IN BRIEF
- SushiSwap integrated Chainlink price feeds on Ethereum and Binance Smart Chain.
- The move was done to secure Kashi lending and margin trading markets.
- Other decentralized exchanges making big news this week.
SushiSwap (SUSHI) has officially integrated Chainlink price feeds on the Binance Smart Chain and Etherum. The decentralized exchange and DeFi platform hope to power Kashi, SushiSwap’s new lending platform.
SushiSwap’s Kashi platform
Kashi is a new addition to Sushi and serves as a lending and margin trading protocol. It is unique in the risk isolation architecture used to support a wide spectrum of token pairs. Token pairs that were more or less inaccessible before Kashi.
The lending and margin trading platform allow clients to create custom markets for borrowing, lending, and collateralizing DeFi digital assets. Each market in Kashi forms a separate identity, minimizing the risk of assets slowing down the whole protocol.
The integration of Chainlink price feeds will provide various Kashi markets with up-to-date asset valuations with greater accuracy. The move protects against under collateralization during loan issuances or liquidations.
Kashi differs from other decentralized lending apps by offering an elastic interest rate instead of a fixed interest curve.
There is no denying the market is currently experiencing a rush of DeFi platforms, and SushiSwap is not alone in making big moves.
Other decentralized exchanges in the news
It is impossible to ignore the jump in popularity of decentralized exchanges. SushiSwap is not the only contender to make moves this month.
Earlier this week, DeFi DEX PancakeSwap surpassed Ethereum in transactions during the last 24 hours. The food-themed DeFi coin calls the Binance Smart Chain home and surpassed 2 million transactions in that 24-hour timeframe.
As a result, the Binance Smart Chain did big numbers alongside PancakeSwap. According to DappRadar, over 6 million transactions from PankakeSwap, Mdex, Safemoon, PancakeBunny, and Venus Protocol were made.
Etherum recorded 1.55 million transactions over the same 24-hour period.
PancakeSwap became the first project launched on the Binance Smart Chain that surpassed a billion dollars. This alone is big news for the DeFi sector and another example of its recent surge in interest. The platform’s native token, CAKE, has subsequently shot up almost 5,000% since Jan 1 and 17% the day after its 2 million transactions.
In terms of total daily transactions only decentralized exchanges, Mdex and Uniswap report higher numbers.
Despite Ethereum falling behind BSC when looking at total transactions, it has maintained steady growth where Bitcoin has been less consistent of late.
