It is another day in Crypto land with another possible push to a new development for the crypto community! As excited as the whole community is for the next step in Ethereum’s upgrade, there are some exciting new ventures that are being explored by the other crypto networks. The decentralized exchange or DEX, SushiSwap is now a step closer in their new venture to adopt a new tokenomics model. This is said to not only help them with an upgrade to the SUSHI system, but this is also set to promote the adoption of Uniswap version v3 by the SushiSwap network.
As mentioned by the Head Chef of SushiSwap, Jared Grey, in a CoinDesk report that this model is set to probably be release to a community wide vote later in May 2023. If approved by the community, the changes that have been suggested, will be including overhauling the SushiSwap protocol’s “Chef” contracts. This will also result in improving the code that underpins SUSHI activities, following a incedent regarding the multimillion-dollar hack that it encountered earlier this month.
Grey also mentioned that, “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.“
Addtional Read: Uniswap Price Prediction
As mentioned by Grey in the redesign doc, back in December 2022, optimal token models are supposed to incentivize liquidity while also promoting decentralization. In addition, they should also give more equitable governance and sustainable economics. In order to do so, he said, “We propose a new token model that will help Sushi achieve these goals and, in addition, help bolster Treasury reserves to ensure continual operation and development.“
The SushiSwap team is also attempting to gear up on security in the process, to avoid happenings of similar exploits, which caused a hack of $3.3 million from the platform’s wallets earlier in April 2023. That hack exploited an existing vulnerability within SushiSwap’s Route Processor 2. It is a smart contract component which aims to execute trades more efficiently while also boosting liquidity provisions. Some funds from the hack has since been recovered; as stated in the CoinDesk report.
Sushi focused for nearly two years on network deployments & it's time to leverage that robust infrastructure to scale our increasingly capital-efficient DEX & newly sustainable token economy to help put Sushi in the hands of everyone who swaps & takes part in the DeFi market. 18/
— Jared Grey (@jaredgrey) April 26, 2023
Read more: Ethereum Price Prediction 2023
Source: CoinDesk
