Why SushiSwap’s move to Aptos is relevant to you

  • The transfer, when completed, would grant developers access to better interoperability.
  • Development activity on SushiSwap fell, while DEX volume stabilized.

Automated Market Maker SushiSwap [SUSHI] has announced that it will be migrating to the Aptos [APT] blockchain. The announcement, which was confirmed by Aptos in the early hours of 11 September, would make Aptos the first Layer One (L1) non-EMV chain on Sushi.

How much are 1,10,100 SUSHI’s worth today?

For a long while, SushiSwap has been operating on Ethereum [ETH]. At some point, the Decentralized Exchange also expanded to Arbitrum [ARB] and the BNB Chain. So, the non-EVM feature means that SushiSwap would no longer require continuous monitoring from Ethereum for smart contracts execution and related procedures. 

Time to be serious about developments?

The confirmation by Aptos noted that two SushiSwap products namely the SushiXswap and Sushi v2 AMM would be integrated on the blockchain. In explaining the goal of the decision, Aptos’ statement read,

“Sushi v2 AMM and SushiXswap–will be integrated onto the Aptos network. The first-ever non-EVM integration with Aptos is key to advancing Sushi’s goals for cross-chain and multi-chain prominence.”

One reason SushiSwap was enticed by the integration was the Aptos Move program. Unlike many other projects, Aptos uses Move to provide verifiable transaction-oriented computation. 

Aptos also mentioned that the integration would enable developers from its end and SushiSwap’s to access better interoperability. However, on-chain revealed that SushiSwap may actually need Aptos to revive builders’ contribution to the project.

According to Santiment, development activity on SushiSwap has reduced to 4.11. Typically, development activity, despite being an expensive resource, shows how serious a project is with its proposition.

SushiSwap development activity and DEX volume

Source: Santiment

A high development activity implies superb dedication to shipping new features or addressing existing issues. However, from the chart above, developers’ commitment to upgrades on SushiSwap was not at its highest level.

Stalled addresses and more to come

For the DEX volume, Santiment showed that it increased to $8.83 million. The hike indicates an increase in activity and token exchange on the protocol. Meanwhile, SushiSwap’s network growth fell.

Network growth of a blockchain project indicates user adoption. This is done by tracking the number of new addresses being created on the network. When the metric increases, it means that a project is gaining traction. A decrease in the metric, like it was with Sushi, implies a dearth of transactions by new addresses.

As per the 30-day active addresses, on-chain data showed that it had flatlined since September started. Active addresses indicate the level of daily interaction with a project. Therefore, the metric, at 3486, means the number of distinct addresses participating in transfers on SushiSwap have remained constant for a while.

SushiSwap active addresses and network growth

Source: Santiment

Realistic or not, here’s SUSHI’s market cap in APT terms

Additionally, Aptos disclosed the integration was only the beginning of more to come. It noted that,

“Further integrations are coming soon, focusing on world-class UX and interoperability for Sushi and Aptos users and builders.”

Source link

About The Author

Scroll to Top