SushiSwap aims to 10x its market share with new DEX aggregator 

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Blockchain
SushiSwap aims to 10x its market share with new DEX aggregator 

The CEO of decentralized exchange (DEX) SushiSwap has unveiled many planned upgrades to the platform, aiming to 10x its market share in 2023. The announcement comes just one month after a substantial shortfall in Sushi’s treasury.

In a Medium article published on Jan. 16, Sushi CEO Jared Grey outlined the ambitions for the decentralized finance (DeFi) platform, stating that it would concentrate on its product stack following earlier goals to make Sushi more sustainable.

“2% of the AMM market and 0% of the aggregate market are controlled by sushi. In 2023, we want to 10x our market share by implementing our goal.”

Jared Grey, Sushi CEO

According to recently published plans, Sushi’s DEX aggregator will debut in Q1, and a decentralized incubator is planned for 2023.

The DEX aggregator, a tool that gives users access to numerous DeFi protocols, was developed by Grey in “stealth mode” over the course of the previous year as part of its objectives to promote the scalability and sustainability of its company.

Grey added that Sushi would initially assist the decentralized incubator with its funds. The goal is to foster ecosystem development without burdening the DAO treasury.

The project’s non-fungible token (NFT) marketplace, Shoyu, is anticipated for a first-quarter debut along with a perpetual DEX platform. Many covert items for it are now in development.

Other aims for the year 2023 for Sushi include improving the user experience and implementing governance dashboards. The Sushi budget, the project cryptocurrency wallets, and the results of an audit of Treasury expenditure are shown on the dashboard. Deep liquidity, optimal pricing, sustainable tokenomics, and an easy-to-use platform are some of the things Grey said their platform would focus on.

SushiSwap’s issues with liquidity

Grey’s governance proposal from Dec. 6 revealed that Sushi’s treasury only had 1.5 years of runway left, which, in his words, “threatened Sushi’s operational sustainability.” This revelation prompted the drive for new offers, which was prompted by the discovery that Sushi’s treasury only had 1.5 years of runway.

On Dec. 11th, Grey reported that DEX had suffered a loss of $30 million over the previous year due to incentives for liquidity providers (LPs).

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Brenda Mary

Brenda Mary is a crypto enthusiast and a graduate of The University of Nairobi in economics. Brenda’s passion brings her back to her elementary school years as a poet. She enjoys discussing blockchain technology and is committed to producing original content. Brenda also covers other rapidly developing markets and economic and cryptocurrency studies.