DeFi Protocol Sushi To Enhance DEX and User Experience In 2023

The CEO of Sushi detailed the protocol’s plans for the next five years, emphasising improving the user experience, and said that the company would launch its decentralised exchange (DEX) aggregator in Q1 of 2023.

In keeping with its long-term strategy, the protocol will devote much attention to DEX applications this year. CEO Jared Grey promised users deep liquidity, optimal pricing, sustainable tokenomics, and an easy-to-use platform.

Read how we’re revitalizing @SushiSwap in 2023!https://t.co/KTnNgtUMaw

— Jared Grey (@jaredgrey) January 16, 2023

According to Chief Technology Officer Matthew Lilley, Sushi will discontinue two of its products, the Kashi lending platform and MISO, a launchpad for external tokens, due to a lack of user interest and the high cost of keeping them operational. According to Lilley, the DEX product of the Sushi procedure will be prioritised.

Grey explains the company’s mission to become a market-leading DEX by improving the product stack & delivering feature parity for innovation, such as LP routes via the aggregation router concentrated liquidity.

Sushi is a Uniswap clone with enhanced liquidity mining and administration capabilities. DefiLlama data shows that the DEX SushiSwap had a locked token value of about $457.8 million as of Tuesday. The sum, at $329.6 million, is stuck in Ethereum-based holdings.

The native token of the SushiSwap decentralised exchange, SushiSwap (SUSHI), has increased in value by around 36% this year. In contrast, Ethereum’s native token, ether (ETH), has increased roughly 33%.

Grey claims that in 2022, Sushi constructed its DEX aggregation to give a better user experience. Traders access optimal pricing and more liquidity thanks to DEX aggregation, which links the liquidity pools of several decentralised exchanges.

According to Grey’s blog post, Sushi is planning to create its decentralised incubator, Sushi Studios, which will grant licenses to third parties to use the Sushi name and logo to develop businesses that do not drain the DAO’s coffers.

In October 2022, the Sushi community chose Grey, a former CEO of DeFi platform EONS and CEO at crypto exchange Bitfineon, to be the company’s CEO. At the time, Grey had planned to increase user activity and streamline the exchange’s operations.