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Binance Halts Spot Trading

SushiSwap Forks Uniswap V3 And Deploys On 13 Networks – Will More DEXes Follow?

Dalmas Ngetich
by Dalmas Ngetich
2 years ago
·
Posted in DeFi
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

SushiSwap, a popular decentralized exchange (DEX), is launching its concentrated liquidity pools on 13 networks, per a recent statement.

SushiSwap’s Concentrated Liquidity Pools

This marks the most comprehensive deployment of concentrated liquidity pools, or V3 pools to date, and SushiSwap is the first DEX to offer such a broad coverage.

Concentrated Liquidity, everywhere.
Capital Efficiency, anywhere.

🔥 We have launched Sushi’s concentrated liquidity pools on 13 networks with more coming #soon. This launch marks the largest deployment of v3 pools, ever.

📖: https://t.co/NXW8QjFAkB
🌐: https://t.co/nJoKLALNZ7 pic.twitter.com/E8RdeyQff7

— Sushi.com (@SushiSwap) May 4, 2023

 

SushiSwap’s v3 pools offer several advantages over traditional liquidity pools. By concentrating liquidity in a smaller price range around the current market price, the potential for impermanent loss is reduced, allowing liquidity providers (LPs) to supply liquidity to within a narrow range, subsequently delivering greater capital efficiency.

Related Reading: Hacker Exploit South Korean Exchange GDAC, Drains Over $14 Million

Concentrated liquidity pools are designed to optimize the trading experience for traders and LPs. This reduces the spread between buy and sell orders, resulting in lower slippage for traders and greater capital efficiency for LPs.

SushiSwap also revamped its user interface for easier navigation. This, they said, would make it easier for users to access their positions and manage their trades more effectively. Moreover, the v3 release includes a new route processing contract for SushiSwap’s in-house smart order routing system, which unifies liquidity pools across all of SushiSwap. This enables pools to interact with each other, effectively creating a large pool ecosystem of liquidity to trade against.

The Road Ahead

The launch of v3 pools on 13 networks is just the first step towards increasing the adoption of concentrated liquidity.

In the next few weeks, SushiSwap plans to launch its comprehensive, nearly 30-concentrated liquidity network support in two phases.

The first phase will roll out v3 across 13 networks, with more coming soon, ultimately covering all 30 chains live on SushiSwap. Additionally, SushiSwap plans to deploy its full DEX to zero-knowledge rollups soon.

In the second phase, SushiSwap will introduce a unique rewards program for the most efficient LPs. With this program, LPs will be eligible to receive additional $SUSHI as rewards. The rewards program will kick off on Ethereum, Arbitrum, Optimism, and Polygon, and will be rolled out as more chains get added.

SushiSwap’s launch of v3 pools on multiple networks raises the question of whether other DEXs will follow suit. The advantages of concentrated liquidity pools are clear, and SushiSwap’s broad coverage of v3 pools gives it a significant edge over its competitors.

Still, despite the launch, SUSHI, the native token of SushiSwap, is trading lower. The token is down 20% from April 2023 highs when writing on May 6.

SushiSwap Price On May 6| SUSHIUSDT On Binance, TradingView
SushiSwap Price On May 6| SUSHIUSDT On Binance, TradingView

As the adoption of concentrated liquidity pools grows, the focus would be on how other DEXs respond and whether more will fork Uniswap v3’s code. The Uniswap v3 business license expired in early April.

Related Reading: Head Chef Of SushiSwap Says All Accusations Are Baseless

PancakeSwap, a popular DEX on the BNB Smart Chain (BSC), was the first to fork Uniswap v3, releasing PancakeSwap v3 in April.

-Feature Image From Canva, Chart From TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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