Leading decentralized exchange SushiSwap is branching out again with a launch on Avalanche, the open-source platform for launching dApps and enterprise blockchains.
In an announcement on March 16, Avalanche stated that it was bringing another large DEX to its ever-growing ecosystem.
Users will be able to perform core token swaps and liquidity mining as they do with SushiSwap on Ethereum, but they can do so now with lower fees and faster transaction finality, it added.
Avalanche welcomes @SushiSwap, one of the leading AMMs in DeFi. DEX traders will now be able to take advantage of the same product but much faster and cheaper than before. https://t.co/M5Csnuze0P
— Avalanche (@avalancheavax) March 15, 2021
Faster Farming on SushiSwap
The platform launched an Avalanche-Ethereum Bridge (AEB) in February to enable smart contract capability on the network. Since then, transactions have increased by over 1,000% to over 626,000, while unique wallets increased by 1,750% to top 39,000, it stated.
The integration of SushiSwap will leverage Avalanche’s high-throughput blockchain, which it claims is able to process over 4,500 transactions per second and instantly confirm transactions. It also claims a fraction of Ethereum’s transaction costs, which are currently averaging around $20, stating that smart contract operations can be carried out for around $0.70.
The announcement added that, in the last three weeks, the total value locked within Avalanche-based automated market makers has grown by 169%, going from $102 million to $275 million.
Joseph Delong, CTO of SushiSwap, stated;
“We look forward to our deployment of Sushi on Avalanche as an important step towards TVL, liquidity, and volume expansion,”
In addition to Avalanche, SushiSwap has also been deployed on Binance Smart Chain, the high-performance Fantom Network, Layer 2 chain Polygon (formerly Matic Network), stable payments blockchain xDai, and specialized “Layer 1.5” chain Moonbeam. The recently launched Solana-based Raydium DEX has also proposed a SushiSwap port codenamed “Bonsai.”
SushiSwap TVL is currently $4.7 billion, according to DappRadar, a fall of 4.3% on the day from a record $5 billion earlier this week.
SUSHI, AVAX Price Updates
The DEX’s native SUSHI token has rebounded somewhat today, rising 0.6% over the last 24 hours. Prices were $20.22 at the time of publication, according to CoinGecko, a fall of 14% since its March 14 all-time high of $23.40. Since the beginning of 2021, SUSHI has gained a whopping 640%.
Avalanche also has its own AVAX token, which has shown a 6.2% gain over the last 24 hours. At the time of publication, it was trading at $31.63. AVAX hit an all-time high of nearly $58 on February 11 but has been in decline ever since.
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