Decentralized Filecoin Integrates SushiSwap DEX
Posted: November 11, 2023
Filecoin, a decentralized storage network, recently integrated SushiSwap as its first Decentralized Exchange (DEX). This move allows for cryptocurrency exchange operations on the blockchain without any intermediary.
SUSHI Gets Added to the Storage
SushiSwap announced that both the v2 and v3 Automated Market Maker (AMM) would be deployed on Filecoin. An AMM is a DEX that makes it easy for traders to buy and sell cryptocurrencies using robot algorithms instead of the traditional order book. In addition, SushiSwap revealed that users would be able to make cross-chain transactions on Filecoin across 30 different blockchains.
FIL Moves Higher, SUSHI Activity Follows
Filecoin’s native token, FIL, experienced a price increase of 12.57% within a short period, reaching $4.50. Meanwhile, SUSHI’s activity increased by 95.84% in the last seven days, indicating active use of SushiSwap and a wide range of tokens available for exchange. The rise in trading volume increased liquidity on the chain.
A price analysis suggested that FIL’s price may continue to increase in the short term due to indications from the Exponential Moving Average (EMA). However, the Relative Strength Index (RSI) reading dropped, indicating a decrease in buying pressure and a chance of FIL pulling back before another uptrend.
Increase in SushiSwap Network Activity
With the integration of Filecoin, there is a chance that the activity on the SushiSwap network may increase, leading to a jump in the 24-hour active addresses. Meanwhile, Filecoin’s social dominance has increased, indicating a surge in hype for FIL. However, this rise could also be a sign that FIL has hit a short-term market peak, cautioning buyers about making quick profits from the token at the current market price.
In conclusion, Filecoin’s integration of SushiSwap brings new opportunities for decentralized cryptocurrency exchange operations. The increase in trading volume and network activity suggests a positive outlook for both FIL and SUSHI. However, potential investors should carefully evaluate market trends and social dominance before making any investment decisions.
### News source: ambcrypto.com