SushiSwap’s Ambitious Push into Multichain Territory
There’s nothing quite like a good old-fashioned land grab, even in the world of decentralized finance! SushiSwap, the sassy sibling of the DEX community, has rolled out its contracts across five blockchain networks: xDai, Moonbeam, Binance Smart Chain, Polygon, and Fantom. As announced by CTO Joseph Delong, this multi-chain strategy is paving the way for users to engage with Sushi’s offerings on a broader scale.
A Glimpse into the Future: Optimization and Additional Deployments
Delong chalked up future plans that would make even the most ambitious tech enthusiast giddy. Sushi has its eyes set on Optimism and is even contemplating a move to Solana. But here’s the catch: while users can expect a sleek experience on Binance and Fantom, xDai, Moonbeam, and Polygon require a little more TLC to reach Sushi’s full potential.
Industry Trends: Bridging the Gap with Multichain Solutions
It seems like the entire industry is on a bridge-building spree, quite literally! “Bridges and multichain deployments” are seen as a stepping stone while Ethereum’s second-layer scaling solutions are still in the oven. With high gas fees looming over users like a shadow on a sunny day, this interim solution has quickly gained traction. Delong happily admitted, though there’s no incentive program for multichain pool users currently, the ease of development is a major advantage in the rapid evolution of the DeFi landscape.
Balancer’s Strategic Moves into Moonbeam
While SushiSwap is hogging the spotlight, it’s not alone in this venture. Balancer, another heavyweight in the DEX arena, is also taking steps onto the Moonbeam Network. With support from the Parity team, they are porting their Automated Market Maker (AMM) to this Ethereum-compatible platform, allowing Polkadot-based assets to trade as ERC-20 tokens. Nothing like a little interoperability to spice things up!
The Numbers: Volume Speaks Volumes
A little healthy competition never hurt anyone! Currently, SushiSwap rides the waves as the second-largest DEX, reeling in a weekly trading volume of about $3 billion, while Uniswap holds the crown with a whopping $6.5 billion. Balancer, not one to be left behind, is maintaining its status with an impressive $525 million worth of trades over the past week. With soaring gas fees on Ethereum pushing projects towards alternative solutions, we can expect to see even more action on multiple fronts.
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