Popular decentralized finance (Challenge) The Sushi app CEO presented the protocol’s 2023 roadmap with a focus on user experience and said that Sushi will release its decentralized exchange (DEX) aggregator in the first quarter.
The protocol will focus heavily on DEX products this year, as part of its previous broader plans to make the protocol sustainable and cost-effective. “Ultimately, we will provide deep liquidity, optimal pricing, sustainable tokenomics and an easy-to-use platform, placing you first in everything we build,” CEO Jared Gray said in a blog post Monday.
The move comes after Sushi’s chief technology officer, Matthew Lilley, said in a tweet thread on January 3 that two of its products – the Kashi lending platform and MISO, a launch pad for external tokens – would be closed due to low public interest and the significant effort that has gone into maintaining both. Lilley said Sushi developers will focus more on the protocol’s DEX product.
“Our goal is to become a market-leading DEX by enhancing our product stack and offering feature parity to provide a solid foundation for innovation, such as biased LP routes through our aggregation router and concentrated liquidity coming in Q1,” Gray said in the new blog post. Publish.
Sushi was created as a copy of Uniswap with additional liquidity mining and governance features. SushiSwap, the DEX, had over $457.8 million in token value locked on Tuesday, according to DefiLlama data. Some $329.6 million is locked in Ethereum-based assets.
Sushi Swap (SUSHI), the native token of the decentralized exchange SushiSwap, is up around 36% this year, compared to Ethereum’s native token ether (ETH), which climbed 33%, according to data from CoinDesk.
Gray said Sushi built its DEX aggregation router in “stealth mode” in 2022, which “will help deliver the best user experience by providing users with optimal pricing.” DEX aggregation connects the liquidity pools of many decentralized exchanges, helping to provide traders best price and liquidity. Some of the best DEX aggregators include 1inch, OpenOcean, and ParaSwap.
Sushi also plans to launch its decentralized incubator – Sushi Studios – which will allow the brand to launch independently funded projects to support the growth of the ecosystem without burdening the DAO’s cash flow, Gray said in the blog post.
Gray, who previously served as CEO of DeFi platform EONS and CEO of crypto exchange Bitfineon, was elected by the Sushi community in October 2022 to be the CEO. Gray told CoinDesk at the time that he hoped to increase engagement on the platform and improve the internal organization of the exchange.