CoinDesk Analysis Team
CoinDesk
Sushi, one of the longest-running decentralized exchanges (DEX), has expanded its services to layer-1 blockchain Aptos.
The move to Aptos is the first time Sushi has been accessible on a blockchain that is not compatible with the Ethereum Virtual Machine (EVM). It had previously been accessible on Ethereum, Arbitrum, Base, Polygon, Fantom, BNB Chain and others, according to DefiLlama.
Sushi has $350 million in total value locked (TVL) on its platform, with $267 million of that being on Ethereum. At press time, Aptos has just $45 million in locked value, according to DefiLlama. Sushi's move to Aptos has the potential to pave the way for fresh capital inflows so that it can rival other non-EVM chains like Solana, Mixin and Osmosis.
"This expansion to Aptos not only unlocks a new level of deep liquidity across major blockchain networks but also significantly elevates the cross-chain trading experience," Sushi said in a statement.
Aptos was built by former Meta (META) employees. It rolled out its native APT token last year and despite it having a market cap of over $1 billion, the blockchain struggled to attract a significant portion of decentralized finance (DeFi) TVL.
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