One of Ethereum’s largest decentralized exchanges (DEX), SushiSwap is expanding its network on decentralized financial (DeFi) platform, Avalanche.
The presence of SushiSwap in the ecosystem could indirectly help Avalanche to further strengthen DeFi’s offerings and at the same time compete with Ethereum.
At the time of writing, SushiSwap recorded a total locked in value (TVL) of $ 4.47 billion, ranking fourth after Maker, Compound and Aave.
This integration could eventually allow users to perform the same conversions as with SushiSwap on Ethereum but at a lower cost with fast transactions.
In early February, Avalanche launched the Avalanche-Ethereum Bridge (AEB) alongside Ethereum. This means, all DeFi assets such as Chainlink (LINK), Aave and Wrapped Bitcoin (WBTC) are already available on the network.
Since the launch, smart contract activity at Avalanche has soared with transaction volume increasing 1,051% to over 626,000 and unique wallets rising 1,752% to 39,000.
SushiSwap was launched in August 2020, known as a Uniswap clone in the DeFi industry. The exchange is growing, overtaking TVL -based Uniswap.
Uniswap at the time of writing was after SushiSwap with TVL hit $ 4.08 billion.
