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Sushi is now on Coinbase’s L2, Base

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SushiSwap, one of the leading multi-chain decentralized exchanges (DEXes), is now live on Base, offering users the ability to trade and swap tokens across Base and other networks.

SushiSwap is a decentralized cryptocurrency exchange protocol built on the Ethereum blockchain. It is a fork of Uniswap, with some added features and governance tokens. Users can trade various cryptocurrencies without the need for a centralized intermediary. 

Base is an Ethereum Layer 2 (L2) chain developed in partnership with Optimism, aiming to provide a secure, cost-effective, and user-friendly platform for building on the blockchain. 

It is being incubated within Coinbase, utilizing its  extensive experience in developing crypto products. The goal is to gradually decentralize the chain over time, and there are no immediate plans to introduce a new network token.

With Sushi being one of the leading multi-chain DEXes on Base, it brings its v3 Concentrated Liquidity Pools AMM along with the built-in Sushi DEX Aggregator to the network.

Aligned with Base’s vision of interoperability, Sushi is also integrated with Squid Router powered by Axelar. This integration empowers users to swap assets effortlessly across different chains, promoting a seamless experience for traders.

Sushi wants to enable token swaps natively between Base and other chains. This development will unlock a new level of deep liquidity D’EXperience, benefitting users and traders alike.

Exploits on Base 

On August 1, 2023, LeetSwap, a decentralized trading platform on the Base chain, suffered a hack resulting in the attacker making approximately $624,000 in profit. 

The attack exploited a vulnerability in the Pair contract, allowing the attacker to disrupt the liquidity balance and execute a reverse swap for more ETH than expected. The SlowMist security team reported the incident.

Also, the meme coin BALD, based on the Base network, experienced a massive 30,000% price increase in just 24 hours. Base is an Ethereum Layer 2 network developed in partnership with Optimism, allowing users to save on gas fees with Optimistic Rollups. 

Read also; Alibaba Releases Open-Source AI Tools to Rival Meta’s Llama 2

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