SushiSwap Acquires Derivatives Trading Platform Vortex Protocol With Plan To Launch In Q2

Key Points:

• SushiSwap announced the acquisition of Vortex Protocol for an undisclosed amount.
• The on-chain exchange will be a new product under the DEX brand and be built on Sei Network, a blockchain employing Cosmos’ infrastructure.
• Vortex Protocol is a not-yet-launched decentralized derivatives exchange. In Q2 2023, Sei Network and Sushi’s recently purchased Vortex Protocol will both go live on the mainnet.

SushiSwap reported that it had acquired Vortex Protocol for an undisclosed sum. The on-chain exchange will be a new product under the SushiSwap brand and be built on Sei Network, a blockchain employing Cosmos’ infrastructure, according to the Decrypt report.

Unreleased decentralized derivatives exchange Vortex Protocol will provide customers with 10x margin trading on a range of assets. In Q2 2023, Sei Network, a brand-new Layer 1 blockchain that focuses exclusively on decentralized trading apps, and Sushi’s recently purchased Vortex Protocol will both go live on the mainnet.

This is also part of SushiSwap’s plan announced in January, although it’s not the foundation that Sushi built in the first place.

The on-chain trading platform will be a new product that will fall under the DEX brand and be built on. Sei. Network, a blockchain that uses Cosmos’ technology. Conversations about the acquisition started, according to Jayendra Jog, co-founder of Sei Network, toward the close of the previous year.

“This acquisition is a direct partnership between the SEI, Vortex, and Sushi teams to help bring to market the first fully on-chain perpetual DEX via Sushi,” said SushiSwap’s CEO Jared Gray.

Earlier, Gray announced the debut of Sushiswap’s decentralized perpetual futures exchange on the. Sei. Network during a conference in Miami, and now the information has finally been revealed.

SushiSwap will now be among the first Ethereum apps to transition to the Cosmos ecosystem as a result of the change. dYdX, a different Ethereum-based derivatives exchange, has also indicated that it plans to debut on Cosmos in Q2.

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