- SushiSwap, the decentralized finance ecosystem's largest automated market maker, is now building on Avalanche's blockchain and committing $7.5 million to liquidity mining.
- Avalanche's native token AVAX has surged nearly 160% in the past week in a bull run triggered by the launch of the $180 million in decentralized finance incentives.
- Avalanche's bridge facilitates the transfer of Ethereum tokens to Avalanche.
Avalanche, the fastest smart contracts platform in the blockchain industry, geared up to capture a larger market share of the decentralized application (dApp) ecosystem and launched Avalanche Rush on August 19. Rush is a $180 million liquidity mining incentive program.
SushiSwap next largest project to start building on Avalanche after Aave and Curve Finance
In the race to acquire the largest share of the Decentralized Finance (DeFi) ecosystem's Total Value Locked (TVL), Avalanche is competing with rivals Solana and Terra.
Avalanche is an open, programmable smart contracts platform that claims to be the fastest in the industry. The project was created by Cornell University computer science professor Emin Gün Sirer and features on the community's list of "Ethereum killer" projects.
Through $180 million liquidity mining incentives, the platform aims to attract projects like SushiSwap to build on their blockchain network. SushiSwap is among the most significant players in the DeFi ecosystem, alongside Aave and Curve Finance that are already building on Avalanche's blockchain.
Avalanche announced SushiSwap's addition to its platform on crypto Twitter.
#AvalancheRush is welcoming a new member to the lineup!
— Avalanche (@avalancheavax) August 24, 2021
Hope you’re coming with an appetite because @SushiSwap is now on the menu.
The largest DeFi incentive program ($180M) now just got better. #AVAX https://t.co/J5ibiei3s9
The smart contracts platform timed the re-release of its bridge for transferring Ethereum ERC-20 tokens to Avalanche ahead of the announcement of mining incentives.
The $600 million DeFi hack on Poly Network and the recent rug pull by the Luna Yield team on the Solana network have negatively impacted user's confidence in liquidity mining pools and DeFi projects. The re-release addresses this issue with enhanced security.
The latest addition to Avalanche's Rush program, SushiSwap, allows the Avalanche foundation and the project to allocate nearly $7.5 million worth of AVAX and SUSHI tokens to the mining incentives over the next 90 days.
Interestingly, liquidity mining incentives have become critical when DeFi users have lost funds to rug pulls. Committing their assets to a protocol's liquidity mining pool and earning a reward in return is likely to attract new users to Avalanche.
SushiSwap now has the opportunity to extend SUSHI token incentives outside the Ethereum network through Avalanche. Sushi's lead contributor, who identifies as 0xMaki, said,
The Avalanche community is one of the most compelling reasons to align incentives with the Avalanche chain.
Avalanche's cryptocurrency AVAX has witnessed a rapid surge of nearly 160% in the past seven days in response to the developments on the native blockchain. The pseudonymous cryptocurrency analyst behind the Twitter handle @AltcoinSherpa claims that AVAX tokens are one of his largest crypto holdings, and he started accumulating when it traded at $10.
$AVAX: 2 areas of resistance coming up here. This looks to be going the way of SOL and LUNA. I sold some last night to buy more coins within the Avalanche ecosystem (more Qi). Still 1 of my biggest bags and have been buying since $10. #AVAX pic.twitter.com/g9mTSR5V2Z
— Altcoin Sherpa (@AltcoinSherpa) August 23, 2021
Overall, analysts have a bullish outlook on Avalanche's growth and captured market share in the dApp ecosystem.
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
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.