DeFi
SushiSwap is looking to shake off its recent security exploit with a string of updates — including the adoption of Uniswap V3.
In a series of tweets on Wednesday, SushiSwap CEO Jared Grey outlined ways in which the long-running decentralized exchange hopes to address governance and management issues.
“Although there have been some controversies, like increasing Kanpai to 100% and hostile trolls trying to derail our progress, Sushi is moving toward strength,” Grey said.
“V3 helps us make tokenomics more efficient [and] vice versa. With V3’s improved capital efficiency and improved and sustainable tokenomics, we will scale growth across our more than 30 supported networks.”
Soon, we’ll move the tokenomics into the governance process for final discussion & voting. One main goal of new tokenomics is to promote the adoption of Uni’s V3 launch on Sushi across the largest selection of networks supported by any DEX. 9/
— Jared Grey (@jaredgrey) April 26, 2023
SusiSwap was initially created as a fork of Uniswap in Aug 2020, built by pseudonymous developer “Chef Nomi.”
Uniswap itself launched in 2018 but wouldn’t deploy a native governance token until two years later. SushiSwap initially pitched a greater say in the platform’s operations via SUSHI, allowing users to participate in decision-making while earning rewards.
Earlier this month, hackers exploited SushiSwap for $3.3 million by compromising its then-new Route Processor 2 — a technical smart contract component designed to increase efficiency for executing trades while boosting liquidity provisions. Some of those funds have since been recovered.
New route processor technology, which may have helped curb the exploit, was delayed due to this month’s million-dollar theft, Grey said. It’s expected the latest tech will allow the protocol to “optimally aggregate all Sushi liquidity.”
SUSHI currently trades for around $1.09, up 5% over the past month but down 62% since this time last year.
