Raydium (RAY) ignores the general market trend and surges alone! Proposed to attract SushiSwap to join the Solana ecosystem

The DeFi project Raydium has surged over 1,500% since its debut on FTX on February 21, making it one of the top performers during this downturn period. The platform also plans to collaborate with SushiSwap to bring SushiSwap into the Solana ecosystem.

Emerging Strong from the Mire

Raydium (RAY) is a decentralized finance (DeFi) platform built on Solana, aiming to provide decentralized order book trading and automated market maker protocol. Despite the significant market downturn in the cryptocurrency market after FTX was listed on the platform, the token RAY, on the contrary, has surged over 1,500% since its opening on February 21, making it one of the best-performing assets during this downturn.

Proposed Collaboration to Bring SushiSwap into the Solana Ecosystem

Following the attention gained from its listing, the Raydium team has started to take action. A community member purportedly from the Raydium team (under the alias Handroll) released a governance proposal codenamed "BONSAI" in the SushiSwap community on February 22, suggesting the construction of the platform on the Solana ecosystem. According to the proposal, Raydium will collaborate with SushiSwap to establish support for liquidity pools and staking on Serum, with the integration aiming to address the escalating transaction fees issue faced by SushiSwap on the Ethereum chain, which has skyrocketed to historic highs during these past few days of market downturn. Handroll wrote in the proposal:

"Raydium's protocol is already capable of enabling SushiSwap's liquidity pools to support Serum's order book functionality. Additionally, after months of close collaboration with the Solana team for development, Raydium will serve as the bridge and optimal partner for SushiSwap's expansion onto Solana."

Furthermore, the proposal will also deploy a liquidity mining pool named "BONSAI," where users can earn SUSHI and RAY tokens as mining rewards by staking LP tokens simultaneously.

Handroll anticipates that after the proposal is approved, the launch of SushiSwap's mainnet and the BONSAI liquidity mining pool on Solana will commence in the first quarter of 2021.