- Sushi has partnered with ZetaChain to explore native Bitcoin swaps for users across 30 blockchain networks.
- Experts believe Bitcoin users could gain exposure to DeFi in a native manner through the integration.
- SUSHI price yielded double-digit losses for holders, down nearly 15% on the day.
SushiSwap, a DeFi platform has partnered with ZetaChain, an interoperability protocol, with the goal of providing native Bitcoin swaps across multiple blockchains. Swaps match parties on each end of a desired transaction without the need for an intermediary such as a market maker, providing liquidity.
The DEX is collaborating with Zetachain in an attempt to perform native swaps without the need for ‘wrapping’ – the term used for the current method of transacting across different coin blockchains. Whilst some believe they are not likely to succeed, SushiSwap and Zeta are nevertheless attempting the feat.
Also read: WisdomTree revises spot BTC ETF application, in signs that talks with SEC continue
Native Bitcoin swaps could be a reality with SushiSwap’s latest partnership
DEX SushiSwap is partnering with blockchain protocol ZetaChain with the goal of bringing native Bitcoin swaps to its DeFi platform. SushiSwap is exploring the possibility of native Bitcoin swaps for its platform’s users across 30 different blockchains. Native swaps are those that can transact between different crypto coin blockchains.
While Bitcoin swaps normally require wrapping the asset, ZetaChain expects to enable BTC trading without wrapping, in a native, decentralized manner. The partnership could introduce Bitcoin users to DeFi through cross-chain native swaps.
SUSHI’s move marks DeFi’s first attempt at native Bitcoin swaps across several blockchains.
In the near term, SushiSwap plans to release a DEX for basic swaps and liquidity provisioning on ZetaChain testnet. Once Zetachain mainnet is live, SushiSwap intends to turn on full support for Bitcoin interoperability.
SUSHI’s DEX deployment on ZetaChain will enable trading of BTC with assets in the DeFi ecosystem on other chains like Avalanche, Cardano and others in a native, decentralized, and permissionless manner. This opens up largely untapped liquidity on Bitcoin, and connects it with the rest of the DeFi ecosystem, which up until now has been disconnected from the largest crypto asset.
SUSHI price is in a multi month downtrend, yielding 14.44% losses on the day. SushiSwap’s plan to launch native Bitcoin swaps failed to trigger a recovery in the asset.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
GameStop, GME, shorts lose over $1 billion in mark-to-market losses on Monday amid meme-stock demand
GameStop short-sellers have lost $1 billion in the first hour of trading on Monday after 2,200% surge. Multiple exchanges reportedly had trouble processing orders following GameStop rally, GME paused due to volatility x3.
JUP price primed for a liftoff as Jupiter Exchange introduces LFG round 3 candidates
After a successful second round in May, the Jupiter Exchange has introduced candidates for its third launchpad (LFG). The Solana-based decentralized exchange (DEX) has been holding LFG votes to identify projects that will debut on its platform.
Top meme coins post gains following increased social activity amid GameStop pump
Meme coins in the crypto market saw impressive gains on Monday following a recent surge in GameStop stock. The increased attention surrounding these tokens signifies a potential resumption of the meme coin frenzy of March.
US Senators raise grave concerns over DOJ's policies towards cryptocurrency asset providers
Senators Ron Wyden and Cynthia Lummis wrote to the Attorney General to express worries over new policies on money transmission. The DOJ has continued to take strict measures against crypto asset software services over the last few months, says Senators.
Bitcoin: Why BTC is close to a bottom
Bitcoin (BTC) price efforts of a recovery this week have been countered by selling pressure during the onset of the American session. However, the downside potential appears to have been capped.