Sushi plans to launch decentralized derivatives exchange Susa on Layer N

Quick Take

  • Decentralized finance firm Sushi will launch a decentralized derivatives exchange called Susa on Layer N. 
  • Susa aims to use Layer N’s fast processing speed to rival centralized exchanges.
  • Layer N is expected to go live sometime this month.

Decentralized finance firm Sushi intends to launch a decentralized derivatives platform called Susa on Layer N, an Ethereum Layer 2 attempting to replicate certain aspects of centralization for decentralized platforms.

Susa builders will be able to create custom applications on top of the exchange, spanning from smart contract applications to full-fledged rollups, according to a statement. It will use Layer N's Nord Engine to enable thousands of transactions under one millisecond, with the ultimate goal of rivaling centralized exchanges in performance. 

"Sushi is excited to partner with Layer N, as we fully embrace the spirit of decentralized finance by combining our expertise to develop superior products," said Sushi's Head Chef Jared Grey.

"Layer N's modular approach to rollups unlocks greater capital efficiency and deeper liquidity, all while leveraging the security of Ethereum," he added. "This approach aligns perfectly with the modular network strategy gaining traction in the DeFi space, making Layer N one of the best technology stacks to build on."

Layer N

Layer N is a network of rollup nodes, dubbed an "Ethereum StateNet," that share a communication and liquidity layer, according to its website.

Layer N's mainnet is expected to go live sometime this month. In a test run, the platform handled 20,000 transactions per second with a peak of 120,000 TPS. 

Layer N raised $5 million in seed funding co-led by Founder's Fund, a venture firm founded by former PayPal CEO Peter Thiel, in September 2023, The Block previously reported. 


Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.

Editor

To contact the editor of this story:
Nathan Crooks at
[email protected]