The CEO of the popular decentralized finance (DeFi) application laid out the protocol’s roadmap for 2023 with a focus on user experience, saying that Sushi would release its decentralized exchange (DEX) aggregator in Q1.
The protocol will have a heavy focus on DEX products this year as part of its earlier broader plans to make the protocol sustainable and profitable. “Ultimately, we will offer deep liquidity, optimal pricing, sustainable tokenomics, and an easy-to-use platform that puts you first in everything we build,” CEO Jared Gray said in a blog post on Monday.
Read more: DeFi Protocol Sushi to Shutter Lending Product to focus on DEX
The move comes after Sushi’s chief technology officer Matthew Lilley said in a Jan. 3 tweet thread that two of its products — the Kashi lending platform and MISO, a launchpad for external tokens — would be discontinued due to low public interest significant effort that has gone into maintaining the two. Lilley said Sushi developers would focus more on the protocol’s DEX product.
“Our goal is to become a market-leading DEX by enhancing our product stack and delivering feature parity to create a solid foundation that enables innovation, such as Post.
Sushi was created as a copy of Uniswap with additional liquidity mining and governance features. SushiSwap, the DEX, had over $457.8 million in locked token value as of Tuesday, according to DefiLlama data. About $329.6 million of that is tied up in Ethereum-based assets.
SushiSwap (SUSHI), the native token of decentralized exchange SushiSwap, is up about 36% this year compared to Ethereum’s native token Ether (ETH), which is up 33% according to CoinDesk data.
Gray said that Sushi built its DEX aggregation router in 2022 in “stealth mode,” which will “help provide the best user experience by providing users with optimal pricing.” DEX aggregation connects the liquidity pools of many decentralized exchanges, helping to provide traders with better prices and liquidity. Some of the best DEX aggregators are 1 inch, OpenOcean and ParaSwap.
The story goes on
Sushi also expects to launch its decentralized incubator — Sushi Studios — which will license the brand to launch independently funded projects to support the growth of the ecosystem without draining the DAO’s treasury, Gray said on the blog.
Grey, formerly CEO of DeFi platform EONS and CEO of crypto exchange Bitfineon, was elected CEO by the sushi community in October 2022. Gray told CoinDesk at the time that he hoped to increase engagement on the platform and improve the exchange’s internal organization.
Read more: Sushi Community Votes in ‘Head Chef’ to Oversee Decentralized Crypto Exchange
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