My oh my, what a year it has been! As we all step back and review our lives and performances over the past year, we thought it would be beneficial to do something similar here at Sushi - a quick rundown of everything that happened over this past year with the protocol and why we think we are positioned to make 2024 one of the best yet.
Without further ado, let’s dive right back into the past year's highlights!
Say my name: The Multi-chain Sushi
Celebrate the Swap!
What a year 2023 has been for Sushi! Over $50+ billion of volume with $1.5 billion of trading fees generated! That’s some relentless swapping!
The Star Networks
Three chains get to claim bragging rights of most utilized chains on Sushi in 2023:
Ethereum Mainnet (40+ billion)
Polygon (11+ billion)
Arbitrum (4+ billion)
Honorable Mention: Base, with the most volume across all of V3!
SushiXSwap
Far and away, one of the most used products in the Sushi suite in 2023 was SushiXSwap; our cross-chain solution has expanded to more networks! Users can now seamlessly swap across 7 networks, like any regular swap, including Ethereum, Arbitrum, Optimism, Polygon, Base, Avalanche, and BNB Chain! (with more to come very soon)
Most Traded Pools
Below are the most traded pools, aka, most fees generated pools of 2023 on Sushi:
V2
ILV/ETH
MAGIC/ETH
USDC/ETH
V3
ETH/USDbC
ETH/USDC.e
ETH/ARB
Better Products, Better Trades
2023 is a year in which Sushi is not just expanding its range of DEX products, like v3 AMM and DEX aggregator, but also pushing everything to bring you the latest and greatest that’s unique on Sushi, multi-chain and cross-chain solutions, SushiXSwap, Smart Pools, etc. It's all about enhancing your DEXperience, whether you're into trading or liquidity provisioning.
V3 Concentrated Liquidity Pool
The first major product we released in 2023 was our Sushi's v3 Concentrated Liquidity (CL) pool, allowing liquidity providers (LPs) to focus funds in a narrow price range, boosting capital efficiency and reducing slippage across 20 networks. Integrated with advanced LP management and risk mitigation strategies from Steer Protocol, Sushi's v3 also features a user-friendly UI with light/dark mode and efficient swap routing. The upgrade aims to enhance the DeFi experience, attracting more users with its efficient LP rewards program and expanded network deployment.
DEX Aggregator
Sushi’s built-in DEX aggregator unifies liquidity and finds the cheapest and most efficient swap routes possible for our users. Introducing the DEX aggregator also opened up Sushi to a myriad of previously unavailable tokens to trade on the UI, attracting more users and generating even more swap fees!
Smart Pools
Powered by our friends over at Steer Protocol, Smart Pools are simple, effective strategies that can be run on top of pools automatically, abstracting away a majority of the complexity that comes with manually running your diligent farming strategy.
Released just in the last few weeks, the v2 version of SushiXSwap is already providing seamless cross-chain swap functionality to thousands of Sushi users. V2 includes payload executors, allowing for the source chain to be charged for gas as opposed to the destination chain (because whoever has gas on all these things?!) and Circle’s CCTP integration, allowing for native USDC swaps across all 7 networks SushiXSwap is gradually released in the next few weeks.
Permissionless Incentive Creation
Sushi introduces "Permissionless Incentive Creation," enabling users to add rewards to pools on networks like Ethereum and Polygon without needing approval. This feature offers a user-friendly setup, supports multiple rewards with customizable options, ensures fairness through address blacklisting, and simplifies the reward claim process for liquidity providers.
UI Update 2023
Sushi's UI has undergone a comprehensive revamp, enhancing user experience with a cleaner interface, improved navigation, and redesigned pools and liquidity management pages, all built on the shadcn-ui framework. Key updates include streamlined tables, breadcrumb navigation, a simplified add liquidity process, a new partner page, and an easy token whitelisting feature, alongside performance improvements and bug fixes. These changes, aimed at boosting efficiency and user engagement, are part of Sushi's ongoing efforts to refine and elevate the platform's usability.
Welcome To Sushi
2023 brought us some fantastic new projects that decided to kick off with the Sushi community!
Bots Craze
Telegram bots stormed the public mindshare this year, allowing users to easily snipe new and hot launches on-chain directly from their phone. Congratulations to the Telegram bot projects who decided to seed their liquidity with us this year! Some highlights include Saint Bot, GBot, and Pegasus Bot!
