News

SushiSwap may adopt THORChain as back-end, as community welcomes idea

Saudu Clement

Oct 31, 2022 — 2 min read

The Sushi DAO community has shown strong support for a proposal to implement THORChain as a back-end following a proposal from TreefeedXavier.

TreefeedXavier, who describes himself as a representer of the THORChain community, presented the idea to the DAO about 10 days ago. According to the proposal, SushiSwap could expand its customer base by offering more swap options. By using THORChain as a back-end, the Ethereum-based decentralized exchange could support other tokens like Bitcoin, Litecoin, ATOM, AVAX, and several other L1 coins.

THORChain is a decentralized cross-chain liquidity network. Its settlement layer enables swaps across several chains, including Bitcoin, Ethereum, Binance Chain, Avalanche, CosmosHub, and others. The company also offers cross-chain aggregation to partners by whitelisting “aggregator contracts that can call into THORChain or receive calls.”

Xavier opines that SushiSwap could employ THORChain pools for cross-chain swaps for Layer 1 coins while maintaining its self-service for ERC-20 tokens.

BTC - SUSHI swap will be done like BTC-ETH on THORChain and then ETH-SUSHI on SushiSwap. For such swaps SushiSwap can charge a fee for all swaps done via its aggregator.

Explaining his motivation for the proposal, Xavier said that SushiSwap could become the first main swap service to roll out such a feature, with its nearest competitor being ShapeShift. Moreover, in addition to expanding the number of swaps in its pools, the DEX could also charge fees for cross-chain swaps.

Several members of the DAO appeared to agree with Xavier’s sentiments. “Being the first major DEX to support BTC via Thorchain would change the game for both TC and SUSHI. It couldn’t be implemented sooner,” one member wrote.

Meanwhile, around 93% of the 29 discussion voters were in support of the idea, voting to boost swaps both for SushiSwap and THORChain. Moving forward, if the proposal is passed, SushiSwap will implement the aggregation feature on the front end of its platform, contacting the THORChain core team if the need arises.

Note from DAO Times editor

Important to clarify that at the moment the proposal is under discussion stage. The actual DAO voting event will happen later. You can check the discussion here.

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