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The Decentralized (DeFi) platform that is SushiSwap has been gaining quite the attention this year despite the fact that it’s still a budding token in the cryptocurrency arena. It has already reached several milestones in less than a year and it looks like it’s about to add another one as it now supports Arbitrum.
SushiSwap-Arbitrum integration
SushiSwap Co-Founder 0xMakimade a tweet providing an update about its status stating that Arbitrum has been “deployed.” No further details were disclosed, though it’s likely they’re just making some finishing touches with the said integration. Albeit the drip-feed intel, SushiSwapfaithful’s are delighted about such development.
Earlier in January, SushiSwaphad released a roadmap where a part of it tackled Ethereum’s Layer 2 scaling solution and stated that it would provide support for another platform – Optimism. Nonetheless, Arbitrum just beat Optimism to it and the rest is history.
Uniswap’s slowly but surely approach
In series of tweets, Uniswap creator Hayden Adams discussed working with Optimism including Ethereum’s Layer 2 solutions. He noted that despite the “enormous UX benefits” L2 would bring, not to mention the low tax fees and quicker finalities, they want to take things at a slower pace. He went on to state that it’s “an experimental technology that requires serious battle testing before it can support economic activity at the scale of L1.”
For the uninitiated, Arbitrum is a Layer 2 cryptocurrency platform that makes smart contracts quicker, scalable, and private. Further, it works alongside the Ethereum network, hence ETH developers can cross-compile their contracts to run on Arbitrum with ease.
SushiSwap figures
Going back to SushiSwap, its total value locked recently dropped by 50 percent, though it remains one of the largest DeFi protocols in the world with a current TVL amounting to $4.19 billion. As of writing, its SUSHI cryptocurrency sits at $11.93 alongside a market cap of $1.51 billion.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
