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Sushi Third Course — 2021 Q3 Update | by Sushi | Sushi | Oct, 2021

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Q3 was one of our busiest yet! This document will outline some of the highlights, some of the things you might have missed, and the proximal roadmap for Q4. It’s no secret that Q4 is a big quarter for Sushi, so many of these updates are contiguous with soon-to-be-released products, like Trident, Shoyu, and MISO v2. That said, you will also find a number of important retrospective items from last quarter, like the creation of the Sushi Samurais and the honorable discharge of the Phantom Troupe. As always, there are a number of things that we couldn’t include in this article in the interest of time, like our development of fiat onramps for Shoyu and Trident, and our aggressive implantation of new marketing channels across all comms. What more can we do? How can we improve? Please reach out via our community Discord — we’d love to hear from you.

Phantom Troupe:

The Phantom Troupe was not a resounding success as a proposal, but it was perhaps the most effective community building exercise that Sushi could have asked for. After a proposal was created to raise a round of capital from interested VCs, the community determined that doing so would give unfair advantages to singular parties. At the same time, Sushi was approached by numerous different projects who thought of novel ways to make external investments more transparent and fair. Joseph Delong also collaborated with Andre Cronje to create an options liquidity mining concept as a result of the proposal. While the proposal did not pass in the end, it created an opportunity to innovate real world financial primitives that Sushi did not miss.

Sushi Samurai:

The Samurais were given the mandate to create structured content and support for the Sushi DAO. If Sushi is to compete as a decentralized organization in a centralized world, our ability to create superior customer service will no doubt be an issue. As well, the volume of content available on the internet will be directly proportional to the number of new users that Sushi will bring in. The Samurais will help with Discord-based support, and they will also produce content cyclically which will help drive traffic to Sushi. Currently in the works from the Samurais is a Sushi Academy similar to other educational crypto products like Binance Academy and Coinbase Learn, customer service products with ticketing and live chats that lead from the Sushi UI to the Sushi Discord. You can follow the Samurai’s updates through their published newsletters, here.

Multichain Expansion Earmark:

The DAO voted to earmark two of the five basis points for the Operations Multisig from Sushi’s multichain expansion. The rationale for this operational fund stems from the need to acquire additional human, infrastructure resources, and align technical objectives. Currently bridging and converting the accumulated LP positions reserved for SushiBar are strategic actions. This operational fund allows for, not only the expansion of relevant operational tools to scale these actions, but also ensures bridging is happening often and strategically amongst other ongoing initiatives.

Community Enabled Analytics:

Community-Enabled Analytics (CEA) is a free analytics solution combined with an extensive bounty program, designed to reward community members for learning about, analyzing, and publishing blockchain data. As we have seen with 3rd party analytics platforms, there is quite a bit of traffic that necessarily flows from the dynamic economic information created by crypto. This information can be consolidated and clarified into a much cleaner interface than we currently have, and it goes without saying that it will be necessary to do so in order to onboard less experienced users. Sushi’s initiative to create this platform will be an important step necessary to grow the platform into a more legible format.

Shōyu: Sushi’s NFT Platform, Dev & Management Proposal

LevX touched base with the community in regards to the Shōyu NFT platform to let us know that the contracts were finished, and give us an idea how the infrastructure could be laid out in the future. Shōyu has evolved rapidly in a very short time and it has become one of the most highly anticipated products from Sushi. The Shōyu marketplace promises to be the only one of its kind — an NFT marketplace that prioritizes supporting the artist community, and open sources the underlying framework. A great deal of thought and effort has gone into the platform and if you continue reading, you will get a glimpse of what is to come.

Maki Transitions to Advisor:

The future of France has never looked brighter!

$SUSHI Farming Vesting:

Sushi vesting is officially complete. Thank you again for the year of $SUSHI vesting program and for all that it has brought to this collective. Goodbye vesting, hello unlocked rewards 🙂

Multichain Expansion:

If you’ve checked DeFiLlama recently, you’ll know that Sushi is currently the multichainest DAO in all of crypto. This couldn’t come at a more opportune time for Sushi, as L1s have seen the highest growth of any token category and their respective TVLs have seen similar growth. Sushi currently has active farms on xDai, Arbitrum, Celo , Harmony, and Polygon, and we will continue to add new farms on new chains. In Q4, we expect to have new farms on Moonbeam, Avalanche, and Near.

Meowshi (MEOW):

After Yearn’s new token $Woofy was incredibly well received by the market, Sushi decided it needed its own totemic animal token, with similar mechanics. Meowshi (MEOW) is an homage to the dog token frenzy, and it’s supply is innately linked to $Sushi. Although the value is many decimal places lower than $Sushi’s it can always be exchanged for $Sushi, and any future product incentives or utilities that Sushi holders have, Meowshi holders will have also. Look out for special $MEOW governance proposals and extra APYs for $MEOW holders as we expand our BentoBox strategies.

