SushiSwap price breaks out on plans to upgrade to a multi-chain protocol
- SushiSwap has released a proposal to integrate Stargate and facilitate native asset swaps and transfers between networks.
- The new upgrade would help investors unlock the power of Sushi by allowing users to transfer between networks.
- SushiSwap price started an uptrend, posting 5% gains overnight as analysts reveal a bullish outlook on the Ethereum token.
SushiSwap price has posted 25% gains over the past week, fueling a bullish narrative for the token. The new upgrade could boost the utility and adoption of SushiSwap, which historically has driven the token’s price higher.
SushiSwap breaks into an uptrend
SushiSwap started an uptrend in response to the latest proposal. Sushi has moved towards a multi-chain, cross-chain protocol and deployed it across 16 different networks. While investors may have a negative experience swapping native tokens against non-native ones, SushiSwap proposes to tackle this challenge through integration with Stargate.
Currently, investors swap native tokens against non-native ones through various third parties.
Stargate is the first application built on top of LayerZero. The Omnichain asset transfer protocol can solve the bridging trilemma faced by users.
The integration of Stargate offers investors instantly guaranteed finality and unified liquidity, features that could boost SushiSwap adoption and on-chain activity.
According to the announcement, the integration across multiple networks could maximize the volume of Sushi pools. It will support seven networks at launch and expand till Sushi has a high total value locked, offering investors higher value for their holdings.
Stargate offers users the ability to check if they have enough gas on the destination chain. These features could eliminate the challenge of trusting a user application to send enough gas after transferring.
The Stargate community is working on making this integration happen without additional cost to SushiSwap investors.
Analysts have evaluated the SushiSwap price trend and predicted that the token could test another hurdle as it finds buyers at significant support levels. The token could continue its uptrend and break into a rally with a target of $4.5.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
