It has been claimed that the Decentralized Market (DEX) platform known as SushiSwap (SUSHI) is getting close to launching a new Perpetual contract futures exchange on the Sei Network. This would allow the company to expand its presence in the blockchain ecosystem.
According to reports (1), which cited SushiSwap's Head Chef, Jared Grey, the decision to launch a new trading engine on the Sei Network is a measured attempt to expand its presence beyond the limits of the Ethereum Blockchain.
When the ecosystem of decentralized finance (DeFi) initially opened its doors, SushiSwap was one of the first DEXs to make its debut. Its existence was first hampered by the fact that its originator, Chef Nomi, pulled the rug out from under it. At that time, Sam Bankman-Fried (SBF) stepped in to save the institution by taking over its operation.
Even if its native token SUSHI is not actively tagging alongside its main rivals like Uniswap (UNI) or PancakeSwap (CAKE), it remains one of the most renowned digital tokens available today. The trading desk and its environment have become more stable over the years.
According to Jared, the contract or contract to open the major exchange had been signed by SushiSwap & Sei Network approximately a week ago. This was the case with an agreement to establish the new exchange.
At Quantum Miami, Grey stated, "It's a new play for us," and added that a deal had been inked earlier in the week. Quantum Miami is located in Miami, Florida. "We are working hand in hand with them to determine what development resources need to be deployed from their side for Sushi to use what they've done so that we can deliver value, as a brand, back to them."
The selection of the Sei Network is not completely out of the question, and it is a protocol based on the Cosmos and intended for developers to construct new trading apps with large amounts of bandwidth.
According to Grey, the Sei Network is "focused on having an order book and trying to match engine in about their general agreement layer, and they wish to focus exclusively on that plane, which makes a great deal of sense." Having an order book and a matching engine in the consensus layer is essential for the Sei Network.
A Win Win Situation for All
Within the Web 3.0 ecosystem, it is not unusual to discover progressive alliances formed between different startup companies. In the case of SushiSwap and the Sei Network, it is pretty obvious that both companies will gain from the relationship. In addition to expanding its sphere of influence, the former will use the agreement to create a new income stream for the protocol.
In addition, the company believes that the newly developed trading engine will be useful in its plans to redesign the tokenization of the SUSHI native token. The company believes this step will assist in redistributing value to the digital currency.
SushiSwap is a well-known and respected name in the decentralized finance ecosystem. Having the SushiSwap protocol on board will give Sei Network an excellent opportunity to broaden its scope.
There is confirmed date for the launch of the perpetual futures market; nevertheless, a coordinated effort on both protocols will be necessary to overcome the current strain on liquidity caused by the crypto winter.