SushiSwap, a popular decentralized exchange (DEX), is the most recent decentralized finance (DeFi) venture to join Avalanche’s $180 million reward program.
SushiSwap’s inclusion in Avalanche’s Rush program will allow SushiSwap and the Avalanche Foundation to distribute up to $7.5 million in AVAX and SUSHI tokens to liquidity mining incentives over the following three months.
Avalanche Rush has already engaged Aave, a lending protocol, and Curve, an automated market maker (AMM). Ava Labs created the Avalanche proof-of-stake blockchain. It claims to execute 4,500 transactions per second without the normal security considerations associated with fast-transferring blockchains.
The price of AVAX, Avalanche’s native token, has increased by more than 300 percent in the previous seven days, according to Messari statistics.
Avalanche Rush has undoubtedly increased investor trust in the layer one blockchain, which debuted its mainnet in September.
Layer 1 blockchain networks are the foundations upon which financial applications are constructed, and Ethereum is the dominant network in this regard.
With so much money invested in the market, layer one competition is heating up as platforms provide attractive incentives to attract DeFi projects and consumers.
Institutional investors have been more interested in the DeFi industry, and several major venture capital companies have made significant investments in Ethereum alternatives that provide greater expansion potential.
When DeFi users are rewarded with new tokens for committing assets to a system, this is liquidity mining. Since last year’s DeFi Summer, these incentives have been preferred for DeFi initiatives to recruit new members.