DeFi Protocol Sushi slashes Lending Platform: TVL drops to $455M

Sahana Kiran
Source – Unsplash

Prominent DeFi platform Sushi ended the year by closing down two of its wings following low interest from the public. However, the platform also noted that it would lay focus on the decentralized exchange or DEX products.

In a recent Twitter thread, Matthew Lilley, the chief technology officer of Sushi revealed that lending platform Kashi and token launchpad MISO would be shutting their operations.

This focus would instead be shifted onto DEX products as mentioned earlier. Lilley wrote,

“In Q3/Q4 it became obvious that there was a strong need to prioritize, and we decided to focus on ideas to improve our most loved and profitable product, the DEX, SushiSwap. This meant realigning our priorities.”

Earlier this week, the CEO of SushiSwap Jared Grey revealed plans that would focus on redesigning tokenomics at SushiSwap. Back in December, the platform even set up a proposal to safeguard its treasury.

Here’s how SushiSwap has been faring

Sushi as a whole has a total of $459.72 million locked. This is quite low when compared to the last couple of months.


It should be noted that SushiSwap is the network’s most popular wing. This platform alone accounts for $391.59 million. Sadly, this was the lowest value locked in the network over the last year. Ethereum with $281.48 million accounted for most of it.

Currently, in terms of DEXes TVL ranking, Sushi stands as the sixth largest network. Curve and Uniswap were seen taking over the space.

Kashi, on the other hand, has locked assets worth a little over $800,000, which suggests low demand for the loan product. Back in 2021, the platform managed to lock in $40 million, however, this notion did not persist.