Turbos Finance, a project in the Sui ecosystem, has today launched a smart routing mechanism tailored to the Sui-Move programming language. Until now, Sui users who wanted to use the USDC stablecoin on Sui had to first wrap USDC on the source network. By introducing smart routing for stablecoins, Turbos hopes to establish itself as the go-to DEX for low-cost asset swapping.
After debuting on Sui mainnet on May 4, Turbos Finance has quickly risen to prominence as one of the most important DeFi protocols. In tandem with the launch of their intelligent routing technology on Sui, Turbos has also created a number of USDC variant liquidity pools. These ground-breaking developments effectively release the latent power of all USDC variations on Sui, regardless of their different network of origins. In a single transaction, users can exchange any kind of bridging USDC asset wrapped by Wormhole for native Sui assets.
Tokens that have been wrapped using Wormhole keep the same peculiarities that are typical of their original chain. As the first Sui DEX to go live, this is a huge step forward for facilitating cost-effective swaps on the developing network. It’s not easy to implement smart routing in a DEX written in the Sui-Move language, unlike on EVM networks. This new feature makes it easier for people to transition from other ecosystems to Sui.
At the moment, the most popular stablecoin on Sui is USDC, which is connected to Ethereum via Wormhole. This USDC variety has gained widespread adoption on DEXs on Sui. This means that on the majority of DEXs, users are not able to trade USDCbnb, USDCsol, or any of the other USDC variants that have been bridged from networks other than Ethereum for Sui. Because of this, Sui now has a liquidity fragmentation problem and users are having a hard time there. Developers of the Sui ecosystem Wormhole and Turbos Finance stepped up to the plate to offer a workaround.
This post was last modified on Jun 06, 2023, 16:46 BST 16:46