2023 To See SushiSwap To Focus On DEX And User Experience

2023 To See SushiSwap To Focus On DEX And User Experience

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SushiSwap has shared a detailed roadmap for the coming year, which will see the development of a decentralized exchange (DEX) aggregator, a decentralized incubator, and several new stealth projects. 

The announcement comes just a month after the protocol warned of a significant deficit in its treasury. 

A Detailed Roadmap  

Decentralized finance (DeFi) protocol SushiSwap has outlined its plans for 2023 in a detailed roadmap shared by CEO Jared Grey. According to the roadmap, SushiSwap will develop a DEX aggregator, a decentralized incubator, and several other stealth projects. However, the primary focus of the roadmap will be on user experience, and DEX products, in line with its previous plans to make the protocol sustainable and more profitable. Grey stated that the protocol plans to launch its decentralized exchange aggregator in the first quarter of 2023. In a blog post, the SushiSwap CEO stated, 

“Ultimately, we will provide deep liquidity, optimal pricing, sustainable tokenomics, & an easy-to-use platform, placing you first in everything we build.”

According to Grey, the end goal of the roadmap is to increase SushiSwap’s market share by 10x in 2023. 

“Sushi commands ~2% of the AMM market & 0% of the aggregation market. By executing our vision, we intend to 10x our market share in 2023.”

Grey stated that the upcoming DEX aggregator was created in “stealth mode” last year and is part of the plan to drive the scalability and sustainability of the business. The aggregator will help connect different decentralized exchanges and liquidity pools, enabling traders to access a better price and higher liquidity. Popular DEX aggregators in the market include OpenOcean, ParaSwap, and 1inch.

A Decentralized Incubator On The Cards 

The SushiSwap CEO also shared his vision for Sushi Studios, a decentralized incubator through which Sushi will facilitate the launch of self-funded projects, helping grow the ecosystem without creating a burden on the DAO treasury. He also added that several stealth products are in development, along with its long-awaited NFT platform Shoyu, which could also be launched during the first quarter of 2023. 

The announcement comes after the SushiSwap’s chief technology officer, Matthew Lilley, stated in a Twitter thread that two of its products, MISO, a launchpad for external tokens, and the Kashi lending platform, were being shuttered due to a lack of public interest, and the effort and resources it took to maintain and keep the two platforms running. Lilley had stressed at the time that developers on the platform would begin focusing more on the protocol’s DEX products. 

“Our goal is to become a market-leading DEX by improving our product stack & delivering feature parity to provide a firm foundation enabling innovation, like biased LP routes via our aggregation router & concentrated liquidity coming in Q1.”

A Rocky 2022 

SushiSwap’s push for more offerings in 2023 comes after a governance proposal put forward by Grey, which revealed that the protocol’s treasury had only about one and a half years of runway left, seriously threatening its operational viability. In a later update, Grey revealed that Sushi had lost $30 million over the past year on incentives given to liquidity providers.

SushiSwap was created as a copy of Uniswap but with liquidity mining and governance features. According to data from DeFiLlama, the SushiSwap DEX has around $454 million in total value locked (TVL), out of which $326 million is locked on Ethereum-based assets.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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