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Sushiswap to Launch DEX on Layer 1 Blockchain Sei Network
Harold - CoinCu
2023-01-26 16:28
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Key Points:
- The Sei Network will host a perpetual futures market that Sushiswap will open in order to enter ecosystems that are not Ethereum-based.
- The debut may have an impact on the economics of its native token, SUSHI, as well as the new tokenomics proposal that was approved this week.
- Sushiswap will put a lot of attention on DEX goods this year as part of its previous, larger goals to make the protocol profitable and practical.
“Head Chef” Jared Grey announced the debut of Sushiswap’s decentralized perpetual futures exchange on the Sei Network during a conference in Miami.
Grey said that a deal had been inked earlier in the week when speaking at Quantum Miami:
“It’s a new play for us. We’re working hand-in-hand with them on what developer resources need to be allocated from their side for Sushi to leverage what they’ve built so that we can provide value, as a brand, back to them.”
According to Grey, Sei Network, a brand-new Layer 1 blockchain that focuses exclusively on decentralized trading apps, is focused on having an order book and matching engine in its consensus layer.
One of the biggest non-Ethereum-based blockchains, Sei is a part of the Cosmos ecosystem and enables developers to create specialized chains for certain purposes. Sushiswap intends to build its ecosystem while collaborating with the protocol.
Sushiswap will enter non-Ethereum ecosystems and a different area of decentralized finance as a result of the shift. The new exchange might have an influence on Sushiswap’s tokenomics strategy and create a new source of revenue for the protocol. The decentralized exchange passed a governance proposal earlier this week to update its tokenomics in an effort to divert value back to its native token, SUSHI.
As part of its earlier bigger objectives to make the protocol viable and lucrative, Sushiswap will place a strong emphasis on DEX products this year. In particular, the firm’s objective is to become a market-leading DEX by enhancing its product stack and achieving feature parity to give a solid platform for innovation, such as biased LP routes via aggregation router and focused liquidity, which will be available in Q1 2023.
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