Avalanche Welcomes DEX SushiSwap To Its Network: Report

Avalanche welcomes DEX sushiSwap to its network, hoping that this move will help the platform grow and offer more DeFi offerings as we can see more in our latest cryptocurrency news.

Anyone that used the ETH blockchain over the past few months was met with the high demand for Defi products and network congestion as well as transaction fees that are skyrocketing. For that reason, Avalanche welcomes DEX sushiswap to its team. The developers at Ava Labs believe that this move will help Avalanche grow and compete against Ethereum.

I am thrilled that @SushiSwap is now on Avalanche. Sushiswap has done fantastically well having the highest liquidity in the market.

With Sushiswap’s products and Avalanche’s platform capabilities, it’s going to be a match made in heaven for users!
https://t.co/eBIiKkKyUw

— Emin Gün Sirer (@el33th4xor) March 15, 2021

Earlier this year, the developers launched a bridge to ETH which means that Defi assets like Aave, Chainlink, and Wrapped BTC are already on the network. Decentralized finance is the umbrella term for all blockcahin-based financial products that have no middlemen and encompasses things like loans, derivatives trading, and interest-bearing accounts.
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Decentralized exchanges are one type of Defi products as they provide people to trade different types of crypto assets. Unlike exchanges that are centralized, the DEXs don’t take custody of the users’ coins but only use smart contracts to facilitate peer-to-peer trading.

However, to get on a DEX like Sushiswap users usually need ether. Now, they will be able to use the AVAX token for their transactions and fees which could be a boost for the liquidity of the network and the value of the AVAX token. President John Wu said:

But to get on a DEX such as SushiSwap and start trading tokens, users typically first need Ether, the common currency of DeFi protocols built atop the Ethereum blockchain. Now, they’ll be using the AVAX token for their fees and transactions. That could be a boost for the liquidity of the network and the value of the AVAX token.

“Avalanche offers a complementary ecosystem for DeFi users who have been priced out of the current applications because of high gas fees. That will lead users to explore apps on Avalanche, and pursue yield opportunities within the growing DeFi ecosystem on it.”

1/ Avalanche 🤝 Ethereum. The Avalanche-Ethereum Bridge (AEB) is now live, enabling DeFi users to seamlessly move assets like $WBTC, $AAVE, $UNI, and $LINK between the two ecosystems, manage exposure to high fees, and build without limits. https://t.co/nujRzDFfZG

— Avalanche (@avalancheavax) February 8, 2021

He suggested that the intent is not to harm the ETH blockchain and to kidnap users:

 “Ethereum and Avalanche can together turn DeFi from a niche community to a legitimate competitor with the world of traditional financial services.”

The creation of SushiSwap on Avalanche is a step towards this especially as Sushiswap started out as a clone of Uniswap but then evolved to surpass the DEX in terms of total value locked on the platform.