SushiSwap is a rather famous decentralized exchange, which is the product of a fork of Uniswap. The DeFi protocol suffered from the bear market last year. He had to take drastic measures to survive. But, this led to a flight of some of his followers. Then, in January 2023, SushiSwap announced some plans, including a makeover. He expressed a desire to no longer offer DeFi services only. At the same time, he announced that he plans to launch a derivatives trading platform. One would have thought that SushiSwap would fully develop its platform. But, the DeFi protocol has decided to buy a network that already exists.
Sushiswap will now offer its services on Cosmos
Sushiswap, which announced a tokenization project in January, has just acquired a derivatives-focused platform. The DeFi protocol will soon offer its services on the Cosmos blockchain through its new acquisition Vortex Protocol. The services of the decentralized network based on Ethereum should be available on Cosmos in the second quarter.
Vortex Protocol, a decentralized trading platform focused on derivatives, is built on top of Sei Network. The latter is a blockchain that uses Cosmos tools. It is also part of SushiSwap’s recent acquisitions and will be available on the DEX mainnet in the second quarter. That said, Vortex Protocol should soon change its namenow that it has become an additional product of SushiSwap.
The new trading platform will support a good variety of cryptos. It should make it possible to carry out 10x margin trading. Separately, Jared Grey, CEO of SushiSwap, made a statement on the new acquisition of his network. He asserted : “This acquisition is a direct partnership between the teams at Sei, Vortex and Sushi to help bring to market the first fully on-chain perpetual DEX via Sushi“.
Sei Network co-founder Jayendra Jog has made some interesting claims about SushiSwap’s new crypto project. He explained that Cosmos has the advantage of allowing developers to create project-specific blockchains. He precised : “We chose to use the Cosmos SDK because it is extremely modular and makes it very easy to get a network off the ground“. “Then you can tweak anything you need to change to improve this network“, he added.
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