Just a month after warning of a “significant deficit” in its treasury, the CEO of decentralized exchange (DEX) SushiSwap has shared several planned updates to the platform, which it says is intended to “10x” its market share in 2023.
Sushi CEO Jared Grey laid out the plans for the decentralized finance (DeFi) platform in a Jan. 16 Medium post, saying it will focus on its product stack in line with prior 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.”
Newly announced plans include a DEX aggregator set for launch in Q1 and a “decentralized incubator” on the cards for 2023.
Grey said the upcoming DEX aggregator — a tool giving users access to various DeFi protocols — was built in “stealth mode” throughout last year, and is part of its plans to drive scalability and sustainability of its business.
Read how we’re revitalizing @SushiSwap in 2023!https://t.co/KTnNgtUMaw
— Jared Grey (@jaredgrey) January 16, 2023
Grey also laid out 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 treasury.”
He added “several stealth products” are currently in development along with its long-awaited nonfungible token (NFT) marketplace, Shoyu, expected for a first-quarter launch along with a perpetual DEX platform.
The push for more offerings comes after a Dec. 6 governance proposal put forward by Grey revealed that Sushi’s treasury only had one and a half years of runway left, which he said at the time “threaten[ed] Sushi’s operational viability.”
On Dec. 11, Grey said that DEX lost $30 million over the prior 12 months on incentives for liquidity providers (LPs).
Later that month he put forward a proposal to redesign the tokenomics of the SushiSwap (SUSHI) token to try to strengthen Sushi’s treasury reserves.
Grey confirmed in his latest post that “we took measures to secure our runway for multi-year operations.”
Related: As DEXs struggle, new approaches kindle hope
As for Sushi’s other 2023 plans, the platform is also building a governance dashboard and focusing on user experience.
The dashboard showcases Sushi’s budget, crypto wallets for each project and Treasury expenditure audit results.
“Ultimately, we will provide deep liquidity, optimal pricing, sustainable tokenomics, & an easy-to-use platform, placing you first in everything we build,” Grey said.