SushiSwap, Fleeing Ethereum Fees, Is Now Live on Binance Smart Chain, Fantom, Others
Decentralized exchange (DEX) SushiSwap is now live on Binance Smart Chain (BSC), Fantom, Polygon, xDai Chain and Moonbeam Network, according to the project’s CTO Joseph Delong, in one of the knockoff project’s most notable divergences from Uniswap to date.
SushiSwap, which has some $3.3 billion in liquidity and $300 million in 24 hour volume, was formerly only hosted on the Ethereum blockchain, which is currently suffering under increasingly high transaction fees. Many Ethereum-based projects have been scrambling for scaling solutions, such as Rollups or moving to another blockchain that supports ERC-20 styled digital assets.
The exchange first garnered attention after copying Uniswap’s open source code, adding a token and then diverting liquidity away from Uniswap towards itself with the novel “vampire mining” program. Since then, the project has professionalized, particularly with the addition of Delong.
Delong said SushiSwap is eyeing an integration with Optimism’s Layer 2 solution, Optimistic Rollups. Optimism – closed a $25 million Series B with Andreessen Horowitz in February – is expected to go live on mainnet later this month.
Not all those blockhains are ready for handling ERC-20 assets, Delong said. BSC and Fantom have “good support,” but the others “will need some work for the end user experience.”
The move is one of the first concrete examples of the Uniswap clone going its own way.