on the rise and rank eighth among protocol categories in terms of blocked value. According to DefiLlama, they are around 1.3 billion dollars and are constantly gaining ground. It is undeniable that SushiSwap wants to ride this wave to expand its field of activity.
👉 To go further – The CEO of SushiSwap wants to multiply by 10 the market shares of his DEX for 2023
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Source: DefiLlama
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