One of the biggest DeFi protocols, Sushi, arrives on Polkadot’s Moonbeam, liquidity extraction begins today
The team at Sushi, a multi-blockchain AMM-powered decentralized finance (DeFi) protocol, unveiled the roadmap of its partnership with Polkadot-based Moonbeam.
Sushi live on Moonbeam
According to the official announcement shared by the Sushi team, it has entered into a long-term strategic collaboration with Moonbeam, which is Polkadot’s smart contracts (DOT) platform suitable for various use cases.
After exploding onto Ethereum and all mainstream EVM-compatible blockchains, Sushi launches on Moonbeam. Its popular cash extraction programs go live today, November 5, 2021.
This partnership will address a wide range of red-hot DeFi practices such as decentralized lending/borrowing, peer-to-peer swaps and so on.
As a result, the protocol becomes “native” for Kusama, Moonriver, Ethereum, BSC, and Polygon Network (formerly Matic Network) at the same time.
Bringing IDOs, NFTs and DeFi to Moonbeam
That said, this partnership is set to open a new page in the history of Polkadot and Kusama liquidity ecosystems. Additionally, it will be a game-changer for interoperability between major smart contract platforms.
The Sushi team already shared some details of the next steps in its partnership with Moonbeam. First of all, it will move its IDO module, MISO v2.
Then, digital collectibles platform Shoyu and lending/borrowing protocol Kashi will be rolled out on a new blockchain for Sushi.
According to the DeFi Pulse dashboard, Sushi is now ranked # 8 among DeFi in terms of total volume of locked assets (TVL) with $ 5.08 billion injected by users.
