To increase the adoption of Uniswap v3, the decentralized exchange SushiSwap is shifting towards a new tokenomics model. The protocol’s “Chef” contracts will become more decentralized and secure as a result of the suggested changes. By making this change, SushiSwap may gain an advantage over rivals and draw more users to its platform. The switch from Uniswap v3 to SushiSwap by liquidity providers may be encouraged by the new tokenomics model. SushiSwap may gain more prominence in the DeFi market if its execution is effective.

Uniswap v3 Improves Tokenomics Efficiency for Scaling Growth

According to Grey, CEO of Uniswap Labs, v3 of Uniswap is being marketed as a way to increase tokenomics effectiveness. In addition to scaling expansion across the exchange’s more than 30 partnered networks, the new version delivers greater capital efficiency and sustainable tokenomics. The new tokenomics strategy, according to Grey, will enable Uniswap to more effectively compete with other decentralized exchanges and established financial institutions. The upgrades could potentially draw new users to Uniswap, which has already seen substantial growth over the last year.

Chef in charge Jared Grey informed CoinDesk that the concept would most likely be put to a vote by the whole community in late May. If accepted, the improvements would involve rewriting the protocol’s “Chef” contracts to strengthen the code that powers its operations in the wake of a multimillion-dollar attack earlier this month. According to Grey, the changes will strengthen the protocol’s security by increasing decentralization.

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The exchange is making an effort to strengthen security in the aftermath of the danger, which earlier this month leaked 3.3 million dollars from the platform’s wallets. The breach took advantage of a weakness in SushiSwap’s Route Processor 2, a smart contract element designed to process transactions more quickly while enhancing liquidity provisions. Later, some money was retrieved. According to Grey’s tweet, SushiSwap has addressed the flaw and secretly deployed version 3 of their router on select networks to enable the adoption of Uniswap v3. More networks will soon be able to use the router.

SushiSwap Plans Interface Changes for Cross-Chain Swapping

According to Grey’s tweets, the SushiSwap team also intends to provide some modifications to the protocol’s user interface to facilitate cross-chain swapping. According to statistics from CoinGecko, the sushiswap (SUSHI) coin currently trades at $1.08, up 5.4 percent on the last day. Over the previous month, the price has grown by about the same ratio.