Barely a month after warning of a “significant shortfall” in its treasury, The CEO of decentralized exchange (DEX) SushiSwap has shared several planned upgrades to the platform, which he says he intends to “grow 10x” in its market share by 2023.
Sushi CEO Jared Gray laid out the plans for the decentralized finance (DeFi) platform in a post published on Medium on Jan. 16.stating that it will focus on its product stack in line with previous plans to make Sushi more sustainable.
“Sushi controls about 2% of the AMM market and 0% of the aggregation market. By executing our vision, we aim to multiply our market share by 10 by 2023.”
New plans announced include a DEX aggregator to launch in Q1 and a “decentralized incubator” planned for 2023.
Gray said that The upcoming DEX aggregator – a tool that gives users access to various DeFi protocols – has been built in “stealth mode” over the past 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 Gray (@jaredgrey) January 16, 2023
Read how we’re revitalizing @SushiSwap in 2023!
Gray also laid out the vision for Sushi Studios, a so-called decentralized incubator where Sushi will help launch self-financed projects. “to support the growth of the ecosystem without overburdening the DAO treasury.”
He added that “Several stealth products” are currently in development, along with its long-awaited non-fungible token (NFT) marketplace, Shoyu, which is scheduled to launch in Q1, along with a perpetual DEX platform.
The push for more deals comes after a governance proposal filed by Gray revealed on December 6 that Sushi’s treasury had only a year and a half to go, which, he said at the time, “threatened Sushi’s operational viability.”
On December 11, Gray said the DEX had lost $30 million in the previous 12 months in incentives for liquidity providers (LPs).
Later, that same month, he submitted a proposal to redesign the tokenomics of the SushiSwap (SUSHI) token to try to bolster Sushi’s treasury reserves.
Gray confirmed in his latest post that “we are taking steps to secure our runway for multi-year operations.”
As for Sushi’s other plans for 2023, the platform is also building a governance dashboard and focusing on the user experience.
The dashboard shows Sushi’s budget, the crypto wallets of each project, and the results of the Treasury expense audit.
“As a last resort, We will provide high liquidity, optimal pricing, sustainable tokenomics, and an easy-to-use platform, putting you first in everything we build,” said Grey.
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