Decentralized digital asset exchange, Sushi has expanded its operations to layer 1 blockchain Aptos integrating its Sushi v2 Automated Market Maker (AMM) and SushiXswap on the network.
This development marks the first time the decentralized exchange (DEX) will be integrated on a blockchain without the Ethereum Virtual Machine (EVM) compatibility.
Aptos became a destination for SushiSwap because of its scalability, reliability, and security. Sushi noted in its official release that this milestone will improve the depth of the platform while strengthening its position as a multi-chain network.
For Aptos, this move opens up fresh capital as it seeks to rival other non-EVM blockchains like Solana and Osmosis.
SushiSwap is deploying the v2 Automated Market Maker (AMM) and SushiXswap by utilizing Aptos’ Move programming language to improve the general trading experience
This expansion to Aptos not only unlocks a new level of deep liquidity across major blockchain networks but also significantly elevates the cross-chain trading experience," SushiSwap statement reads
The move has been touted as symbiotic to both platforms. While Sushi aims at improving the cross-chain experience, Aptos needs the decentralized finance (DeFi) traction Sushi has to offer.
Data from DeFiLlama shows that Aptos has $45 million as total value locked (TVL) on the network while Sushi boasts over $350 million in TVL with the majority (about $267 million) on Ethereum.
Before this integration, Sushi has been deployed on Ethereum, Polygon, Base, Arbitrum, BNB Chain, etc.
Aptos is tipped for expansion
Although the announcement had no significant impact on the price of the native tokens of both assets at press time, several observers have hailed Aptos for attracting a notable platform like Sushi.
Aptos was founded by former Meta employees who set out to create a fast, scalable, and reliable network. The process was kicked off at Facebook with its Diem stablecoin plans.
Mo Shaikh, the CEO of Aptos explained at the time that the team’s development of Diem was far from over. “We are the original creators, researchers, designers, and builders of Diem, the blockchain that was first built to serve this purpose. While the world never got to see what we built, our work is far from over,” he added.
The team secured funding from a16z’s Andreessen Horowitz alongside other top investors to roll out the layer 1 blockchain last year.
According to SushiSwap’s statement, Aptos infrastructure is key to the scalability of the project as smart contracts leverage the network’s utilities.