TL;DR Breakdown
- The DeFi platform goes multichain after its smart contract is deployed on five networks.
- Sushiswap contract is now supported on Binance Smart Chain, Fantom, xDai, Moonbeam, and OxPolygon.
- According to the team, current high gas fees on the Ethereum network form the major reason behind the move.
Sushiswap contract becomes available on five additional networks
According to recent posts on the Sushiswap Twitter account, the team revealed that the platform’s smart contract would no longer be limited to the Ethereum Network, as a result of the rising gas prices coupled with the overall poor speed of ERC-20 transactions. Rather, users can now access the decentralized exchange via five new networks. In the series of announcements, it was revealed that these new side chains accessing a sushiswap contract consist of the Binance Smart Chain, Fantom, MoonBeam, xDai, and OxPolygon.
According to Joseph Delong, Sushiswap’s Chief Technology Officer (CTO), too much difficulty would not be encountered in integrating the DeFi network’s smart contract on Binance Smart Chain (BSC) and Fantom as both chains already have good support for non-native tokens. However, the other platforms, namely OxPolygon, MoonBeam, and xDai may need to alter some of the user experience (UX) features to sync efficiently with the Sushiswap contract.
More and more DeFi projects flee Ethereum gas price issues
Sushiswap is not the only exchange trying to solve current issues plaguing the Ethereum Network. Many other swap exchanges built on the network are beginning to seek alternative networks that are fast and more scalable, therefore requiring relatively lower fees for transactions. That however is understandable even though developers have been actively working on deploying the proposed version 2.0 of Ethereum Network, with the hype that it would be the final solution to all the prevailing issues. This is because there have been several failures encountered on the way to the upgrade, leaving the entire crypto community frustrated as they wait for a time when normality will be restored on the Ethereum network.
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