Sushi, one of the popular decentralized platforms in the DeFi space has officially integrated its Automated Market Makers (AMM) on the BitTorrent Chain.
💡 We’ve launched our AMM on the BitTorrent Chain (BTTC)! 🎉
BTTC is a Layer 2 scaling solution that brings quick and cheap transactions along with full interoperability between Eth Mainnet, Binance Smart Chain (BSC) and @trondao (TRON).
📖 Read more: https://t.co/LptO3kFa8g pic.twitter.com/uf4DYRlDxx
— SushiSwap (@SushiSwap) November 28, 2022
The integration on the BitTorrent Chain would allow their users to have a convenient option to trade and swap cryptocurrencies.
Sushi users can easily switch to the BTTC network from their cryptocurrency platform and start using the added functionality.
What is Sushi?
Sushi or formerly known as SushiSwap is one of the popular decentralized exchanges (DEX) that was launched in 2020.
Their platform is built on the Ethereum blockchain and primarily functions as an automated market maker (AMM) which is common with other DEX platforms worldwide.
They provide financial services to their users such as trading, staking, and swapping cryptocurrencies that they support.
Sushi has support for over 100 altcoins and 500 cryptocurrency pairs.
Asides from their mentioned financial services, they also have lending and borrowing of cryptocurrencies and they’re popular MISO launchpad (Minimal Initial SushiSwap Offering) which encourages developers to launch their own token on the Sushi network.
Lastly, the decentralized exchange platform has its native token called SUSHI, and holders of the said token are eligible to participate in their platform’s governance and vote on proposals discussed by their community.
What is the BitTorrent Chain?
Last December 2021, BitTorrent announced that they are launching the first scalable heterogeneous cross-chain interoperability protocol called BitTorrent Chain which is a Layer 2 scaling solution available between Ethereum Mainnet, Binance Smart Chain (BSC), and TRON.
🔥60.2% of 990 Billion #BTTOLD now burned!
💠With #BitTorrentChain and the #BTT redenomination plan launched, the community participated in the #BTT redenomination plan and swap(burned) 596,730,515,854 #BTTOLD into the new $BTT.
How to Swap #BTTOLD: https://t.co/uU3kHOfhV6 pic.twitter.com/KCB3J547S0
— BitTorrent Inc. (@BitTorrent) November 25, 2022
The launching of the BitTorrent Chain resulted in the BTT redonmination plan that led to the creation of the BTTC which was the newest native token of the BitTorrent platform. The BTT redenomination plan redenominated old BTT with a swapping ratio of 1:1000.
BTTC tokens would be primarily used for the following:
- Becoming a validator on the BTTC network;
- Staking on BTTC to gain rewards;
- Participating in the governance of the BTTC community;
- Paying for gas fees as a native token of BTTC.
Over the past months, we have seen major cryptocurrency exchanges and platforms supporting the BitTorrent Chain.
For more news and updates, see Tron Spark.