Developer Sushi plans to launch a decentralized derivatives exchange Vortex on the Sei Network of the Cosmos ecosystem. The exchange is expected to go live in Q2 of 2023, coinciding with the launch of the Sei mainnet.
We recently announced that Sushi will join the DEX aggregator business with a new aggregator router that will allow users to get the best prices possible for their trades without additional steps. ICYM the memo: https://t.co/L498fim80U But what does it mean & why
— SushiSwap (@SushiSwap) February 23, 2023
Vortex is anticipated to be one of the initial applications on Sei, a Layer 1 blockchain created for on-chain trading for the Cosmos environment. The exchange will offer fully on-chain peer-to-peer order matching and cross-collateral use.
Being one of the biggest decentralized exchanges, Sushi has generally prioritized spot trading and lagged behind other protocols in the derivatives space. This network’s CEO, Jared Grey, noted that growing cross-chain from Ethereum to the Sei network is a critical component of that ambition. The switch to Sei gives a chance for Sushi to increase its product offerings in this space.
“Ultimately, the goal is to increase horizontal product offerings holistically, providing value to all stakeholders within the Sushi ecosystem, with product launches like Vortex on Sei. Sei is the best infrastructure to launch this specific product, with time to finality and a cross-chain thesis that we resonated with,”
Jared Gray said.
One of the earliest DeFi protocols to declare a Cosmos extension is Sushi. The biggest decentralized derivatives exchange, dYdX, announced an intention to transfer to Cosmos last year, and this transfer is anticipated to take place in 2023.
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