SushiSwap Deploys Its Contracts On Five New Networks, Balancer Announces Ports Onto Moonbeam And Pol
It has been reported that Joseph Delong, the CTO of SushiSwap, announced that the DEX had deployed contracts on xDai, Moonbeam Network, Binance Smart Chain, Polygon (previously called Matic), and Fantom.
Sushi is going multichain 🍣⛓ We have deployed the Sushi contracts to these networks 1. @FantomFDN 2. @0xPolygon 3. @xdaichain 4. @binance 5. @MoonbeamNetwork You can access our a̵͚̙̭̟͓͛͑l̶̢̨͈̳̻̀̚p̸͕̭̰̜̐ͅh̶̪̰͚͕́̓̀́̄a̸̩̹̳̳͇̅̀ ̵͈̤̲͒͆̌ releasehttps://t.co/B9spJVXTay https://t.co/r0DtiywycS pic.twitter.com/5Pk5oEBAne — Joseph Delong (@josephdelong) March 3, 2021
However, Delong noted that Sushi is planning additional future deployments, including on Optimism. A Solana port is also under consideration.
The report said that while Delong stated that users can expect “relatively complete” experiences on Fantom and Binance as both networks currently “have good support for token lists,” the three other networks “will need some work” before Sushi’s full user experience will be available.
He also noted that the industry-wide trend of “bridges and multichain deployments” as an interim solution while second-layer scaling solutions for Ethereum are still under development.
We have other deployments planned including @optimismPBC when available. @transmissions11😉 These deployments are relatively simple to develop. The industry is currently trending towards bridges and multichain deployments as a middle step before L2 to mitigate high gas costs — Joseph Delong (@josephdelong) March 3, 2021
He further said that no incentive rewards are currently available for multichain pool users.
Likewise, Dune Analytics stated that SushiSwap is currently the second-largest DEX with a weekly volume of nearly $3 billion, ranking behind Uniswap’s $6.5 billion. Sushi is not the only major DEX looking to Moonbeam Network, which offers a Polkadot-powered Ethereum-compatible smart contract platform allowing developers to build interoperable applications.
Ethereum’s top DeFi projects are increasingly exploring cross-chain integrations, with SushiSwap and Balancer announcing new ports. https://t.co/kYwPtoyo6S — Cointelegraph (@Cointelegraph) March 4, 2021
On the same day, Moonbeam announced the popular DEX Balancer will be working with the Parity team to port its AMM onto their platform. The announcement noted that Polkadot-based assets will be made available for trade as ERC-20 tokens on Balancer once the exchange has been deployed on Moonbeam.
Currently, Balancer is the fifth-largest DEX by volume, hosting $525 million worth of trade in the past few days.
Thus, the announced ports have come following record-high gas fees on Ethereum.