SushiSwap to Launch on Avalanche
- The SushiSwap DEX will expand its DeFi offering on Avalanche.
- Deploying on another network will help SushiSwap expand its liquidity, CTO says.
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According to Avalanche’s press release, SushiSwap’s massive growth has pushed the platform to seek alternative networks as it battles with high Ethereum transaction fees. With the average gas fee for transactions settled in less than two minutes currently around $20, the congestion it causes on the network curbs SushiSwap’s further growth.
Smart contract transactions on Avalanche, on the other hand, cost around $0.70, providing high-throughput to SushiSwap with cheaper and faster finality. Joseph Delong, the CTO of SushiSwap, said that the deployment on Avalanche is an important step towards the expansion of TVL, liquidity, and volume on the exchange. The platform will join a cohort of other DEXs and dapps that have deployed on Avalanche, including Pangolin, Injective, Union, and Frontier.
In the past three weeks, the TVL within Avalanche-based AMMs has increased by 169%, rising from $102 million to $275 million, Avalanche stated in the press release. The number of transactions on the network has also increased significantly since the launch of the Avalanche-Ethereum Bridge (AEB) at the beginning of February. Unique wallets have increased by 1,752% to 39,000, while the total number of transactions increased by 1,051% to over 626,000, data from Avalanche showed.
- In order to become sustainable and profitable again, SushiSwap plans to launch a new DEX aggregator in the first quarter of 2023.
- Other planned products for 2023 include a decentralized incubator, perpetual DEX platform, and “several stealth projects”, which will hopefully “10x” Sushi’s market shares.
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- MetaMask Bridges was designed to aggregate multiple blockchain bridges in one place, making it easier and more secure for users to transfer their assets from one network to another.
- The new feature currently supports the Ethereum, Avalanche, BNB Chain, and Polygon blockchains, as well as the Connext, Hop, Celer cBridge, and Polygon Bridge.
- The Avalanche Foundation’s “Metaverse” program aims to accelerate the adoption and growth of the Avalanche network subnet functionality.
- The first two projects selected for the program are an NFT gaming project, and an institutional DeFi initiative with a native KYC functionality.