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- Compared to Ethereum’s native token ether (ETH), which has increased 33% this year, SushiSwap (SUSHI), the native token of the SushiSwap decentralized exchange, has increased by roughly 36%.
Over the past several years, Decentralized Finance (DeFi) protocols have become more and more common. Sushi, one of these protocols, just unveiled its goals for 2023, with an emphasis on user experience and decentralized exchanges (DEX).
On the Ethereum blockchain, the Sushi DeFi protocol enables users to trade and invest in a variety of digital assets. Users can trade in an unreliable, decentralized manner thanks to the DEX’s liquidity pool-based architecture.
The CEO of Sushi stated that the DEX aggregator, a decentralized exchange, will be released within the first quarter.
This year, as part of its prior, more comprehensive goals to make the protocol viable and lucrative, the protocol will have a strong emphasis on DEX products. “We will ultimately deliver deep liquidity, optimal pricing, sustainable tokenomics, & an easy-to-use platform, placing you first in everything we build,” CEO Jared Grey wrote in a blog post on Monday.
Sushi’s chief technology officer, Matthew Lilley, announced in a tweet thread on January 3 that two of its products, the Kashi lending platform and MISO, a launch platform for external tokens, would be shut down due to low public interest and the significant effort that was put into maintaining the two. According to Lilley, the protocol’s DEX product would receive greater attention from Sushi developers.
In a recent blog post, Grey stated, “Our goal is to become a market-leading DEX by enhancing our product stack and delivering feature parity to give a solid platform enabling innovation, like biased LP routes via our aggregation router & concentrated liquidity coming in Q1.”
Sushi was developed as Uniswap’s copy with additional liquidity mining and governance capabilities. According to DefiLlama data, SushiSwap had over $457.8 million in locked token value as of Tuesday. Of that, $329.6 million is restricted to Ethereum-based assets.
Compared to Ethereum’s native token ether (ETH), which has increased 33% this year, SushiSwap (SUSHI), the native token of the SushiSwap decentralized exchange, has increased by roughly 36%.
Grey claimed that in order to provide the optimum user experience, Sushi built its DEX aggregation router in stealth mode until 2022. Decentralized exchange aggregation (DEX) links a number of liquidity pools on decentralized exchanges, assisting in delivering better price and liquidity to traders. Among the best DEX aggregators are 1inch, OpenOcean, and ParaSwap.
According to Grey’s blog post, Sushi also plans to debut Sushi Studios, a decentralized incubator that will grant the brand permission to introduce independently-funded projects to encourage ecosystem expansion without putting a strain on the DAO’s coffers.
In October 2022, the Sushi community elected Grey, a former CEO of the DeFi platform EONS and the CEO of the cryptocurrency exchange Bitfineon to lead the company.
With an emphasis on DEX and user experience, Sushi, a developing DeFi protocol, recently revealed its intentions for 2023. The trading experience will become more user-friendly and intuitive, thanks to the redesigned user interface. Sushi’s future ambitions put it in a good position to capitalize on the trend as DeFi’s popularity grows.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
