In an intriguing development, the renowned decentralized digital asset exchange – SushiSwap, has broadened its horizons by extending its operations to layer 1 blockchain Aptos. This unveiling highlights the first integration of this decentralized exchange (DEX) on a blockchain, sidestepping the Ethereum Virtual Machine (EVM) compatibility.
The reasons for choosing Aptos as a host for SushiSwap encompass scalability, reliability, and security. The highlight of this step is envisaged to enhance the depth and strength of SushiSwap as a multi-chain network. Simultaneously, the move also provides fresh capital to Aptos, allowing it to vie against other non-EVM blockchains such as Solana and Osmosis.
As part of this initiative, SushiSwap is set to deploy the version 2 Automated Market Maker (AMM) and SushiXswap using Aptos’ Move programming language to augment the overall trading experience. This move could prove mutually beneficial as it serves Sushi’s goal to enhance the cross-chain experience, and Aptos yearns for the decentralized finance (DeFi) traction Sushi could bring along.
The ecosystem of Aptos has thus far managed to lock-down a total value of $45 million, while SushiSwap stands robust boasting over $350 million in total value locked (TVL), with Ethereum accounting for the lion’s share of around $267 million.
Despite this advancement, the native tokens of both the assets remained unaffected in terms of price. However, Aptos is enjoying ample praise for luring a substantial platform like SushiSwap. Aptos, the brainchild of former Meta employees, was conceived to build a network that is speedier, scalable, and more reliable.
The CEO of Aptos, Mo Shaikh, expressed his firm belief in the potential of the project stating that while the world was yet to witness what they have built, their work is far from over. Backed by substantial funding from prominent investors like Andreessen Horowitz, the team rolled out their layer 1 blockchain last year.
The official statement from SushiSwap extolled the virtues of Aptos infrastructure, singling it out as key to the scalability of the project and its utilities in enabling developers to build web3 applications effectively and securely.
In the face of these developments, a larger question emerges about the outcomes these integrations will wield and whether they will indeed pave the way to a future where decentralized exchanges truly reign.
Source: Cryptonews
