As Bitcoin price continues to erase its losses from January 12, the popular DeFi platform has announced exciting news. The timing is impeccable. This move, which also led to an increase in the price of SUSHI Coin, will help the platform serve more users. Here are the reasons behind the recent price fluctuations and the new announcement.
Why Is Sushi Coin Rising?
Just a few minutes ago, the price rapidly increased from $1.13 to $1.183, and the reason was the introduction of a new product. A decentralized derivatives exchange will be launched on the Layer N network, known for its transaction speed per second and optimized rollups. The exchange initiated in partnership with Sushi and Layer N is named SUSA.
“Susa will take advantage of Layer N’s Nord Engine to enable the exchange to process over 100,000 transactions per second with latencies under one millisecond. This transaction speed will allow the decentralized exchange to compete with centralized counterparts in terms of performance.”
Sushi’s Jared Grey said the following;
“Sushi is excited to partner with Layer N as we fully embrace the spirit of decentralized finance (DeFi) by combining our expertise to develop superior products. Layer N’s modular approach to rollups unlocks more capital efficiency and deeper liquidity while leveraging the security of Ethereum. This approach will perfectly align with the modular network strategy that is gaining interest in the DeFi space.”
Layer N CEO and Co-founder Dima Romanov wrote in today’s announcement;
“Sushi has been one of the foundational protocols of DeFi for years, and we are excited to support them in their next steps. We are thrilled to see Susa become one of the first rollup nodes to go live on Layer N. Susa is preparing to become one of the largest perpetual exchanges in the decentralized space and to build one of the largest ecosystems.”
Sushi Coin Commentary
The token of the DeFi platform, supported on various networks including Ethereum, Arbitrum, Optimism, Polygon, Base, has risen sharply with the latest news. We can say that they announced this product at the right time while the BTC price is increasing so strongly.
For the popular DeFi altcoin, in the short term, closing above the key region of $1.26 could target the $1.5 peak again. If it enters a long-term uptrend, targets of $1.92 and $3.37 could be visited.
