Decentralized finance company Sushi plans to launch a decentralized derivatives platform called Susa on Layer N, Ethereum Layer 2, which attempts to replicate certain aspects of centralization for decentralized platforms.
According to the statement, Susa builders will be able to create custom applications on top of the exchange, from smart contract applications to full-scale rollups. It uses Layer N’s Nord Engine to enable thousands of transactions in less than a millisecond, with the ultimate goal of competing with centralized exchanges in performance.
“Sushi is excited to partner with Layer N by combining our expertise to develop a superior product that fully embraces the spirit of decentralized finance,” said Jared Gray, Executive Chef at Sushi.
“Layer N’s modular approach to rollups leverages the security of Ethereum while providing greater capital efficiency and deeper liquidity,” he added. “This approach aligns perfectly with the modular network strategies that are gaining traction in the DeFi space, making Layer N one of the best technology stacks on which to build.”
Layer N
According to the website, Layer N is a network of rolled-up nodes called “Ethereum StateNet” that shares communication and liquidity layers.
Layer N’s mainnet is scheduled to be launched sometime this month. In test runs, the platform processed 20,000 transactions per second at up to 120,000 TPS.
Previously, The Block reported that Layer N raised $5 million in seed funding in September 2023, co-led by Founder’s Fund, a venture firm founded by former PayPal CEO Peter Thiel.
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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 publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.