Avalanche announced on Twitter that they had launched one of the leading AMM DEX platforms, SushiSwap, on their blockchain.
"Avalanche welcomes @SushiSwap, one of the leading AMMs in DeFi. DEX traders will now be able to take advantage of the same product but much faster and cheaper than before."
Avalanche is an open-source platform for launching highly decentralized applications. With SushiSwap's expansion to Avalanche, users can choose another high-trading venue in Avalanche's rapidly growing DeFi ecosystem. Core swaps and liquidity mining on the Avalanche platform are performed the same way as on Ethereum but with lower fees and faster transaction finality.
SushiSwap On An Upward Trajectory
SushiSwap, an automated market-making (AMM) decentralized exchange (DEX), was launched in August 2020. It has become the biggest DEX in Defi with liquidity over $4.5B on its platform in less than a year. The team aims to focus on critical areas of improvement such as community governance, better liquidity incentives (via yield farming), and advanced product features.
Currently, the average gas fee for an Ethereum transaction is ~$20 US, and these costs spike with rising activity costing users heavily. Smart contract transactions on Avalanche are far lesser at ~$0.70 US. SushiSwap thus gains a competitive edge allowing users to choose it as their preferred DEX for trustless trading, lending, yield farming, and more.
Avalanche Continues Integrating Applications And Tools
Avalanche has seen a 169% growth in the past three weeks, with its total locked value rising from $102 million to $275 million. It continues to improve its user experience by integrating more tools and applications. AMM (automated market-making) DEXs (decentralized exchange) like SushiSwap provide users and projects with the consistency required by projects looking to scale up fast.
In turn, this instant and efficiently priced liquidity give room for more complex Defi Products. The high performance of the Avalanche platform will only benefit SushiSwap as Joseph Delong, CTO of SushiSwap, stated,
"We look forward to our deployment of Sushi on Avalanche as an important step towards TVL, liquidity, and volume expansion."
SushiSwap seeks to incentivize a network of users to operate a platform where users can buy and sell crypto assets using a collection of liquidity pools. It is a fork of UniSwap and currently has $4.58 billion locked up in its contracts (as per DeFi Pulse).
Avalanche is an open-source platform used to launch decentralized applications and enterprise blockchain deployments in one interoperable and highly scalable ecosystem. The Avalanche protocol achieves a high-throughput of over 4500 TPS and finality in less than 3 seconds. As a platform, it enables users to deploy private or public subnets and creates an environment for custom execution to solve their network's requirements.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.