Markets

SushiSwap’s new DEKS aggregator will ’10x our market share’ — Chef

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 aims to increase its market share “10x” in 2023.

Sushi CEO Jared Gray outlined plans for the decentralized finance (DeFi) platform in a Jan. 16 Medium post, saying it will focus on its product lineup in line with previous plans to make Sushi more sustainable.

“Sushi occupies ~2% of the AMM market and 0% of the aggregation market. By realizing our vision, we intend to increase our market share 10 times in 2023.”

Newly announced plans include a DEX aggregator launching in the first quarter and a “decentralized incubator” on the cards for 2023.

Gray said 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 his plans to boost the scalability and sustainability of his business.

Gray also laid out a vision for Sushi Studios, a so-called decentralized incubator where Sushi will help launch self-funded projects “to support the growth of the ecosystem without burdening the DAO coffers.”

He added that “several stealth products” are currently in development along with the long-awaited non-fungible token (NFT) market, Shoiu, which is expected to launch in the first quarter and the permanent DEX platform.

The push for multiple bids comes after a December 6 management proposal by Gray revealed that Sushi’s treasury had just a year and a half of runway left which “puts Sushi’s operational viability at risk”.

Gray said on December 11 that DEX had lost $30 million in the previous 12 months on liquidity provider (LP) incentives.

Later that month, he put forward a proposal to redesign the tokenomics of the SushiSwap token (SUSHI) in order to try to strengthen Sushi Treasury’s reserves.

Gray confirmed in his latest post that “we have taken steps to secure our runway for multi-year operations.”

Connected: As DEXs struggle, new approaches spark hope

As for Sushi’s other plans for 2023, the platform is also building a management dashboard and focusing on user experience.

The dashboard shows Sushi’s budget, crypto wallets for each project and the results of the Treasury’s expenditure audit.

“Ultimately, we will provide deep liquidity, optimal pricing, a sustainable token economy and an easy-to-use platform, putting you first in everything we build,” Gray said.