Sushi plans derivatives exchange on Sei blockchain for second quarter

Quick Take

  • Sushi plans to release a decentralized derivatives exchange on the Cosmos-based blockchain Sei.
  • The derivatives platform called Vortex will support on-chain, peer-to-peer derivatives trading.

Sushi, the developer of the SushiSwap decentralized exchange, plans to release a decentralized derivatives exchange called Vortex on the Sei blockchain in the Cosmos ecosystem.

The release is scheduled for the second quarter of 2023, which coincides with the expected mainnet launch of Sei, and follows Sushi's recent acquisition of Vortex.

Vortex is expected to be among the first applications on Sei, a Layer 1 blockchain designed for on-chain trading for the Cosmos ecosystem. The exchange will support peer-to-peer order matching and use of cross-collateral, done fully on-chain. 

Sushi's cross-chain ambitions

While Sushi is one of the largest decentralized exchanges, it has historically focused on spot trading and lagged behind other protocols in derivatives. The move to Sei presents an opportunity for Sushi to expand its offerings in this area, and its CEO, Jared Grey, stated that expanding cross-chain from Ethereum to the Sei network is central to that plan.

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