Blockchain

Revolutionary Sushi Launches Derivatives Exchange On Sei Network Q2

Key Points:

  • Sushi plans to launch a decentralized derivatives exchange in Q2 of this year on the Sei blockchain based on Cosmos.
  • A derivatives platform called Vortex will support on-chain, peer-to-peer derivatives trading.
  • This network CEO, Jared Grey, noted that cross-chain development from Ethereum to the Sei network is one of the key goals.
Developer Sushi plans to launch a decentralized derivatives exchange Vortex on the Sei Network of the Cosmos ecosystem. The exchange is expected to go live in Q2 of 2023, coinciding with the launch of the Sei mainnet.

Vortex is anticipated to be one of the initial applications on Sei, a Layer 1 blockchain created for on-chain trading for the Cosmos environment. The exchange will offer fully on-chain peer-to-peer order matching and cross-collateral use.

“Our goal is to deliver optimal pricing to users and increase the number of swap fees for liquidity providers. The aggregator will unify liquidity across various exchanges on a chain and find the best possible routes for a user’s swap.”

The statement said.

Being one of the biggest decentralized exchanges, Sushi has generally prioritized spot trading and lagged behind other protocols in the derivatives space. This network’s CEO, Jared Grey, noted that growing cross-chain from Ethereum to the Sei network is a critical component of that ambition. The switch to Sei gives a chance for Sushi to increase its product offerings in this space.

“Ultimately, the goal is to increase horizontal product offerings holistically, providing value to all stakeholders within the Sushi ecosystem, with product launches like Vortex on Sei. Sei is the best infrastructure to launch this specific product, with time to finality and a cross-chain thesis that we resonated with,”

Jared Gray said.

One of the earliest DeFi protocols to declare a Cosmos extension is Sushi. The biggest decentralized derivatives exchange, dYdX, announced an intention to transfer to Cosmos last year, and this transfer is anticipated to take place in 2023.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Foxy

Coincu News

Victor

Recent Posts

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

52 minutes ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

1 hour ago

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

2 hours ago

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

2 hours ago

Inflation Warning By Vanguard Amid Tariffs And Labor Issues

Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…

3 hours ago

Clanker Token Trading Volume Hits $59.8 Million High On November 21

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

3 hours ago

This website uses cookies.