It’s becoming increasingly evident that layer 1 protocols are the cornerstone of blockchain technology as layer 1 chains get more detailed. These blockchains, which guarantee fundamental security and agreement, are crucial on a global scale. Developments in Layer 2 and Layer 3 protocols are also made possible by the impending improvements in Layer 1.
Birdeye recently showcased their progress into cutting-edge technology with Sui transaction speeds and scalability by including Sui in their chain options alongside SOL and other EVM chains. With this change, Birdeye may reach new audiences and grow its user base within a dynamic network.
Sui is a Layer 1 (L1) blockchain that makes use of the Move programming language to facilitate the execution of multiple tasks concurrently and improve the scalability of data processing and storage. Sui was able to move more over $300 million from Ethereum during January and February of 2024, which allowed it to rank in the top 10 networks. Future success for Sui largely depends on its commitment to forging and growing alliances that strengthen customer convenience and trust.
Notable partnerships include those with Banxa to enhance the fiat-to-crypto onboarding experience for the Sui Wallet and with Stork to enhance the infrastructure for real-time token pricing data.
Both sides will gain from the addition of Birdeye to the Sui ecosystem since it will give them access to trading data for the highly sought-after Sui tokens. It is anticipated that Birdeye’s integration into the Sui Networks environment will attract 17 million users and improve chain trading, ultimately supporting Sui’s growth. As a result, with a single interface, Sui users will now have access to on-chain cryptocurrency trading information on the chain of their choice.
The trading platform intends to establish a connection with the DEXes and DEX aggregators, which are important sources of liquidity for Sui, upon its imminent launch on Sui. In addition to Aggregator V2, FlowX Finance, a DEX that places a high priority on community involvement inside the Sui Network, intends to introduce a Concentrated Liquidity Market Maker in April 2024 to increase liquidity efficiency. Similarly, KriyaDEX, a feature-rich DeFi protocol on Sui, offers necessary functions as yield optimizer vaults, limit orders, and swaps.
Another partner platform that facilitates trading, liquid staking, and yield production prospects is Aftermath, which has created its own AMM and DEX aggregator. Record highs have also been attained by Turbos Finance, an asset management and trading hub on Sui, with a monthly trade volume of US$500 million and a Total Value Locked (TVL) of US$25 million.
Sui Network and Birdeye have partnered to enhance trading liquidity and experience. This alliance seeks to provide consumers and traders with reliable crypto trading information on Sui through a single interface by leveraging Birdeyes’s user base and Sui’s technology. It is anticipated that this endeavour will enhance market liquidity and augment adoption rates.
