DeFi Protocol SushiSwap has added Fuse blockchain to its supported chains as it goes live on the Fuse Network.
Fuse Network announced the news in a press release on Tuesday, January 18th. According to the announcement, as part of this integration, “the SushiSwap automated market maker (AMM)-based decentralized exchange (DEX) and the liquidity provisioning interface have been deployed to the Fuse Network blockchain.”
You can swap, provide liquidity and deposit LP tokens to earn yield on https://t.co/AY5E3EZhBF 🤑
— Fuse (@Fuse_network) January 18, 2022
Fuse Network describes itself as a network for open-source payments that features a fast and low-cost, Ethereum-compatible Delegated Proof-of-Stake (DPoS) blockchain. It claims to be a robust plug-and-play mobile-centric crypto payments infrastructure for creating token-based applications and a rapidly growing ecosystem of payments, decentralized finance, and NFT projects. It is a tailor-made blockchain solution for local communities and is used to power day-to-day mobile payments for any person with a phone.
Fuse Network provides its own easy-to-use cross-platform mobile wallet, Fuse Wallet, and a DeFi protocol FuseFi. Fuse is relatively a new blockchain platform and there is not much defi activity on-chain. According to DeFi Llama, Fuse currently locks $35.22 million on it. FuseFi is currently the DeFi leader on Fuse with a $24.4 million total value locked (TVL).
To spur the growth on Fuse, the team is making a lot of collaboration in recent months with major crypto players. The Fuse team has announced its recent collaboration with SushiSwap in which Sushi’s team is deploying their products on the Fuse blockchain.
SushiSwap is a famous clone of the leading Ethereum DeFi protocol Uniswap. Although SushiSwap has a controversial start, it has been consistently eating into Uniswap’s dominance of the DeFi sector. Sushi’s product suite consists of a DEX, “the Kashi lending protocol, the BentoBox dApps ecosystem, the xSUSHI staking platform, the Miso initial DEX offering (IDO) platform, and the upcoming Shōyu NFT marketplace.”
The AMM-based DEX and the liquidity provisioning interface have been deployed on the Fuse with other products following soon. The announcement reads:
“As part of the integration, the SushiSwap automated market maker (AMM)-based decentralized exchange (DEX) and the liquidity provisioning interface have been deployed to the Fuse Network blockchain. At a later stage, the Kashi lending network and Miso initial DEX offering platform will be added.”
To bootstrap the liquidity on Fuse-based SushiSwap DEX, the Fuse’s team said that they would soon launch liquidity rewards programs on certain trading pools on SushiSwap.
Mark Smargon, CEO of Fuse Network, commented:
“Sushi is a multichain powerhouse in the DeFi space that was among the technology’s pioneers before it was cool. Sushi’s extension to Fuse is testimony to the progress that Fuse has made since its launch and its unique value proposition as a mobile-centric blockchain platform.”