Starting from March 9, users can transfer SushiSwap Tokens (SUSHI) into their Coinbase Pro accounts. Trading is set to kick off at 9 AM Pacific Time on March 11 if liquidity conditions are met. Coinbase also announced the addition of Polygon (MATIC) and Skale (SKL).
SushiSwap, which boasts some $3.3 billion in total value locked (TVL) and $850 million in 24-hour volume, was formerly on Ethereum. The DEX is rapidly expanding its menu. It was recently added to Binance Smart Chain (BSC), Fantom, Polygon, xDai Chain, and the Moonbeam Network.
SushiSwap initially got off to a rocky start. It began by cloning the Uniswap source code and creating its own native token to suck liquidity from Uniswap. At the time, BeInCrypto reported that this contentious move resulted in Uniswap losing 75% of its liquidity overnight.
SushiSwap defines itself as “a community-run project, governed by the community vote for all major changes to the protocol. Day-to-day operations, rebalancing of pools and ratios, business strategy, and overall development is ultimately decided on by our Sushi Chef 0xMaki.”
The addition of SushiSwap to Coinbase Pro is helping to solidify its position in the market.
Coinbase is also bolstering its market share, revealing that a recent private sale has put an approximate valuation of $90 billion for the company.
Coinbase announced in January that it would seek a direct listing as opposed to an Initial Public Offering (IPO). The SEC filing approval revealed that the stock will be listed as a Class A security under the ticker of “COIN.”