On the 21st of July, SushiSwap announced the release of SushiXSwap, a cross-chain swap Automated Market Maker (AMM). With the release of SushiXSwap, the blockchain protocol aims to migrate some DeFi products to the 2.0 architecture.
The liquidity provision process will remain automated on the decentralized protocol, and users will now be able to transfer the tokens from one chain to another. The cross-chain swap will support tokens on the Ethereum mainnet, Polygon Mainnet, Binance Smart Chain Mainnet, and the Avalanche C-chain.
The release of the SushiXSwap synchronizes with the community’s goals of building a decentralized trading platform for the future of finance. Further, with the SushiXSwap adopting StarGate and LayerZero as liquidity transfer layers, users will now be able to enjoy one-click swaps.
StarGate creates new possibilities for direct interfaces with Omnichain wallets, Automated Market Makers, and yield aggregators.
SushiSwap’s Development Trajectory
Undoubtedly, SushiSwap has played a vital role in the DeFi ecosystem. The blockchain protocol has come a long way since its inception, and Matthew Lilley, one of SushiSwap’s developers, has applauded it.
Matthew noted that Sushi was the first major DeFi protocol to test multi-chain expansion. Sushi scaled several networks, paving the way for other DeFi protocols to follow. Admittedly, while Sushiswap has been instrumental in propelling some DeFi developments, the protocol has faced some hurdles on its way.
Matthew Lilley believes that Sushi has learned from its setbacks and has become stronger. The blockchain developer also believes that Sushi’s actions in championing major developments have benefitted the DeFi ecosystem as a whole.
Sushi community members now have access to an all-in-one DeFi platform for performing cross-chain swaps. Additionally, SushiSwap will not weigh users down with hefty fees. The protocol’s fees are low, and gas fees are only charged once.