{"id":521455,"date":"2023-03-01T13:30:39","date_gmt":"2023-03-01T13:30:39","guid":{"rendered":"https:\/\/wncen.com\/?p=521455"},"modified":"2023-03-01T11:57:05","modified_gmt":"2023-03-01T11:57:05","slug":"sushiswap-burns-5-million-per-year-but-will-it-rebrand-in-2023","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/defi\/sushiswap-burns-5-million-per-year-but-will-it-rebrand-in-2023\/","title":{"rendered":"SushiSwap Burns $5 Million Per Year, But Will It Rebrand In 2023?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">SushiSwap, a popular multichain decentralized exchange (DEX), burns approximately $5 million annually, its chief chef, Jared Grey, revealed on February 28.<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">SushiSwap Holds $30.6 Million Worth Of Digital Assets<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">In a tweet, Grey said the protocol holds $30.6 million worth of multiple assets, diversified across Ethereum, Wrapped BTC (WBTC), stablecoins, and more. A big chunk, roughly 33% of their treasury, is denominated in SUSHI, the native governance token of the DEX.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Presently, Sushi holds ~30.6M USD in assets. Our burn rate is ~5M USD\/yr. Also, we&#39;re on pace to earn an annualized return of ~14M USD in new fee revenue. As a result, we&#39;re positioned for high growth to become the premier cross-chain DEX with our 2023 roadmap. <a href=\"https:\/\/t.co\/tJBq6csPOE\" rel=\"nofollow\">pic.twitter.com\/tJBq6csPOE<\/a><\/p>\n<p>&mdash; Jared Grey (@jaredgrey) <a href=\"https:\/\/twitter.com\/jaredgrey\/status\/40254976?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 28, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">SushiSwap expects to earn even more in the next nine months, increasing their annualized return to around $14 million. The increase, Grey explained, is because of the implementation of a new fee model following the approval of the <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/forum.sushi.com\/t\/reinstated-increase-kanpai-treasury-allocation-to-100\/11475\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">Kanpai Treasury Allocation proposal<\/span><\/a><span data-preserver-spaces=\"true\">.\u00a0<\/span><\/p>\n<p>Related Reading: <a href=\"https:\/\/wncen.com\/news\/sushiswap-new-token-model\/?swcfpc=1\">SushiSwap Head Chef Suggests Cooking Up New Token Model \u2013 Will The DEX Survive 2023?<\/a><\/p>\n<p><span data-preserver-spaces=\"true\">The Kanpai proposal, floated by Jared Grey, returns 100% of xSUSHI revenue to the platform\u2019s treasury for 12 months from Q4 2022.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Typically, holders of xSUSHI, a token SUSHI stakers receive when they lock their tokens, receive 0.05% of the trading fee, with 10% initially going to the DAO treasury.\u00a0<\/span><\/p>\n<figure id=\"attachment_521456\" aria-describedby=\"caption-attachment-521456\" style=\"width: 1137px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-521456\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/SushiSwap-Price-On-March-1.png?resize=1137%2C505\" alt=\"SushiSwap Price On March 1| Source: SUSHIUSDT On Binance, TradingView\" width=\"1137\" height=\"505\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/SushiSwap-Price-On-March-1.png?w=1137 1137w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/SushiSwap-Price-On-March-1.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/SushiSwap-Price-On-March-1.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/SushiSwap-Price-On-March-1.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/SushiSwap-Price-On-March-1.png?w=750 750w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-521456\" class=\"wp-caption-text\">SushiSwap Price On March 1| Source: <a href=\"https:\/\/www.tradingview.com\/\" target=\"_blank\" rel=\"noopener nofollow\">SUSHIUSDT On Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">The decision to divert all trading fees to the DAO was to fortify the protocol against the extremes of last year\u2019s bear market, building its treasury. <\/span><span data-preserver-spaces=\"true\">A bigger treasury will protect the DAO from a liquidity crunch.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">At the same time, as part of the Kanpai proposal, SushiSwap reduced its annual expenditure from $9 million to the current $5 million.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Because the Kanpai proposal reduces stakers&#8217; revenue, the protocol will encourage stakers to lock in for longer for higher rewards via the Vote Escrow (VE) model.<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">Building Will Continue, But Will They Rebrand?<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">Like other DeFi protocols, SushiSwap activity dropped during the crypto winter of 2022 when asset prices fell. The contraction also impacted the number of tokens traded across various exchanges.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">At peaks in late 2021, SushiSwap had over $8.26 billion in Total value locked (TVL), but this has since\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/defillama.com\/protocol\/sushiswap\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">dropped<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0to $536 million when writing on March 1, 2023, according to DeFiLlama. