SushiSwap To 10X Market Shares With New DEX Aggregator
The CEO of SushiSwap, Jared Grey, has announced several upgrades for the decentralized exchange (DEX) in 2023. The upgrades aim to 10X the company’s market share this year. Meanwhile, this announcement is coming barely a month after Sushi’s treasury recorded a huge shortfall.
SushiSwap To Launch New DEX Aggregator In Q1 2023
On January 16th, Grey, in a Twitter post, highlighted the exchange’s 2023 plans saying that the company’s focus will shift towards its product offerings. The move also marks significant progress on previous objectives aimed at enhancing the sustainability of the Sushi exchange.
The CEO said, “currently, only 0% of the overall market and 2% of the automated market-making market is controlled by Sushi.” However, he said the company’s goal for 2023 is to significantly increase its market share by implementing specific strategies and objectives.
Notably, the firm’s recently published plans show the DEX will launch the DEX aggregator in Q1. It also plans for a decentralized incubator later in the year.
Grey notes that the DEX aggregator is a tool that would allow users to access different DeFi protocols. Last year, the team developed the aggregator in “stealth mode” as part of the company’s plans to foster a sustainable and scalable platform.
According to Grey, Sushi will open a decentralized incubator, Sushi Studios, where the company will implement self-funded projects. The aim is to promote the development of the ecosystem without placing a strain on the DAO’s treasury.
SushiSwap To Launch An NFT Marketplace
Furthermore, the exchange plans to launch an NFT marketplace and a perpetual DEX project in this first quarter. Moreover, the team behind the project is already preparing covert items for the platform.
Other Sushi’s plans for 2023 include introducing governance boards and tools to improve user experience. The dashboard displays Sushi’s budget, project-specific crypto wallets, and results of Treasury expenditure audits.
“We shall offer sustainable tokenomics, optimal pricing, an easy-to-use platform, and deep liquidity,” Grey added. Meanwhile, on December 6th, Grey released a governance proposal for Sushi.
The proposal showed that the network’s treasury had one and a half years of runway left. According to Grey, this threatened the operational sustainability of the decentralized exchange and prompted the move to launch more offers to keep the platform running.
On December 11th, the CEO, in a Twitter post, stated that the DEX had incurred a loss of $30 million in the preceding 12 months due to the incentives it provided to liquidity providers. Even so, the CEO said the company would launch more offers in 2023.
In other news, the DeFi sector witnessed a huge hit in 2023 due to numerous attacks amid the bearish market. However, DeFi platforms are still bullish as they outline their plans for 2023.
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