- Sushi has extended its services to the Aptos layer-1 blockchain, marking its first foray into a non-Ethereum Virtual Machine (EVM) compatible blockchain.
- This expansion could potentially attract more capital and position Sushi alongside other leading non-EVM chains.
- Aptos launched its native APT token last year. Despite its $1 billion market cap, it had difficulty attracting a significant portion of the DeFi TVL.
SushiSwap, a popular decentralized exchange (DEX), has announced its expansion to the Layer 1 blockchain Aptos.
Multiple blockchains are likely to coexist as the decentralized ecosystem evolves. As a result, DEXes are continually attempting to bring liquidity across key blockchain networks.
SushiSwap Intends to Leverage Aptos Technology
SushiSwap confirmed its expansion to the Aptos blockchain in an announcement on Monday. The DEX also expanded to Coinbase’s Base network last month.
SushiSwap is generally available across multiple Ethereum Virtual Machine (EVM) compatible blockchain networks like Polygon, Ethereum, Airbitrum, Fanthom, and others. However, with Aptos expansion, it has now expanded to a non-EVM chain.
SushiSwap has chosen Aptos’ Move programming language to launch its v2 Automated Market Maker (AMM) on the Layer 1 protocol. Furthermore, the DEX also stated that it intends to expand its integration with Aptos.
Sushi’s platform has $350 million in total value locked (TVL), including $267 million of that on Ethereum. According to DefiLlama, Aptos has only $45 million in locked value as of press time. Sushi’s relocation to Aptos has the potential to attract new financing, allowing it to compete with other non-EVM businesses such as Solana, Mixin, and Osmosis.
Former Meta (META) employees created Aptos. It launched its native APT token last year, and despite having a market cap of over $1 billion, the blockchain has struggled to capture a major share of DeFi TVL.
SushiSwap describes Move as follows: “Designed for smart contracts, the Move programming language empowers developers to create applications simply, securely, and swiftly.”
However, according to Token Terminal data, Aptos’ core developers have decreased by 35% in the last 365 days. However, core developers have climbed by 9.8% in the last 90 days, attempting to recapture the 2022 highs.
As of Sunday, the Aptos network had 67 core developers. Token Terminal defines Core developers as follows: “Number of distinct GitHub users that made 1+ commits to the project’s public GitHub repositories during the past 30 days.”
The announcement did not substantially impact the price of SUSHI or the Aptos network’s APT token. The price of SUSHI has dropped by over 2.8% in the last 24 hours, while the price of APT has dropped by 3.87%.
