During a conference held in Miami, the “Head Chef” of Sushi Swap announced plans to launch a perpetual futures trading platform on the Sei Network. This is part of the DEX’s desire to develop its field of activity.
SushiSwap interested in Sei Network
Some time after stating a desire to expand its business scope, the decentralized cryptocurrency exchange platform (DEX) SushiSwap (SUSHI) announced the launch of a perpetual futures exchange on Sei Network.
Sushiswap is launching a perpetual futures exchange on the Six Network to expand into non-Ethereum-based ecosystems. As part of the Cosmos ecosystem, Sei is a new layer 1 blockchain specializing in decentralized trading applications. The Block https://t.co/SdMsoQy8ol
—Wu Blockchain (@WuBlockchain) January 26, 2023
The information was revealed by our colleagues at The Block and taken from a post by Jared Grey, head of the SushiSwap Foundationat a conference in Miami:
“We work side by side with them [Sei Network] about 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 them with value, as a brand, in return. »
As a reminder, Sei Network is a new layer-1 blockchain which thrives in 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 testing 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 analysis and advice of our DeFi experts.
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This initiative will allow SushiSwap to exit 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 businesses and give a bigger role to its governance token, the SUSHI.
Moreover, perpetual futures are on the rise and rank eighth among protocol categories in terms of locked value. According to DefiLlama they are around 1.3 billion dollars and are gaining more and more ground. It is undeniable that SushiSwap wants to ride this wave to expand its field of activity.
👉 To go further – SushiSwap CEO wants to multiply by 10 the market shares of his DEX for 2023
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Source: DefiLlama
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Journalist for Cryptoast, I strive to analyze every detail of the exciting world of cryptocurrencies and make it accessible and understandable to as many people as possible.
Lillian Aliaga
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