Sushi and Axelar Partner to Launch Interchain Tokens for Cross-chain Interoperability
Sushi, the popular decentralized exchange and automated market maker, has partnered with Axelar, the blockchain interoperability leader, to deploy Interchain Tokens. This new product suite allows tokens to be extended and managed cross-chain while retaining their native functionality. Interchain Tokens unlock new possibilities for interconnected applications across EVM-compatible ecosystems.
The Interchain Token Service from Axelar offers several key features:
1. Fungibility: Wrapped versions of tokens on connected chains are fungible with each other.
2. Custom functionality: Tokens can retain their custom features when moving cross-chain.
3. Low overhead: Smart contracts and developer tools automate complex tasks, minimizing developer overhead.
Sushi will utilize Interchain Token Service to provide seamless interoperability for its native token, SUSHI, across multiple chains. Initially, Interchain SUSHI tokens will be interoperable across Arbitrum, Ethereum, Optimism, and Polygon. Sushi will be able to manage its multichain deployments with ease, deploying and updating Interchain Tokens with a single click.
Traditionally, Web3 applications relied on bridged versions of tokens, which were limited in function and lacked fungibility. Alternatively, developers had to deploy copies of the native token on multiple chains, resulting in significant overhead. With Interchain Token Service, Axelar automates these processes, allowing developers to manage tokens effortlessly.
According to Jared Grey, the head chef at Sushi, Interchain Tokens enable a more seamless and secure interchain experience for Sushi users. Sergey Gorbunov, co-founder of Axelar, emphasized the importance of Interchain Tokens in unlocking the full potential of tokens and creating a more connected blockchain economy.
In summary, the partnership between Sushi and Axelar introduces Interchain Tokens, which facilitate cross-chain interoperability for tokens while preserving their native functionality. This product suite offers fungibility, custom functionality, and low overhead through smart contracts and developer tools. Sushi will leverage Interchain Token Service to enable seamless interoperability for its native token, SUSHI, across multiple chains. This collaboration aims to create a more connected and inclusive blockchain economy.
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