Crucial Ideas:

• In the second quarter of this year, Sushi intends to introduce a decentralized derivatives exchange based on Cosmos on the Sei blockchain.
• On-chain, peer-to-peer derivatives trading will be supported by the Vortex derivatives platform.
• One of the main objectives, according to this network’s Founder Jared Grey, is cross-chain development from the Ethereum to the Sei network.

A decentralized derivatives exchange called Vortex will be live on the Sei Network of the Cosmos ecosystem, according to developer Sushi. The exchange is anticipated to go active in Q2 2023, concurrent with the Sei mainnet’s launch.

Derivatives Exchange

One of the first programs on Sei, a Layer 1 blockchain designed for on-chain trade in the Cosmos ecosystem, is expected to be Vortex. The exchange will provide cross-collateral use and entirely on-chain peer-to-peer order matching.

“Our goal is to deliver optimal pricing to users and increase the number of swap fees for liquidity providers. The aggregator will unify liquidity across various exchanges on a chain and find the best possible routes for a user’s swap.”

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Sushi has traditionally favored spot trading and fallen behind other protocols in the derivatives field despite being one of the largest decentralized exchanges. Increasing cross-chain from Ethereum to the Sei network is a crucial part of that goal, according to this network’s Founder, Jared Grey. Sushi will have the opportunity to broaden its product selection in this market thanks to the transfer to Sei.

“Ultimately, the goal is to increase horizontal product offerings holistically, providing value to all stakeholders within the Sushi ecosystem, with product launches like Vortex on Sei. Sei is the best infrastructure to launch this specific product, with time to finality and a cross-chain thesis that we resonated with,”

Jared Gray said.

Sushi is one of the first DeFi protocols to claim a Cosmos extension. dYdX, the largest decentralized derivatives exchange, revealed last year that it intended to transfer to Cosmos; the transfer is expected to occur in 2023.