July 25, 2024
Blockchain News

SushiSwap’s new DEX Aggregator will ‘10x our Market Share’ — Head Chef

SushiSwap’s 2019 plans include the creation of a DEX aggregator, a decentralised incubator, and “many secret ventures.”

SushiSwap’s CEO, just a month after warning of a “significant deficit” in its treasury, has shared several planned updates to the platform, which it claims will “10x” its market share by 2023.

Sushi CEO Jared Grey detailed the platform’s plans in a Medium post on January 16, saying it will focus on its product stack in line with previous plans to make Sushi more sustainable.

“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.”

A DEX aggregator is set to launch in Q1 of this year, and a “decentralised incubator” is planned for 2023.

Grey stated that the future DEX aggregator – a tool that gives customers access to numerous DeFi protocols — was constructed in “stealth mode” throughout last year as part of its ambitions to drive business scalability and sustainability.

Grey also detailed his plans for Sushi Studios, a “decentralised incubator” where Sushi will assist in the development of self-funded companies “to enable ecosystem growth without burdening the DAO treasury.”

He said that “many covert projects” are now in development, as well as its long-awaited nonfungible token (NFT) marketplace, Shoyu, which is anticipated to launch in the first quarter along with a permanent DEX platform.

The push for more services comes after Grey announced in a Dec. 6 governance proposal that Sushi’s treasury only had one and a half years of runway remaining, which he stated at the time “threaten[ed] Sushi’s operational survival.”

Grey stated on December 11 that DEX had lost $30 million in the previous year due to liquidity provider incentives (LPs).

Later that month, he proposed redesigning the tokenomics of the SushiSwap token in order to increase Sushi’s treasury reserves.

Grey stated in his most recent post, “we took actions to protect our runway for multi-year operations.”

Sushi’s other 2023 ambitions include the creation of a governance dashboard and an emphasis on user experience.

Sushi’s budget, crypto wallets for each project, and Treasury expenditure audit reports are all displayed on the dashboard.

“Ultimately, we will provide deep liquidity, optimal pricing, sustainable tokenomics, and an easy-to-use platform, with you at the centre of everything we do,” Grey stated.