• 17 July, 2024
News

SushiSwap Makes Waves as the First DEX on Filecoin: Report

SushiSwap has become the first decentralized exchange (DEX) to launch on Filecoin, the world’s largest decentralized storage network. The announcement made by Sushi.com via Twitter, marks a significant development in the ever-expanding landscape of blockchain interoperability.

The integration of SushiSwap onto Filecoin opens up new avenues for users, allowing them to seamlessly trade and provide liquidity on the Filecoin platform. With the deployment of version 2 (v2) and version 3 (v3) automated market makers (AMM), users can expect an enhanced trading experience with improved features.

Source: TradingView

One of the notable features introduced with SushiSwap on Filecoin is the built-in DEX Aggregator, streamlining the trading process and providing users with a comprehensive view of available liquidity across various pools. This innovation is poised to contribute to a more efficient and user-friendly decentralized trading ecosystem.

SushiSwap (SUSHI) is currently priced at $0.9782, experiencing a 2.58% decrease in the last 24 hours. With a market cap of $226,650,945, it ranks 148th, while the 24-hour trading volume stands at $102,880,480, placing it at 74th position. The Volume/Market cap ratio is 40.76%, and the Total Value Locked (TVL) is $287,329,279. The Circulating Supply is 231,704,322 SUSHI (92.68% of the total), with a Total Supply of 249,957,898 SUSHI. The fully diluted market cap is $245,580,881.

The RSI for SUSHI is currently at 45, which is considered to be neutral territory. This means that there is neither a strong buying nor selling pressure on the market, and the price is likely to continue moving in its current direction.

On the daily chart, SUSHI is currently trading in a range between $0.90 and $1.00. The price has been unable to break out of this range for the past few weeks, which suggests that the market is indecisive. However, there are some bullish signs on the chart. The MACD is above the signal line and the RSI is above 30, which suggests that there is some underlying buying pressure.

Though the overall technical analysis of SUSHI is mixed, there are some bullish signs on SUSHI’s chart. If the price can break out of the range, it could start a new uptrend.

Looking ahead, SushiSwap has ambitious plans to further expand its cross-chain functionality with the introduction of SushiXSwap. This feature is set to cover Filecoin and facilitate transactions between Filecoin and more than 30 other blockchain networks. The move positions SushiSwap as a key player in promoting interoperability between diverse blockchain ecosystems, fostering greater connectivity in the decentralized finance (DeFi) space.

The team at SushiSwap expressed their enthusiasm through the official announcement, highlighting the significance of being the first DEX on Filecoin. The integration aligns with Filecoin’s vision of creating a robust and interconnected decentralized internet, utilizing its vast storage capabilities for innovative blockchain applications.

SushiSwap’s venture into Filecoin adds another layer to the growing trend of decentralized exchanges exploring partnerships and integrations with various blockchain networks. As the blockchain space continues to evolve, interoperability remains a focal point for enhancing user experiences and expanding the possibilities of decentralized finance.

The successful launch of SushiSwap on Filecoin not only signifies a milestone for both platforms but also sets a precedent for future collaborations between decentralized exchanges and blockchain networks. The development is poised to influence the trajectory of DeFi, encouraging further exploration and integration across different blockchain ecosystems.

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