SushiSwap Goes Multi-Chain after Fantom Deployment

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In Brief
  • SushiSwap has now deployed on five different chains.

  • Trading on the Fantom network has launched.

  • SUSHI prices cool from recent all-time high.

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Decentralized automated market maker SushiSwap is branching out and is now operating on several different blockchains, Fantom being the latest.

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In an effort to distance themselves from expensive operations on Layer 1 Ethereum, more decentralized protocols are seeking diversification on different chains. SushiSwap is the latest to jump on the trend.

The Uniswap-rivaling DEX has now been deployed on five different blockchains according to SushiSwap CTO Joseph Delong. He added that Fantom and Binance have good token support but the others will need “some work for the end-user experience.”

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The More the Merrier

In addition to Binance Smart Chain and the Fantom Layer 1 network, SushiSwap has also been deployed on Layer 2 chain Polygon (formerly Matic Network), stable payments blockchain xDai, and specialized ‘Layer 1.5’ chain Moonbeam.

The Fantom deployment was announced on March 4, when ERC-20 token trading and liquidity provision was enabled. Operations are carried out through connected wallets such as MetaMask. However, instead of swapping tokens on the Ethereum mainnet, users can add Fantom as a custom network.

Once this has been done swaps can be executed in seconds with minimal fees, the blog post explained. Adding liquidity will also earn users a 0.25% cut of all trades on the particular pair proportional to the share of the pool.

Fantom is a high-performance, scalable, modular smart-contract platform. It uses an open-source software development kit called Fantom Virtual Machine to enable porting of existing Ethereum based dApps.

Delong added that there are also plans to deploy SushiSwap on Optimism’s Layer 2 platform, adding;

“The industry is currently trending towards bridges and multichain deployments as a middle step before L2 to mitigate high gas costs,”

The newly launched Solana-based Raydium DEX has also proposed a SushiSwap port codenamed ‘Bonsai’.

SUSHI Price Update

The AMM’s native SUSHI token has retreated marginally over the past 24 hours in a fall just below $18. It’s still hovering around its March 2 all-time high of $20.

Since the beginning of 2021, SUSHI has made a whopping 500%. This makes it one of the best-performing DeFi tokens of the year so far. The total value locked on the platform currently stands at $3.3 billion according to DeFiPulse which reports it at sixth in the TVL charts. Collateral on the platform is down marginally from its ATH of $3.75 billion on Feb. 21.

Fantom’s FTM token is trading flat on the day at $0.50 after hitting its own ATH of $0.84 on Feb. 25. Since the beginning of the year, FTM has skyrocketed over 3,000%.   

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Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

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