Breaking: SushiSwap and its CEO served with subpoena by SEC

The United States Securities and Exchanges Commission (SEC) has taken a swing at yet another crypto-entity. This time around the commission has issued a subpoena against SushiSwap – a decentralized exchange.

Timeline of Sushiswap

Even though DEXs have gained popularity after FTX's collapse, the competition within the sector has increased too. SushiSwap is one of the DEXs that has struggled to outperform its competitors during this period.

According to data provided by Messari, the fees on DEXs have drastically reduced over time. This decline in fees would help DEXs such as Uniswap, Curve, and SushiSwap attract more users to their respective protocols.

Veteran analyst and trader Avi Felman, head of the digital asset trading arm in GoldenTree Asset Management investing heavyweight, explains why he is highly enthusiastic about the macro prospects of SushiSwap (SUSHI).

In the case of SushiSwap and the Sei Network, the benefit for both firms is quite clear and besides growing its influence, the former will use the partnership to generate a new revenue stream for the protocol.

According to a proposal by SushiSwap, the firm will be redirecting 100% of its trading fees to the Treasury. This comes after the firm revealed plans to multiply their 2023 earnings.

On 24 January, DeFiLlama revealed that the trading volume of SushiSwap [SUSHI] on Arbitrum was steadily increasing. As per the tweet, on 23 January, 44.6% of the total SushiSwap trading volume occurred on Arbitrum.

While the DeFi market has continued to mirror the crypto market rally, more innovations have been introduced to the ecosystem. In today's news, SushiSwap, the sixth-largest decentralized exchange (DEX) by 24 hours trading volume, has passed a proposal to relocate 100% of its trading fees to the SushiSwap treasury for maintenance and expenses.

Members of the Sushi DAO have passed a proposal seeking to retrieve about 6.2 million SUSHI tokens to the Treasury, from early liquidity providers who are yet to claim their rewards.

SushiSwap, a decentralized finance (DeFi) protocol on Arbitrum, has been experiencing a steady rise in trading volume. Yesterday, the total SushiSwap trading volume on Arbitrum rose to an impressive 44.6%.

Decentralized exchange (DEX) Sushiswap (SUSHI) hopes to grow its market share tenfold in 2023, according to Jared Grey, the project's CEO. Grey says in a new blog post that Sushiswap plans to release its new DEX aggregation router in the first quarter of the year, a move he thinks will increase the project's swap volumes.