SushiSwap is discontinuing credit service and launch pad
A new sign that times are tough for SushiSwap? The decentralized finance (DeFi) protocol has just announced that its Kashi loan service, as well as its Miso startup platform, will cease to exist. Let’s go back to the reasons for this choice.
SushiSwap is discontinuing some services
SushiSwap’s CTO Matthew Lilley announced the news on the occasion of the 2022 review. He explains that Kashi loan service as well as Miso launchpad. was not the most profitableand therefore it was decided to stop them:
We have decided to cancel Kashi (Sushi Lending) and Miso (Sushi Launch Pad).
1. Kashi, for a number of reasons, had a number of design flaws, operated at a loss, and lacked the resources to devote to it.
2. MISO, there was a lack of resources.
21/24
— I’m a software developer ?? (@MatthewLilley) December 28, 2022
According to SushiSwap’s CTO, Kashi had some design flaws and did not allow the company to make money. As for Miso, he didn’t have enough internal resources. The idea is that “focus only on the main source of incomeFrom SushiSwap, a decentralized exchange (DEX) platform.
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SushiSwap in financial trouble
It is not the first time that we observe SushiSwap’s financial woes in a difficult context for all cryptocurrency businesses in recent months. The decentralized finance protocol, voiced by CEO Jared Gray, said last December that it did not have enough resources to operate long-term. He explained:
“Sushi has now distributed almost all of its token supply and should take advantage of new opportunities to diversify its supply and stock. must ensure the necessary liquidity for the continuation of its activities.»
He then approved the minutes allowed to operate for only a year and a halfin his opinion, a demanding situationemergency measures“. Shutting down lending and startup services is a step in that direction.
In any case, the news shows the challenges for DEXs to exist and their protocols to work in the long term. The future of SushiSwap seems uncertain at the moment.
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Source: sushi.com
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A journalist at Cryptoast, I fell into the cauldron of cryptocurrencies a few years ago. I’m passionate about innovative technologies stemming from blockchain and I love finding the crunchiest information to share with you.
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