Why SushiSwap’s 15% Gain Could Be The Beginning Of An Uptrend
25 Março 2022 - 4:17PM
NEWSBTC
Decentralized exchange (DEX) running on multiple networks,
SushiSwap (SUSHI) currently moves in tandem with the general
sentiment in the market. The token approached the $4 price point
but started trending to the downside as Bitcoin was rejected above
$45,000. Related Reading | How A Whitehat Hacker Saved 109K ETH On
SushiSwap-Based Contract As of press time, SushiSwap trades at $3.5
with a 1.5% loss in the last 24-hours. SUSHI holders could benefit
from a long-term bullish trend. Recently, developer 0xMaki shared a
proposal to integrate SushiSwap with LayerZero via their first
omnichain application called Stargate Finance. LayerZero is a
decentralized cross-chain solution to integrate multiple
blockchains. The protocol allows the network to interact and
communicate without a third party or token. In that way, for
SushiSwap, LayerZero and Stargate remove friction from the process
of swapping tokens from a native chain to an alternative
blockchain. The developer explained: LayerZero, and is an Omnichain
asset transfer protocol that leverages the Delta Δ Algorithm to
solve the bridging trilemma: Instant Guaranteed Finality: the
guarantee of funds on the destination chain when a transaction is
successfully committed on the source chain. Unified Liquidity: the
shared access of a single liquidity pool between multiple chains.
Native Assets: the user-desired assets (native or most liquid
synthetic) on the destination chain. SushiSwap has been released on
multiple blockchains, and with LayerZero and its Stargate
application, the protocol could combine all its liquidity without a
single point of failure. This means the different versions of the
DEX on Ethereum, Polygon, Binance Smart Chain, Fantom, and others
could launch unify cross-chain strategies and merge their total
value locked. According to 0xMaki’s proposal, an integration with
Stargate would “facilitate” the transfer and swapping of tokens
between native assets. In that way, SushiSwap could see its
potential “unlock” and provide users with an improved experience to
perform cross-chain trading, new strategies, and increase liquidity
across SUSHI pools. SushiSwap Goes Beyond One Single Blockchain In
addition to these features, Stargate facilitates transactions by
tracking the user’s gas reserves. As the developer explained, the
application can move gas between different blockchains to enable a
transaction. 0xMaki added: This eliminates the pains and struggles
of trying to find a gas faucet, requesting gas from another user,
or trusting that a User Application will send you enough gas after
transferring. Stargate and its native token STG have attracted the
attention of major players in the crypto space. Sam Trabucco, CEO
at Alameda Research, expressed the firm’s long-term bullish thesis
for STG. The firm participated in STG’s recent auction where they
“bought all the tokens”. The assets will be kept under lock for at
least 3 years. The cross-chain asset management opens up a wide
array of possible DeFi use cases, makes capital allocation for
firms like Alameda more seamless, and aids in making the crypto
markets more efficient — among many other benefits @StargateFinance
is creating. — Sam Trabucco (@AlamedaTrabucco) March 22, 2022
Related Reading | SushiSwap Narrowly Escaped A $350 Million
DeFi Hack, Here’s How STG was recently launched on crypto exchange
FTX via the spot market. Once the produce was deployed, the token
saw an increase in volatility and has been trending downwards in
the last hour with a 128% profit in the past week.
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