Sushi CEO Reviews First Year In Office
SUSHI Is Up Nearly 50% Today As Concerns Linger Over Market Manipulation
By: yyctrader •DeFi News
In a letter addressed to the Sushi community, Jared Grey, who recently completed his first year as Head Chef, shed light on the progress made in business operations, product development, and identifying new growth opportunities for the veteran decentralized exchange.
The protocol’s SUSHI governance token has surged over 80% in the past two days amid suspected market manipulation.
Since launching as a fork of Uniswap V2 in 2020, Sushi has had its share of ups and downs. However, Grey emphasized that these challenges have only fueled the passion and dedication of the Sushi community. As such, Grey's mission as Head Chef was to “promote the DAO's best interests and reinvigorate its spirit of innovation.”
According to Grey, the team has focused on creating an administrative and product roadmap to build a sustainable future for Sushi. The goals for the administrative roadmap were to establish a legal entity for limited liability protection and essential administrative functions.
In terms of product development, Sushi introduced the Route Processor, a router that offers non-cannibalistic liquidity aggregation, expanding the range of swap routes while providing competitive pricing for users.
One of the unique challenges Sushi faced was the dependency on unreliable data due to scaling to over 30 networks. To address this issue, the product stack was revamped to provide real-time pool data to aid liquidity providers.
Additionally, SushixSwap 2.0, a cross-chain feature, was released with a fully modular framework, enabling quicker and safer integration of new networks.
Grey also said that the operational budget was reduced by approximately 30%. The Kanpai proposal, which allocated 100% of the protocol swap fees to the protocol, has generated around $5M.
Sushi Requires 'Immediate Action' To Bolster Revenue
Head Chef Grey Proposes Diverting Transaction Fees to Treasury From StakersThe Defiant
Looking ahead, Grey expressed a commitment to better unite and empower the Sushi community. New mechanisms, such as quadratic voting, will be implemented to encourage smaller holders to participate in governance and distribute ownership more equitably.
In terms of new products, Sushi is expected to enter the perpetual futures market in early 2024.