• SushiSwap announced updates and new roadmap on 17 January to improve the ecosystem and boost the declining user numbers in its protocol.
• These updates include launching DEX aggregators in Q1 of 2023 and allocating funds and resources to support its NFT ecosystem.
• Despite these plans, the number of users and transactions on SushiSwap have declined substantially, leading to a decrease in revenue.
SushiSwap, one of the most popular decentralized exchanges (DEX) in the crypto space, recently announced updates to its roadmap and plans for the future. On 17 January, the project revealed its plans to improve the ecosystem and increase the number of users in its protocol.
The updates included launching DEX aggregators in the first quarter of 2023. These aggregators will provide users with a single interface to access multiple DEXs and find the best prices for their trades. This could be beneficial for SushiSwap as it seeks to increase its market share in the DEX space. Furthermore, the project is also looking to strengthen its position in the NFT market. To this end, SushiSwap has allocated funds and resources to support its NFT ecosystem and launch a new NFT marketplace in the upcoming months.
Despite these developments, the situation at SushiSwap appears to be dire. According to Dune Analytics, the number of monthly users on the network has declined from 30,124 three months ago to 12,184 at press time. Furthermore, the number of transactions on the protocol has also decreased. This has affected SushiSwap’s ability to generate revenue, with the revenue generated by SushiSwap declining by 30.19% to $2.04 million at press time.
Despite the declining numbers, holders of the SUSHI token remain supportive of the project. It remains to be seen whether SushiSwap’s updates and new roadmap will be able to turn the situation around and attract more users to its protocol.