Sushi Pro:

Sushi Pro has flown somewhat under the radar in Q3, partly because there have beens so many other highly anticipated product innovations, like Shōyu, Trident, and MISO v2. If you like swapping on Sushi, you’ll like it even better with a chart at your disposal. Try it out for yourself today at sushipro.io. The present iteration should be considered a v0 implementation and upgrades are on the way.

Major expansion of our Double Reward Farms — Masterchef v2:

MasterChef v2 has been very successful thus far, with a number of projects now offering their own rewards on top of SUSHI, with the intention of increasing liquidity depth and lowering price impacts. A new iteration of MasterChef will also be available on Trident, which will create the possibility for similar double farming incentives.


Another one of our project additions that seems to have flown under the radar is Inari, Sushi’s new native strategy investment module. On Inari you can directly invest your Sushi into various farming platforms, currently including Aave and Bento, with more to come!

The First Roll Up Deployment:

Notably, Sushi deployed on Arbitrum as well, and TVL has been up only, currently hovering around 400 million USD.

ETH CC Event “The LSD Bad Trip NFT”

Look out for ways to claim your Bad Trip airdrop on Shōyu soon!

A Billion in a Day:


The contracts are done, the curation has begun, and launch artists have been announced.

What is Shōyu v0?

Shōyu is a digital display interface and NFT marketplace that will allow anyone to mint, exhibit, and sell digital assets. State-of-the-art minting and auction technology will exist in V0, which allow whitelisted artists to display newly minted work, and sell them through a Fixed Price auction or an English auction. Artists and collectors will eventually be able to display their work within our walkable metaverse in late Q4, while our V0 metaverse will feature a curated gallery accessible to everyone to explore.

Shōyu’s initial launch, V0, can be thought of as a 10-week period of curated NFT drops that will be necessary to stress test the system, while the team develops and monitors the progress of the indexer, which is the most technically meticulous aspect of Shōyu’s development environment. Hence in V0, Shōyu will exist as a scaffolding infrastructure to build out the later iterations according to usage and governance. After this infrastructure has been monitored and assessed by the Sushi community, and the indexer is completed, future versions will be greenlighted and shipped with community-approved utilities.

The concept behind this rollout is that community usage should decide the future of the protocol. Utilities like social tokens, fractionalizing, and support for NFTs not minted on Shōyu will arrive in later versions.

Follow Shōyu on Twitter, Instagram, and TikTok for more updates:

The repos are public, and the rollout is immanent.

What is Trident?

Trident is a study of the pool types that liquidity in DeFi naturally conforms to, and how we — the mythical “we” of the Sushi ecosystem — can make those pool types extensible within a future-proof framework. The benefit of its design is that new pool types can always be added, no matter how they build on the current framework, and no matter who is there to build them. We don’t know what the future of AMMs will be, but we’re certain it can and will live on Trident. In that sense, Trident is a study in the art of decentralized AMM development. It open-sources and decentralizes the process of building AMMs such that the design can be iterated upon and improved ad infinitum, without the need for redeployments, new versions, or further centralized access. It’s the last AMM you will ever need.

Trident’s Documentation:


Tri It Out:

Sushi been in contact KOLs from the community and will give them the opportunity to beta-test Trident, and give their feedback, and communicate what they have seen back to the community.


MISO took some hard hits in Q3, but in all cases quick action prevented the loss of user funds. In the end, we believe MISO has the potential to be another gold-star Sushi product, and a liquidity magnet for the whole ecosystem. We prepared for and anticipated the occurrence of unforeseen outcomes like these, and now that they have occurred, we can use them to iterate and improve.

MISO’s Raises

The average project on MISO auction raised roughly seven million dollars. This figure is excluding an outlier in BitDao’s Ethereum auction, which raised more than any other project on MISO thus far. The average MISO auction also brings roughly 700 participants, though this figure is curbed slightly because many projects on MISO are first come first serve. The vast majority of projects on MISO were successful, with only one project failing to reach its auction goals. There have been 20 unique, successful auctions on MISO. The chart below represents the size of those raises on MISO since the opening of the platform. The BitDao raise was so large, that to accommodate this chart, the average of all the raises including BitDao was calculated, and used in lieu of the BitDao’s actual raise. As you can see above, the size of the raise experienced a bubble, and seems to have reverted to the mean in the last three auctions.

If you or someone you know wants to launch on MISO, you can fill out an application HERE.

Sushi’s Birthday

Congrats to the winners of Sushi’s Birthday NFT competition!

Expansion of Team:

Bento surpassed the $1BN TVL milestone:

Discord 50k:

Shōyu v0



Token Pages (Searchable Discoverability Available on Sushi & Shōyu)

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