As a way of fulfilling its January promise of launching a derivatives trading platform. The well-known Ethereum-based decentralized exchange (DEX), Sushiswap, today revealed that it has acquired Vortex Protocol for an unknown sum.
The on-chain trading platform will be a new product that will fall under the SushiSwap brand and be built on Sei Network, a blockchain that uses Cosmos’ technology. Users of the yet-to-be-launched decentralized derivatives exchange under the SushiSwap brand will have access to 10x margin trading on a range of assets. Both the Sei Network and the recently purchased Vortex Protocol by SushiSwap will be live on the mainnet in Q2 2023.
Speaking on this acquisition, the CEO of SushiSwap, Jared Greyrevealed that the SEI, Vortex, and Sushi teams are working together directly on this purchase to help Sushi promote the first fully on-chain perpetual DEX.
Jayendra Jog, the co-founder of Sei Network revealed that conversations around this acquisition began at the end of last year.
Sushiswap and Cosmos
“As a result of this acquisition, SushiSwap will be among the first Ethereum-based applications to transition to the Cosmos ecosystem. DYdx has also reportedly planned to launch on Cosmos in Q2.
Expanding on the advantages of building on Cosmos, Jog stated that the benefit of building on Cosmos is that it enables developers to create blockchains that are specifically tailored to a project’s requirements. Everything is up to the developers, whether they choose to alter the network’s consensus method or decide to use a native validator set rather than rely on Cosmos for shared security.
Also commenting on this integration, the co-founder of Sei Network revealed that they chose the Cosmos SDK [Software Development Kit] due to its exceptional modularity and ease of use in starting a blockchain. He continued by asserting that the fact that developers can tweak whatever they need to tweak to make that chain better also made them consider Cosmos.
