Sushi Defi Protocol to Close Lending Product to Focus on DEX

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Last Updated on January 3, 2023 by Bitfinsider

Sushi, a popular decentralized finance (DeFi) program, will phase out two programs as part of wider aims to make the protocol more sustainable and lucrative.

In a twitter thread last week, chief technical officer Matthew Lilley stated that two products – the Kashi lending platform and MISO, a launchpad for external tokens – will be discontinued owing to poor public interest and the huge team work that went into supporting the two.

“We decided to deprecate Kashi (Sushi Lending) and Miso (Sushi Launch Pad),” Lilley explained, adding that yet-unnamed “successors” to these products might be released in the future provided Sushi has the necessary resources to sustain their operation.

Lilley stated that Sushi developers will concentrate their efforts on the protocol’s decentralized exchange (DEX) solution. “It became clear in Q3/Q4 that there was a strong need to prioritize, and we opted to focus on ideas to enhance our most loved and lucrative product, the DEX, SushiSwap,” he explained.

According to DeFiLlama statistics, SushiSwap, the DEX, had approximately $390 million in locked token value as of Tuesday. $280 million of that is committed to Ethereum-based assets.

Kashi, on the other hand, has just more than $800,000 in locked assets, indicating a lack of demand for the loan product. It accumulated approximately $40 million at its peak in 2021, but has subsequently suffered significant withdrawals.

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