At a conference in Miami, the Head Chef of Sushi Swap announced plans to launch a perpetual futures trading platform on Sei Network. This is part of DEX’s drive to expand its business.
SushiSwap interested in Sei Network
Some time after stating its willingness to expand its business scope, decentralized cryptocurrency exchange (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 The Block and taken from a speech by Jared Grey, head of the SushiSwap Foundation, at a conference in Miami:
“We’re working hand in hand with them [Sei Network] on the development resources that need to be allocated on their end so that Sushi can leverage what they’ve built and more importantly we can provide value, as a brand, back to them. “
As a reminder, Sei Network is a new layer-1 blockchain that is building on the Cosmos ecosystem. This network specialises in optimising transaction processing, particularly for decentralised trading platforms.
Please note that this new blockchain is still in the testing phase, but an airdrop has already been announced. To find out what steps you need to take to become eligible, join our Cryptoast Research group and discover all the analysis and tips from our DeFi experts.
This initiative will allow SushiSwap to move out of the Ethereum (ETH) ecosystem and venture into a new area, different from the decentralised finance sector. This is part of a larger ambition to develop new businesses and give a greater role to its governance token, SUSHI.
In addition, perpetual futures are on the rise and are the eighth largest protocol category in terms of locked-in value. According to DefiLlama, they are worth approximately $1.3 billion and are gaining momentum. There is no doubt that SushiSwap wants to ride this wave to expand its business.
