Sushi plans to launch Vortex derivatives exchange on Sei Network

Sushi is about to bring the decentralized derivatives exchange Vortex to the Sei Network of the Cosmos system.

Sushi plans to launch Vortex derivatives exchange on Sei Network

The announcement on the evening of February 23 said, the DEX developer SushiSwap is hatching a plan to set up a decentralized derivatives exchange Vortex on Sei.

Accordingly, the expected integration time is in the second quarter of 2023, coinciding with Sei’s mainnet launch and after Sushi’s recent acquisition of Vortex.

Vortex will be one of the first apps available on Sei. The exchange also supports P2P (Peer-to-Peer) service and cross-collateral use.

Although Sushi is one of the largest DEXs currently, historically the platform has been primarily focused on spot trading and is far behind other derivative protocols. Previously, Sushi was also one of the first DeFi protocols to extend to Cosmos. Last year, dYdX, currently the largest decentralized derivatives exchange, There is also a wish switch to Cosmos.

Shifting focus to Sei will bring new opportunities for Sushi, okay tcarefully calculated in plan for 2023. Sushi CEO Jared Gray said cross-chain scaling from Ethereum to Sei is the immediate focus.

After loss 2022 and financial potential “red alert”, The past SushiSwap was quick proposed changes to tokennomics as killing two lending platforms Kashi and launchpad MISO to streamline the operating structure.

On the other hand, the developer unit Sei Network is in the Series A funding phase with a valuation of $ 400 million, as many media outlets reported yesterday. This project once committed to deduct 1% of the token supply to airdrop for users to experience the network early.

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