Moonbeam will integrate the popular SushiSwap decentralized exchange to boost DeFi on Kusama’s ecosystem next month.
In an announcement on October 26th, SushiChef stated that the protocol was finally going live on Moonriver. This Moonbeams testing network in a similar way to the Kusama ecosystem. In this article, you’ll discover more about the Moonbeam-Sushiswap integration.
Also, Moonriver confirmed that the integration should be live by November 1.
Expect to see this integration live on Moonriver by Nov-1. Learn more about Moonbeam's integration with Sushi here: https://t.co/dKnxY41zdR
And by reading this Twitter thread👇 https://t.co/x1Q2jRPuGK
— Moonriver Network (@MoonriverNW) October 25, 2021
Moonbeam is an Ethereum-compatible parachain that enables ETH developers to build over to the Polkadot blockchain quickly.
More DeFi on Kusama Ecosystem
Moreover, the Moonriver protocol won the 7th Kusama parachain slot, and it is vying to win the first one on Polkadot next month.
On the other hand, SushiChef stated: “With our suite of products from swap to lend to borrow to IDO, we are excited to breed an ecosystem to support Moonriver/Kusama projects and users.”
Therefore, SushiSwap will leverage Moonbeam’s Ethereum compatibility features to port with minimal effort quickly. This will ultimately provide access to $DOT, $KSM, and other compatible assets. It added that it expects Moonbeam to be one of the places where assets and liquidity concentrate within the Polkadot ecosystem.
Moreover, SushiSwap will be building integrations using the cross-chain features on Polkadot. This will bring assets from other parachains in the ecosystem to Moonbeam. It would also make them accessible to SushiSwap users.
✨ Check out our new page & see Moonriver's DeFi ecosystem and a snapshot of its vibrant ecosystem of integrations!
— Moonriver Network (@MoonriverNW) October 13, 2021
Finally, SushiSwap will also offer liquidity mining incentives with Moonriver. $SUSHI and $MOVR tokens will incentivize Kusama liquidity in the liquidity mining program. It will offer incentives for the following pairs: WETH/WBTC, WETH/BNB, WETH/USDT, USDC/USDT, WETH/MOVR, USDC/FRAX, and MOVR/MIM.
$SUSHI and $MOVR Price
$SUSHI prices have dropped 5% in the last 24 hours and were trading at USD 10.55 when writing this article. However, it is still down 48% from its March 13 all-time high of USD 23.38
On the other hand, the $MOVR token has also dropped 11.4% in the last 24 hours, dropping to USD 360.16. However, $MOVR has made an impressive 41% over the past week, but it is 23.5% away from its USD 494 all-time high, which came on September 11.
We hope you’ve enjoyed everything about the Moonbeam-Sushiswap integration
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