Sushi deploys DeFi protocol on Fuse Network
Leading DeFi protocol Sushi has added Fuse Network, a layer-1 EVM-compatible blockchain, to the list of its supported chains. With this development, Fuse users will trade and provide liquidity on the Sushi suite of products.
A major milestone
This development represents a significant milestone for Fuse Network due to the position of Sushi in the DeFi sector. Decentralized finance has gained prominence in the past 24 months due to enabling users to access financial services without the requirements of intermediaries and traditional banking platforms.
Sushi is regarded as one of the leading multi-chain community governed DeFi platforms. Its suite of products includes a decentralized exchange (DEX) protocol SushiSwap, the Kashi lending protocol, bentoBox dApps ecosystem, xSUSHI staking platform, Miso decentralized launchpad and the upcoming Shoyu NFT marketplace.
The SushiSwap DEX is one of the largest DEXes by trading volume and has over $2 billion TVL (Total value locked) in its protocol. In addition, Sushi has continued to expand its ecosystem, and Fuse is the latest blockchain to be supported in a list that includes: Ethereum, Binance Smart Chain, Polygon, Fantom and Avalanche. With this development, Fuse users can trade and provide liquidity to the supported pools using the Sushi DApp. Other Sushi’s products set to be deployed to Fuse include Kashi and Miso.
An ideal blockchain protocol for DeFi
In recent months, Fuse Network has become one of the fastest-growing blockchain platforms due to its innovative approach towards simplifying access to DeFi and crypto payments using mobile-centric user-friendly tools. In recent months, this, coupled with its highly scalable network, has seen the blockchain attain adoption among developers and other blockchain projects.
Fuse Network’s blockchain architecture uses a variant of the Delegated Proof-of-Stake (dPoS)-based consensus algorithm and has a block time of around five seconds. It also supports low-cost transactions with an average transaction fee of less than $0.01, making it an ideal blockchain for DeFi protocols.
Fuse Network is also an EVM-based public blockchain and is fully compatible with Ethereum. This means that any smart contract deployed on the latter can also run on Fuse Network without modifying the code. Thus, developers can deploy their projects from Ethereum and other EVM chains to Fuse Network with minimal fuss.
Transactions on Fuse are powered by its native token FUSE, which has experienced increased adoption lately. It is also listed on major centralized exchanges, including Gate.io and MEXC.
Fuse Ecosystem Set for Further Growth
Fuse Network also has a vibrant ecosystem of payment-centric projects. For example, Peepl, a food delivery service powered by the Fuse blockchain, received significant funding from the City of Liverpool, and other Fuse ecosystem products (including the eToro-backed GoodDollar) have also been making significant progress.
Fuse’s most noteworthy completed integrations with other crypto projects, beside Sushi, include The Graph, Pocket Network, Beefy Finance and EIk Finance. The integration with Sushi is a major one, and Fuse intends to attract more established names to its blockchain ecosystem.
Read more: https://coinquora.com/sushi-deploys-defi-protocol-on-fuse-network/
Text source: News – CoinQuora – Latest Cryptocurrency and Block
