Original author: Dark Side of the Moon
Original source: PANews
On the eve of the Lunar New Year, on January 17, Sushiswap’s new CEO Jared Gray officially announced the 2023 roadmap in the form of an article, and highlighted the main direction of Q1, which will focus on the DEX business itself and empowering SUSHI value to improve The ability to cope with Curve and Uniswap.
He said that he will launch a DEX aggregator at the appropriate time. This is also the most important move after Sushi launched the multi-chain DEX SushiXswap in 2022, and is closer to the development ideas of 1inch.
In addition, we will start by exploring more Sushi application scenarios and reshape our own token economics to promote more decentralized governance capabilities of Sushi DAO. Judging from the historical performance of Sushi itself being the first to issue coins and occupy Uniswap, Token incentives have always been its specialty.
On January 24, SushiSwap kicked off Sushi’s counterattack in 2023 through a governance proposal to transfer all handling fees to the DAO treasury. This article will briefly introduce the details of the roadmap based on previous news.
Expand Sushiswap’s share in the DEX market and focus on user experience improvements;
Release of new DEX aggregator, envisioned by Jared Grey, to “increase market share 10x”;
Decentralized governance structure improves Sushi DAO’s self-organizing capabilities;
Launch a new token economics model: focusing on improving liquidity, enhancing sustainability, and returning ownership to the community;
Launch of Sushi’s decentralized incubator: Sushi Studios.
Responding to DEX Competition: Liquidity is King
Sushi’s roadmap this time is obviously to return to the original intention of DEX, which is also its response to the dual competition from Curve and Uniswap.
Currently, Curve’s TVL has surpassed Uniswap, challenging Uniswap’s market position in the DEX field for the second time. The first time happened to be the surge in transaction volume caused by Sushi’s preemptive token issuance.
The biggest improvement in Sushi’s 2023 roadmap is to enhance its centralized trading and market-making efficiency in AMM DEX to regain DEX market share.
This roadmap will allow LPs (liquidity providers) to set specific price ranges to provide liquidity, more incentives will be introduced that favor LPs, and Sushi will promote deep integration with project parties and provide them with more Opportunities to access Sushi DEX to help Sushi expand in IDO.
According to Sushi itself, it currently accounts for 2% of the AMM DEX market but 0% of the DEX aggregator market, and Sushi intends to increase its market share 10 times, or 10%, in 2023.
According to Nansen data, the current main trading pools in the DEX market are Uniswap and Curve. Sushi needs to create more incentives to attract project parties and LPs to settle in.
It can be seen from observation that the above measures are aimed at competition between Uniswap and Curve. Uniswap is currently focusing on turning on the "market fee switch" to improve LPs' ability to capture transaction fees, while providing the strongest trading pool in the market is Curve's moat.
Generally speaking, Sushi’s chosen direction is still focused on the spot DEX field, which is consistent with its decision to stop maintaining the two projects of lending platform Kashi and token Launchpad MISO. However, it frequently abandons existing products and repeats “wheel-inventing” development. The new project also deserves the market’s attention for its long-lasting operating capabilities.
Empowering Sushi: Regaining the advantages of “starting out”
In addition to competing for market share, another aspect of Sushi’s roadmap is the implementation of new token economics. It will focus on developing Sushi’s usage scenarios within its own ecosystem, get rid of the role of a single governance token, and use This is a breakthrough to enhance Sushi's ecological incubation capabilities.
This empowerment token is intended to enhance the willingness of LPs and project parties to participate, and prioritize more tokenized scenarios on Sushi. This is also the main direction of its market expansion, and the details are reflected in the new economic model.
The token economics of its reset version are as follows, divided into five parts: LPs, xSushi, Burns, locked liquidity and token release. The main part is to give LPs more incentives to encourage their enthusiasm to participate in the establishment of the trading pool. , but it should be noted that whether it can be finally realized still requires a team effort.
However, it should be noted that the proposal is still in progress, and according to Sushi’s 2023 budget, 82% of its $5.2 million budget, or about $4.3 million, will be used for main member salaries, leaving only about 92% for DAO governance. Ten thousand U.S. dollars.
In the context of insufficient financial capacity, Sushi DAO passed a governance proposal to transfer all handling fees to the DAO treasury on January 24. The advantage of this is that it will enhance the DAO’s capital capture ability, but it will also simultaneously trigger the pursuit of self-interest. Pandora's box of profit.
In order to enhance the hematopoietic ability of DAO, Sushi's roadmap aims to create more handling fees and market shares from project parties. Sushi Studios is Sushi's decentralized incubator and will launch independently funded projects to support the ecosystem. system growth and will reduce the financial burden on the DAO.
At the same time, in order to promote the transparency of governance capabilities, Sushi will launch the Governance Dashboard in Q1 to display the audit results of Sushi DAO's budget, project wallet and treasury expenditures, going beyond the current simple community discussion and voting governance measures, focusing instead on fiscal transparency.
In mid-2022, SushiSwap spent $30 million on its emission-based reward strategy to guide liquidity and incentivize LPs to participate, and in the 2023 roadmap, more sustainable governance will be launched measures to retain LPs, rather than stopping at simple compensation measures.
Conclusion
Sushiswap’s roadmap for 2023 shows its choice to enhance the parallelism of LPs and $Sushi. According to Cryptorank data, Uniswap’s various chains and versions occupy a total of 4% of the spot market share, while Sushi only has 0.06%. The two parties are no longer the same weight. level player
With Sushi joining the fray, it is unknown whether DEX and the entire DeFi field will be revitalized in 2023. It is left to the market to pay more attention. The best way to start is to test whether Sushi can launch a DEX aggregator in the first quarter of this year as promised. , 2023 is destined to be a difficult year for sushi.
references:
SUSHI REVITALIZED SUSHI IN 2023 & BEYOND
Sushi Tokenomics Redesign
Bell 2.0 [Implementation]
Sushi’s 2022 Development Recap
SushiSwap Executive Reveals Roadmap for 2023, Says ‘Interesting Suprise’ Coming to SUSHI
SushiSwap DAO Budgets $5.2M, With 82% Going to Salaries
Decentralized (DEX) crypto exchanges
Have you tested out @nansen_aiTokens Paradise yet?
Sushiswap Dashboard
SushiSwap’s new DEX aggregator will ’10x our market share’ — Head Chef
(The above content is excerpted and reprinted with the authorization of our partner PANews, original text link)
Statement: The article only represents the author's personal views and opinions, and does not represent the objective views and positions of the blockchain. All contents and opinions are for reference only and do not constitute investment advice. Investors should make their own decisions and transactions, and the author and Blockchain Client will not be held responsible for any direct or indirect losses caused by investors' transactions.
This article SushiSwap reveals its roadmap for 2023. Can sushi under the pressure of giants still break through? First appeared in Block Guest.
