SushiSwap has joined forces with ZetaChain, an interoperability protocol, to explore the possibility of native Bitcoin swaps across a diverse array of blockchain networks. This partnership marks the first foray into native Bitcoin swaps within the DeFi sector, offering an exciting glimpse into the future of crypto trading.
The primary objective of this collaboration is to enable users to conduct Bitcoin swaps without the need for the often cumbersome process of “wrapping.” Traditionally, Bitcoin swaps involve wrapping the asset to facilitate transactions across different coin blockchains. However, SushiSwap and ZetaChain aim to eliminate this step, streamlining the process and enhancing user experience.
Native Bitcoin swaps hold immense promise for the cryptocurrency community. By allowing Bitcoin users to interact with DeFi protocols in a native manner seamlessly, this integration could democratize access to decentralized finance. This development aligns with the broader trend of making crypto more user-friendly and inclusive.
In the short term, SushiSwap plans to introduce a decentralized exchange (DEX) for basic swaps and liquidity provision on the ZetaChain testnet. Once the Zetachain mainnet goes live, SushiSwap intends to support Bitcoin interoperability fully. This progression will usher in a new era of cross-chain native swaps.
SushiSwap’s DEX deployment on ZetaChain is poised to revolutionize the DeFi landscape by enabling the trading of Bitcoin with assets from various DeFi ecosystems. This includes popular blockchains like Avalanche and Cardano, among others. This move promises to bridge the gap between the vast liquidity of Bitcoin and the DeFi sector, which has historically operated in relative isolation from the world’s largest cryptocurrency.
As news of this groundbreaking partnership spread, the price of Sushi (SUSHI) experienced a notable increase. At the time of writing, Sushi was valued at $1.02, representing a 1.44% price dip in the last 24 hours but a 5.74% increase in the past week. With a market cap of $196,930,959 and a circulating supply of 190 million SUSHI tokens, it’s evident that investors are intrigued by the potential implications of this partnership. On its hand, Bitcoin has traded at 1.38% on the day, reaching $36,361.08 during this press.
