Decentralized finance company Sushi plans to launch a decentralized derivatives platform called Susa on Layer N, an Ethereum Layer 2 that attempts to replicate certain aspects of centralization for decentralized platforms.
Susa builders will be able to create custom applications on top of the exchange, ranging from smart contract applications to full-fledged rollups, according to a rack. It will use Layer N’s Nord Engine to enable thousands of transactions within one millisecond, with the ultimate goal of competing in performance with centralized exchanges.
“Sushi is excited to partner with Layer N as we fully embrace the spirit of decentralized finance by combining our expertise to develop superior products,” said Sushi’s Executive Chef Jared Gray.
“Layer N’s modular approach to rollups unlocks greater capital efficiency and deeper liquidity, while leveraging the security of Ethereum,” he added. “This approach fits perfectly with the modular networking strategy that is increasingly gaining traction in the DeFi space, making Layer N one of the best technologies to build on.”
Low N
Layer N is a network of aggregation nodes, also called an “Ethereum StateNet,” that share a communications and liquidity layer, according to the website.
Layer N’s mainnet is expected to go live sometime this month. During a test run, the platform processed 20,000 transactions per second with a peak of 120,000 TPS.
Layer N raised $5 million in seed funding in September 2023, co-led by Founder’s Fund, a venture capital firm founded by former PayPal CEO Peter Thiel, The Block previously reported.
About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering all crypto news, but with a bias toward NFT, metaverse, web3 gaming, finance, crime, hack, and crypto ecosystem stories. MK is a graduate of New York University’s Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.
