The main DeFi protocol is working hard to build a multi-chain decentralized financial ecosystem, in which SushiSwap deploys its contracts on five networks, and Balancer announced that it will connect ports to Moonbeam and Polkadot.
On March 3, Joseph Delong, CTO of SushiSwap, announced that DEX has deployed contracts on xDai, Moonbeam Network, Binance Smart Chain, Polygon (previously known as Matic) and Fantom. Delong pointed out that Sushi plans to deploy more in the future, including Optimism. The Solana port is also under consideration.
Delong stated that users can expect a “relatively complete” experience on Fantom and Binance Chain, because both networks currently “provide good support for the listing of tokens”, while the other three networks “will need to do some work.” , Sushi can get a good user experience.
Delong also pointed out that the trend of the entire industry is to use “bridging and multi-chain deployment” as a temporary solution, while Ethereum’s second-layer expansion solution is still under development:
“These deployments are relatively easy to develop. At present, the industry is inclined to bridge and multi-chain deployment, which is an intermediate step before L2 to reduce the high gas cost.”
Delong added that there are currently no incentive rewards for multi-chain pool users.
According to data from Dune Analytics, SushiSwap is currently the second largest decentralized exchange (DEX) with a weekly trading volume of close to US$3 billion, second only to Uniswap’s US$6.5 billion.
Sushi is not the only major DEX focusing on Moonbeam Network. It provides a Polkadot-based smart contract platform compatible with Ethereum, allowing developers to build interoperable applications.
On the same day, Moonbeam announced that the popular decentralized exchange Balancer will work with the Parity team to deploy AMM on their platform.
The statement pointed out that once Balancer is deployed on Moonbeam, Polkadot-based assets will be able to be traded on Balancer like ERC-20 tokens.
Balancer is currently the fifth largest decentralized exchange in terms of trading volume, with a trading volume of US$525 million in the past 7 days.
These announcements were made after Ethereum set a new high gas fee.
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.