SushiSwap Ends Ethereum Exclusivity, Moves on to BSC, Polygon, and Other Blockchains
The native token of the market-maker, which has 22.27% of DEX volume, SUSHI has rallied 3,664% from November’s low.
Market-making platform SushiSwap is now going multichain. In the light of high fees on the second largest network, Ethereum, SushiSwap, like many other projects, is now venturing onto other blockchains.
The team has deployed the Sushi contracts to several networks, including Fantom, Polygon, Binance Smart Chain (BSC), Moonbeam Network, and xDai Chain, shared by CTO Joseph Delong.
The integration with Fantom mainnet means one can add liquidity and trade any ERC20 token supported on the mainnet using SushiSwap.
SushiSwap also sees integration with Optimism’s Layer 2 solution, Optimistic Rollups. Optimism is an Ethereum Layer 2 scaling solution that has raised $25 million in a Series B round from Andreessen Horowitz just last month and is expected to go live on mainnet later this month.
As SushiSwap enjoys updates and continuous development, the price of the token also soared to its new all-time high at $20.57 this week. The price of SUSHI is up 3,664% from November’s low of $0.475.
Given that 250 million SUSHI are set to be in circulation ever, and the number of new SUSHI issued continues to get reduced every month, with the last reduction to take place in October 2023, it adds upward pressure on the DeFi token’s price.
SUSHI is also one of the DeFi tokens that Grayscale Investments, the world’s largest digital asset manager, is looking into to provide its institutional investors’ exposure to.
The DEX currently enjoys some $3.4 billion in liquidity and $375 million in 24 hours volume. It hit its highest ever volume last month at $1.26 billion. In the past week, Sushiswap handled $2.8 billion volume compared to Uniswap’s $6.13 billion.
While SushiSwap accounts for more than 80% of Uniswap’s volume and nearly 45% of its volume, it manages just about 11% of Uniswap’s number of trades and 6.8% of unique addresses (users).
Starting as a Uniswap copycat, the project has come a long way and now captures a 22.27% market share of DEX volume, second to Uniswap’s dominant 47.71% share.