Gaming
Chainguardians
The popular web3 game ChainGuardians, incentivized all of their pools on Sushi and allowed their users to earn both $CGG and $SUSHI - congrats to everyone who participated!
ZTX
ZTX, the largest Asian metaverse platform with over 430 million registered users, launched their $ZTX pools on our platform in the Fall, allowing users to reap the rewards in both $ZTX and $SUSHI. We are so excited to have the smart folks from ZTX onboard and to see what the future holds for us together!
DeFi
uniETH by Bedrock
Bedrock, the non-custodial solution developed in partnership with the respected builders at RockX, was announced in November. A platform designed with institutions in mind, it is an LST platform that enables uniETH holders to earn yield on the Bedrock platform while participating in other activities with their capital, such as trading and LPing on Sushi.
MEME World
2023 saw many memecoins take the crypto community by storm, and we leaned into the fun here at Sushi! The few memecoins with the highest volume traded on Sushi were PEPE, TOSHI, NOLA, OMNICAT.
With completely permissionless pools and custom pool incentivization, there has never been a better time to bring your community to Sushi to trade your favorite meme!
New Chain Integrations
Sushi is now deployed across over 30+ networks, with ever-continuing support for new chain integrations daily. We are proud to offer our suite of trusted products to our users on more networks than any other protocol in all of web3.
Special Highlight: 6 new chains have been deployed on Sushi, including Core, Linea, Aptos, Haqq, Base, and Filecoin! Stay updated on the upcoming integrations, such as ZetaChain, which will enable native $BTC cross-chain swaps directly without wrapping or bridging.
Congratulations, and thank you to all the intelligent teams behind our new chain integrations this year. We are so excited to continue supporting all of your communities!
New Integrations
In addition to new chain integrations, the following projects integrated with our Sushi suite this year, greatly improving our stack and ensuring a scalable infrastructure for the future as more and more users come on board.
Axelar
Our first major integration of the year was with Axelar, bringing cross-chain, fungible, and native $SUSHI functionality across multiple chains to keep our $SUSHI fresh!
Steer
Our integration with our friends over at Steer Protocol gave us Smart Pools - pools with automatic strategies built to abstract away the annoyances of constant position management. Check them out today!
Gamma
Our integration with Gamma brought even more optimization to our concentrated liquidity pools, automating tasks such as rebalancing and compounding to optimize profits and reduce risks for LPs!
Chainlink CCIP
Another major integration this year involved supporting Chainlink’s new Cross-Chain Interoperability Protocol (CCIP), allowing for (amongst other things) SushiXSwap to flawlessly handle tokens bridged through various architectures, resulting in a consistent cross-chain swapping experience for our users.
ZetaChain
Though not functional yet (soon!), this year, we announced our upcoming integration with ZetaChain, enabling native $BTC cross-chain swaps, all without any wrapping or bridging!
Sushi Around The World
Sushi DeFi Kitchen
Back in March, we hosted the inaugural DeFi Kitchen: a virtual hackathon that saw developers, speakers, friends and more from every corner of the crypto community come together for a free night of informative chats and alpha sharing, giving people a rare glimpse into the inner workings of some of the top protocols in the space.
Crypto Events
And last but most certainly not least, we had an entire swath of IRL events this past year! We have absolutely LOVED meeting everyone and discussing the future of our industry with every one of you - here’s to many more!
Below are some of the highlights from this past year, including stops at events such as:
This year, we decided to open up testing of new features to our community members, and it has been nothing short of amazing! With more than 20 people currently signed up as wizards, we have been able to iterate even faster and deliver on what our community values the most. If becoming a wizard and helping shape the future of the protocol interests you (and earn some $SUSHI), hop into Discord and sign up to be a wizard today!
Sushi 3rd Birthday
We celebrated our 3rd birthday this year ❤️here’s to many more!
30 over 30 on Galxe
Sushi is excited to bring you the “Sushi 30 over 30” Holiday Campaign, a festive, creative, and engaging way to dive into the multi-chain world of Sushi. Join us on Galxe to celebrate over 30 of our blockchain and multi-chain partners for over 30 days throughout the holiday season.
Happy 2024!
It has been a jam-packed roller coaster ride of a year, and we all know it will only get crazier as we move into the new year. With so much to look forward to, we hope that this little trip down memory lane and celebrating all that everyone has accomplished over the past 365 days gets you even more excited for what 2024 has in store.
Cheers friends!
Much Love, Sushi Family ❤️
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