cryptonewsz.com
As layer 1 chains become more meticulous, it’s clear that layer 1 protocols form the bedrock of blockchain technology. These blockchains are essential worldwide, ensuring fundamental security and agreement. The upcoming upgrades in Layer 1 also pave the way for developments in Layer 2 and Layer 3 protocols.
Birdeye recently included Sui in their chain offerings alongside SOL and key EVM chains, showcasing their expansion into cutting-edge technologies with Sui transaction speeds and scalability. This move allows Birdeye to tap into newer horizons and expand its user base within an evolving network.
Sui operates as a Layer 1 (L1) blockchain that utilizes the Move programming language, enabling simultaneous task execution and enhancing data processing and storage scalability. From January to February 2024, Sui successfully transferred over $300 million from Ethereum, securing its place among the top 10 chains. Sui’s future advancement heavily relies on its dedication to establishing and broadening partnerships to reinforce user confidence and convenience.
Noteworthy collaborations include partnering with Stork to improve real-time token pricing data infrastructure and with Banxa to improve the fiat-to-crypto onboarding process for its Sui Wallet.
Introducing Birdeye into the Sui ecosystem will benefit both parties by providing access to trading information for highly sought-after Sui tokens. Birdeye’s integration into the Sui Networks ecosystem is expected to draw in 17 million users and elevate trading activities on the chain, ultimately fostering Sui’s expansion. Consequently, Sui users will now have access to on-chain cryptocurrency trading details for their preferred chain through a consolidated interface.
With the launch happening soon on Sui, the trading platform aims to connect with the DEXes and DEX aggregators that serve as major sources of liquidity for Sui. In April 2024, FlowX Finance, a DEX that prioritizes community engagement within the Sui Network, plans to launch a Concentrated Liquidity Market Maker to improve liquidity efficiency in addition to Aggregator V2. Likewise, KriyaDEX, a comprehensive DeFi protocol on Sui, provides essential features such as swaps, limit orders, and yield optimizer vaults.
Aftermath, another partner platform enabling trading, liquid staking activities, and yield generation opportunities, has developed its own AMM and DEX aggregator. Turbos Finance, an asset management and trading hub on Sui, has also reached record levels, with Total Value Locked (TVL) standing at US$25 million and monthly trading volume hitting US$500 million.
Birdeye and the Sui Network have joined forces to improve the trading experience and liquidity. By utilizing Sui’s technology and Birdeyes’s user base, this partnership aims to offer users and traders accurate crypto trading information on Sui through a single interface. We expect this initiative to increase adoption rates and strengthen market liquidity.