The leading decentralized exchange SushiSwap is the latest to consider measures to mitigate Ethereum’s extreme transaction fees, and it involves a potential port to the Solana blockchain.
A proposal, which was posted on the SushiSwap forum on February 22 under the code name “Bonsai”, suggests building the platform on the Solana ecosystem. The integration is intended to mitigate Ethereum’s skyrocketing transaction fees, which have reached new highs in the past 24 hours.
The proposal would involve the integration of SushiSwap into the Raydium platform, the Solana-based automated market maker having launched on February 21.
The proponent, “Handroll”, notes that Raydium already supports SushiSwap’s liquidity pools: “
“We have been working on Raydium’s AMM and liquidity pool protocols since autumn 2020 and we have just launched it on our platform […] Raydium’s protocol is already able to support SushiSwap liquidity pools for the Serum backlog. “
Handroll proposes that the integration begin with Raydium working alongside SushiSwap to create support for liquidity pools and staking on the Serum DEX powered by Solana. After a period of testing on the Raydium test network, the teams could then explore the deployment of Bonsai on the main Solana network.
The proposal claims that SushiSwap users will be able to trade tokens and manage their yield farms much faster and with a significant reduction in transaction costs once the integration is complete.
The SushiSwap team expects Bonsai to be live on testnet during the first quarter of 2021.
“We envision the final product as an additional offering on the SushiSwap page that maintains the Sushi brand user interface and design but connects to the Raydium backends,” Handroll added.
SushiSwap left Uniswap at the end of August 2020 and has become one of the most popular decentralized exchanges in the industry, with $ 3.6 billion in locked-down assets, according to Dappradar.
Solana’s native SOL and SRM tokens have both increased by around 27% in the past 12 hours or so.