According to the ‘Head Chef’ of Sushiswap, the decentralized exchange (DEX) is launching a perpetual futures exchange on the Sei Network to expand into non Ethereum-based ecosystems.
The launch of perp dex could play a role in its new tokenomics proposal that passed this week, and the economics of Sushiswap’s native token, Sushi. Meanwhile, the Sei Network is a blockchain that is focused on decentralized trading applications.
Sei Network is a Layer 1 blockchain which specializes in decentralized trading applications.
The information is shared by the “Head Chef” of Sushiswap, Jared Grey, about the launch of a decentralized perpetual futures exchange on the Sei Network. A contract also had been signed earlier this week.
At a conference in Quantum Miami, Grey said “It is a new play for them. They are working hand-in-hand with Sei Network on what developer resources need to be allocated from their side for Sushi to leverage what they have built so that Grey and his team can provide value, as a brand, back to them.”
Grey further said that Sei Network is “focused on having an order book and matching engine in its consensus layer, and it wants to focus only on that vertical.” As Grey thinks it makes a lot of sense.
This step will move Sushiswap to non Ethereum-based ecosystems and also a different sector of decentralized finance. However, earlier this week the decentralized finance passed a governance proposal to revamp its tokenomics to try and redirect value back to its native token, Sushi. The new exchange would impact Sishiswap’s tokennomics plan and also add a new source of revenue for the protocol.
Being a part of the Cosmos ecosystem, Sei Network is one of the largest non Ethereum-based blockchains that allows its developers to build customized chains for specific applications. The plan of Sushuswap is to work alongside the protocol in developing its ecosystem.
In addition the Perpetual Futures in crypto is one of the fastest-growing sectors, moving upward to the number eight spot in combined Total value Locked (TVL), according to DeFiLlama. It also represents more than $1 Quadrillion in value in traditional markets, according to decentralized oracle network Chainlink.
It must be noted that Sushuswap faced some challenges with its internal team, financial runway and the overall growing scrutiny the industry faces from regulators.
The current price of SushiSwap is $1.30 with a 24-hour trading volume of $68.42 Million. SushiSwap is up 3.84% in the last 24 hours, with a current market cap of $287.94 Million.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.