Sushi, the developer of the SushiSwap decentralized exchange, plans launch a decentralized derivatives exchange called Vortex on the Sei blockchain in the Cosmos ecosystem.
Vortex is expected to be one of the first applications on Sei, a layer 1 blockchain designed for on-chain trading for the Cosmos ecosystem. The exchange will support peer-to-peer order matching and the use of 100% online cross collateral. The release is scheduled for the second quarter of 2023, coinciding with Sei’s expected mainnet launch and following Sushi’s recent acquisition of Vortex.
The switch to Sei provides Sushi with an opportunity to expand its offerings in this area. CEO Jared Gray stated that the expansion of the cross-chain from Ethereum to the Sei network is central to this plan.
Sushi is planned to be the first major Ethereum protocol to be launched on Cosmos; dYdX, currently the largest DeFi perpetual contract exchange, has announced plans to migrate to Cosmos, but before the end of 2023.
At the start of the year, SushiSwap developers unveiled an updated blueprint for the project’s tokenomics, which aims to provide “long-term value for token holders and liquidity providers.” Basically, the new version of the document contained changes in the platform fees, as well as a proposal to burn SUSHI tokens. However, the new plan did not include any information about the launch of new platforms.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
