- September 12, 2023
- Posted by: [email protected]
- Category:
SushiSwap, the popular decentralized exchange (DEX), has announced its integration with Aptos, a scalable, reliable, and secure Layer 1 blockchain, marking a significant departure from its reliance on Ethereum Virtual Machine (EVM) compatibility. This strategic partnership underscores SushiSwap’s commitment to enhancing its platform’s capabilities and strengthening its position as a versatile multi-chain network.
The choice of Aptos as the new home for SushiSwap is attributed to Aptos’ impressive scalability, reliability, and security features. In its official announcement, SushiSwap emphasized that this integration represents a pivotal milestone in its journey, one that promises to enhance the depth of its platform and elevate its status within the multi-chain ecosystem.
For Aptos, this collaboration represents an opportunity to tap into fresh capital as it aims to compete with other non-EVM blockchains such as Solana and Osmosis. Aptos is deeply rooted in the belief that Web3 holds the potential to democratize access to services and empower individuals in terms of creative ownership.
To realize this vision, SushiSwap is set to deploy the v2 Automated Market Maker (AMM) and SushiXswap on Aptos, leveraging the platform’s Move programming language to optimize the overall trading experience. This expansion into Aptos not only unlocks a new level of deep liquidity across major blockchain networks but also significantly enhances the cross-chain trading experience, according to SushiSwap’s statement.
The synergy between SushiSwap and Aptos is evident, as SushiSwap aims to improve cross-chain functionality while Aptos seeks to benefit from the decentralized finance (DeFi) traction that SushiSwap has garnered. Data from DeFiLlama reveals that Aptos has amassed $45 million in total value locked (TVL) on its network, whereas SushiSwap boasts an impressive $350 million in TVL, with a substantial portion (approximately $267 million) residing on the Ethereum blockchain.
Prior to this integration, SushiSwap had been deployed on various blockchains, including Ethereum, Polygon, Base, Arbitrum, and BNB Chain. While the announcement didn’t have an immediate impact on the native tokens’ prices for both platforms, industry observers praised Aptos for attracting a prominent player like SushiSwap to its ecosystem.
Aptos itself has a unique origin story: it was founded by former Meta (formerly Facebook) employees who set out to create a fast, scalable, and reliable network. This journey began with Facebook’s Diem stablecoin plans, and Aptos CEO Mo Shaikh emphasized that their work on Diem was far from over. With backing from a16z’s Andreessen Horowitz and other top investors, the team successfully launched the layer 1 blockchain last year.
SushiSwap’s statement underscores the pivotal role that Aptos’ infrastructure plays in enabling the scalability of their project, particularly as smart contracts harness the network’s utilities. The Move programming language, designed for smart contracts, empowers developers to create web3 applications that address current consumer needs while prioritizing simplicity, security, and speed.
The integration with Aptos is a huge step forward in the world of decentralized exchanges. This strategic move not only showcases SushiSwap’s commitment to innovation but also highlights the potential of Aptos as a formidable player in the blockchain ecosystem. Together, these two platforms are set to redefine cross-chain DeFi and propel the industry into new frontiers of accessibility and functionality.
