SushiSwap, a popular decentralized exchange, plans to 10x its market share in 2023 through several updates. Jared Grey, SushiSwap CEO, said they will focus on its product stack in line with prior plans to make Sushi more sustainable. He highlighted that Sushi commands ~2% of the AMM market and 0% of the aggregation market. The platform intends to 10x its market share in 2023.
It will launch a DEX aggregator in Q1 and a decentralized incubator later on in the year. Grey outlined that the DEX aggregator will give users access to various DeFi protocols. He shared that it was built in stealth mode through 2022. SushiSwap will drive the scalability and sustainability of its business through this new tool. Grey outlined the so-called decentralized incubator where Sushi will help launch self-funded projects to support the ecosystem growth without burdening the DAO treasury.
SushiSwap has several stealth products in development along with its long-awaited NFT marketplace – Shoyu, which is expected to be launched in Q1 with a perpetual DEX platform. In a governance proposal on December 6, the platform stated that Sushi’s treasury had only one and a half years of runway left. Grey said this threatened the platform’s operational viability. Then on December 11, he said Sushi lost $30 million over the prior 12 months on incentives for liquidity providers.
As such, Grey proposed to redesign the tokenomics of SushiSwap to strengthen its treasury reserves. The platform will provide deep liquidity, optimal pricing, sustainable tokenomics, and an easy-to-use platform.