Just a month after warning of a “significant shortfall” in its cash flow, the CEO of decentralized exchange (DEX) SushiSwap shared several planned updates to the platform, which it says aims to “10x” its market share in 2023.
Sushi CEO Jared Gray outlined plans for the decentralized finance (DeFi) platform in a Jan. 16 media post Publishsaying it will focus on its product line in line with previous plans to make Sushi more sustainable.
“Sushi represents approximately 2% of the AMM market and 0% of the aggregation market. By executing our vision, we aim to increase our market share by 10 times in 2023.”
Recently announced plans include a DEX aggregator slated to launch in Q1 and a “decentralized incubator” on the cards for 2023.
Gray said the upcoming DEX aggregator — a tool for users to access various DeFi protocols — has been built in “stealth mode” throughout the last year and is part of his plans to drive scalability and sustainability of its business.
— Jared Gray (@jaredgrey) January 16, 2023
Gray also outlined the vision for Sushi Studios, a so-called decentralized incubator where Sushi will help launch self-funded projects “to support ecosystem growth without burdening the DAO’s cash flow.”
He added that “several stealth products” are currently in development, as well as his long-awaited non-fungible token (NFT) marketplace, Shoyu, which is slated to launch in Q1 with a perpetual DEX platform.
The push for more deals comes after a Dec. 6 governance proposal tabled by Gray revealed the Sushi hoard only had a year and a half of track left, which he said at the time “threaten[ed] The operational viability of Sushi.
On December 11, Gray said that DEX lost 30 million dollars in the previous 12 months on incentives for liquidity providers (LP).
Gray confirmed in his last post that “we have taken steps to secure our runway for multi-year operations.”
As with Sushi’s other 2023 plans, the platform is also building a governance dashboard and focusing on user experience.
The dashboard shows Sushi’s budget, crypto wallets for each project, and Treasury spending audit results.
“Ultimately, we’ll deliver deep liquidity, optimal pricing, sustainable tokenomics, and an easy-to-use platform, putting you first in everything we build,” Gray said.