SushiSwap Expands to Aptos Network Ahead of Over $20 Million APT Unlocking Tomorrow

Terrill Dicki  Sep 11, 2023 16:27  UTC 08:27

3 Min Read

Decentrallized Exchange Sushi has announced its expansion to Aptos. Currently, SushiSwap is deployed on Ethereum, BNB Chain, Fantom, Arbitrum, and Polygon (MATIC). This move is noteworthy as it represents Sushi's inaugural venture onto a non-Ethereum Virtual Machine (EVM) chain. It is worth noting that the news comes as Aptos will unlock tokens valued at over $20 million tomorrow.

Aptos, a Layer 1 blockchain, is designed with an emphasis on user experience and secure development. Its infrastructure, coupled with the Move programming language, offers developers a robust platform to craft web3 applications tailored to current consumer demands. The Move language, specifically tailored for smart contracts, facilitates the creation of applications in a manner that is efficient, secure, and straightforward.

This collaboration between Sushi and Aptos, aptly termed as “Move-ing” up to a superior Cross-Chain DEXperience, sees Sushi leveraging the capabilities of Aptos's Move programming language. As a starting point, Sushi will introduce its version 2 Automated Market Maker (AMM). This integration is anticipated to not only provide deeper liquidity across major blockchain networks but also to enhance the cross-chain trading experience substantially.

About Aptos

Aptos is a Layer 1 Proof-of-Stake (PoS) blockchain, distinguished by its unique smart contract programming language, Move, developed by Meta's Diem blockchain engineers. Envisioned to propel mainstream adoption of web3, Aptos aims to empower a diverse ecosystem of DApps addressing real-world user challenges. Boasting a potential transaction throughput exceeding 150,000 tps via parallel execution, Aptos has garnered significant financial backing. In 2022, it secured $200 million in a seed round led by Andreessen Horowitz, followed by a $150 million Series A round. Binance Labs' strategic investment later elevated its valuation to $4 billion. Aptos was co-founded by Mo Shaikh and Avery Ching, both ex-Meta employees with significant blockchain expertise. Aptos's uniqueness lies in its high transaction speed, parallel execution engine, and the Move programming language, offering a more efficient alternative to Ethereum's Solidity. The Aptos blockchain's native currency, APT, has a circulating supply of 130 million out of an initial 1 billion.

About SushiSwap

SushiSwap (SUSHI) is a decentralized automated market maker (AMM) launched in September 2020 as a fork of the renowned Uniswap. Designed to enhance the AMM market, SushiSwap introduces features absent in Uniswap, including augmented rewards for its community through its native token, SUSHI. The platform was initiated by the enigmatic Chef Nomi, with other pseudonymous co-founders being sushiswap and 0xMaki. SushiSwap's uniqueness lies in its AMM system, which eliminates traditional order books, addressing liquidity challenges faced by conventional decentralized exchanges. It charges a 0.3% fee on transactions in its liquidity pools, distributing a portion of these fees to SUSHI token holders, who also gain governance rights. SUSHI tokens are generated at 100 tokens per block. With no premine, its supply began from zero and is expected to reach approximately 326 million by September 2021.

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