SushiSwap to Expand DeFi Presence with Coinbase L2 Network Launch

03/02/2023 11:52 • Daily Digest • 160 views

It is reported that SushiSwap announced the launch of the Coinbase L2 network base, and will launch the complete DeFi stack when the base is released.

SushiSwap announced the launch of the Coinbase L2 network base

Interpretation of the news:

SushiSwap, the decentralized finance (DeFi) protocol renowned for its successful migration from Uniswap, has announced its plans to launch on the Coinbase L2 Network. This move will enable the DeFi protocol to expand its presence and offer a complete DeFi stack to its users, thereby catering to a broader user base.

With the announcement, SushiSwap will be able to leverage Coinbase’s highly-scalable, fast, and inexpensive technology to offer a better experience to its users. The L2 network will allow SushiSwap to provide its users with faster transaction settlements and lower fees, driving overall adoption. The Coinbase L2 Network is built upon the Optimism platform and deploys Optimistic Rollups to scale Ethereum transactions, making it a highly secure and efficient option for DeFi applications.

SushiSwap’s entry into the Coinbase L2 network is a significant development for the DeFi ecosystem as it marks the growing adoption of L2 solutions. L2 solutions are hailed as the much-needed solution to the high gas fees and slow transaction settlement times affecting Ethereum-based DeFi protocols causing congestion on the Ethereum network. The Ethereum network’s scaling issues make it complex and expensive for DeFi protocols to operate, and this causes a poor user experience that deters new users from joining the space.

The complete DeFi stack that SushiSwap plans to launch on Coinbase’s L2 network will include several new features, such as yield farming pools, automated market makers, and other liquidity provision mechanisms. Users of the DeFi protocol will enjoy better user experience as the network will allow for faster transaction times and lower fees. This could increase user adoption and, in turn, create more liquidity on the protocol.

In conclusion, SushiSwap’s move to the Coinbase L2 Network is a significant development in the DeFi ecosystem. The launch of the DeFi stack on Coinbase’s L2 network will offer a faster, better, and cost-effective experience to users, thereby contributing to the growth of DeFi. It’s evident that L2 scaling solutions are becoming increasingly popular, and their adoption is expected to grow as more DeFi protocols seek to offer a better user experience.

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