Ethereum-based decentralized platform Sushiswap has deployed its smart contracts on five different networks. According to reports, this move is in a bid to circumvent Ethereum’s current increase in gas prices.
Sushiswap contracts are officially now on Fantom, 0xPolygon, xDai Chain, Binance Smart Chain (BSC), and Moonbeam.
Joseph Delong, Sushiswap CTO, confirmed this announcement via a series of tweets. According to him, Binance Smart Chain (BSC) and Fantom are equipped with “good support” for tokens and so will not be required to make any notable changes. The other three platforms (xDai chain, Moonbeam, and 0x Polygon) will, however, need to implement several changes to their end-user experience (UX) to be able to adequately support Sushi contracts. For now, SushiSwap is offering no reward in its multichain pools.
— Fantom Foundation (@FantomFDN) March 3, 2021
Ethereum Scalability Issues and the Increase in Multichain Functionality
More projects are moving towards bridges, multichain, etc. to help fight against unexpected increases in ETH gas prices. Ethereum, for one, is facing serious scalability issues. Gas prices are at an all-time high, and the network is generally very slow.
The blockchain platform’s proposed 2.0 upgrade is thought to be the answer to all of Ethereum’s scalability issues. However, the upgrade has also recorded several major issues in its system.
SushiSwap on Fantom
Sushi contracts are finally live on scalable and secure digital asset platform Fantom. SushiSwap is well-known as a decentralized automated market maker (AMM) exchange.
Fantom, in an official blog post, threw more light on how to deploy SushiSwap on Fantom. Users need to:
- First, download and set up the MetaMask wallet.
To set up, you need to select Custom RPC as the network, Fantom Opera as the network name, and Chain ID as 250.
- Next is to swap tokens.
Users will need to specify the number of tokens they are willing to swap before clicking on the “swap” icon.
- Lastly, they will need to add liquidity to SushSwap by clicking on Pool. For every liquidity added, users will earn 0.25% on all trades involving the token pair in proportion to the user’s share in the liquidity pool.
Interestingly, The Graph also recently added support for Fantom Network.
At the time of publication, FTM was trading at $0.443531, with a market cap of $1,132,240,090 and a 24-hour trading volume of $165,490,190.
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