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">SushiSwap remains a popular DEX facilitating the swapping of tokens in Ethereum, Arbitrum, BNB Smart Chain (BSC), Fantom, Boba Network, and more. Even so, a big chunk of SushiSwap\u2019s TVL is in Ethereum and Arbitrum, the Ethereum layer-2 platform.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/sushiswap-cracks-24-gains-as-market-rebounds-is-this-a-fakeout\/\">Sushiswap Cracks 24% Gains As Market Rebounds; Is This A Fakeout?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">SushiSwap continues to be operational, with some observers saying it has outgrown its past. The DEX forked from Uniswap and, through a \u201cvampire attack,\u201d siphoned TVL from the Hayden Adams-led exchange.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Even as they grow, a SushiSwap developer said they would continue launching updates but\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/sarangparikh22\/status\/11330818\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">will remain<\/span><\/a><span data-preserver-spaces=\"true\"> curious to hear what kind of rebrand the community wants.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">\n<p>Feature image from Canva, Chart from TradingView<\/p>\n<div class=\"related-reading-shortcode\"><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>SushiSwap, a popular multichain decentralized exchange (DEX), burns approximately $5 million annually, its chief chef, Jared Grey, revealed on February 28. SushiSwap Holds $30.6 Million Worth Of Digital Assets In a tweet, Grey said the protocol holds $30.6 million worth of multiple assets, diversified across Ethereum, Wrapped BTC (WBTC), stablecoins, and more. A big chunk, roughly 33% of their treasury, is denominated in SUSHI, the native governance token of the DEX.\u00a0 Presently, Sushi holds ~30.6M USD in assets. Our burn rate is ~5M USD\/yr. Also, we&#39;re on pace to earn an annualized return of ~14M USD in new fee revenue. As a result, we&#39;re positioned for high growth to become the premier cross-chain DEX with our 2023 roadmap. pic.twitter.com\/tJBq6csPOE &mdash; Jared Grey (@jaredgrey) February 28, 2023 SushiSwap expects to earn even more in the next nine months, increasing their annualized return to around $14 million. The increase, Grey explained, is because of the implementation of a new fee model following the approval of the Kanpai Treasury Allocation proposal.\u00a0 Related Reading: SushiSwap Head Chef Suggests Cooking Up New Token Model \u2013 Will The DEX Survive 2023? The Kanpai proposal, floated by Jared Grey, returns 100% of xSUSHI revenue to the platform\u2019s treasury for 12 months from Q4 2022.\u00a0 Typically, holders of xSUSHI, a token SUSHI stakers receive when they lock their tokens, receive 0.05% of the trading fee, with 10% initially going to the DAO treasury.\u00a0 The decision to divert all trading fees to the DAO was to fortify the protocol against the extremes of last year\u2019s bear market, building its treasury. A bigger treasury will protect the DAO from a liquidity crunch.\u00a0 At the same time, as part of the Kanpai proposal, SushiSwap reduced its annual expenditure from $9 million to the current $5 million. Because the Kanpai proposal reduces stakers&#8217; revenue, the protocol will encourage stakers to lock in for longer for higher rewards via the Vote Escrow (VE) model. Building Will Continue, But Will They Rebrand? Like other DeFi protocols, SushiSwap activity dropped during the crypto winter of 2022 when asset prices fell. The contraction also impacted the number of tokens traded across various exchanges.\u00a0 At peaks in late 2021, SushiSwap had over $8.26 billion in Total value locked (TVL), but this has since\u00a0dropped\u00a0to $536 million when writing on March 1, 2023, according to DeFiLlama. SushiSwap remains a popular DEX facilitating the swapping of tokens in Ethereum, Arbitrum, BNB Smart Chain (BSC), Fantom, Boba Network, and more. Even so, a big chunk of SushiSwap\u2019s TVL is in Ethereum and Arbitrum, the Ethereum layer-2 platform. Related Reading: Sushiswap Cracks 24% Gains As Market Rebounds; Is This A Fakeout? SushiSwap continues to be operational, with some observers saying it has outgrown its past. The DEX forked from Uniswap and, through a \u201cvampire attack,\u201d siphoned TVL from the Hayden Adams-led exchange.\u00a0 Even as they grow, a SushiSwap developer said they would continue launching updates but\u00a0will remain curious to hear what kind of rebrand the community wants. Feature image from Canva, Chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":521457,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83405],"tags":[54512,87168,87923,82802,82835,80532],"class_list":["post-521455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi","tag-defi","tag-jared-grey","tag-kanpai-proposal","tag-sushi","tag-sushiswap","tag-uniswap"],"acf":[],"yoast_head":"\n<title>SushiSwap Burns $5 Million Per Year, But Will It Rebrand In 2023?<\/title>\n<meta name=\"description\" content=\"SushiSwap, a multichain decentralized exchange (DEX), burns approximately $5 million annually, its chief chef, Jared Grey, has revealed.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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