Welcome to the Sushi monthly recap! 🗞
This post will outline some of the major operational, technical, and community milestones reached in the past month. We’ve summarized all articles and announcements as well as some of the exciting things to come — as laid out in the Sushi roadmap. Without further ado, let’s dive into the highlights:
🔱 Trident Phase 1 Release
We’ve released Trident on Polygon to battle test Trident before going live on mainnet and other chains. This phase 1 of the Constant Product pool Trident release can be used here: app.sushi.com/trident/swap (Switch your network to Polygon).
Trident intends to be a production framework for building and deploying AMMs (built on top of the BentoBox), it is not just an AMM itself. While AMMs can be created using the Trident code, there isn’t a specific AMM at the center of Trident. The concept behind this framework is that hard-coded swap environments like those found in Uniswap, Curve, and Balancer all necessitate the same underlying methods, and can therefore, be consolidated into a single interface. This interface, is something we call the IPool interface.
❗️ Important note: this launch is a preview release — use at your own risk. For questions please refer to Sushi Discord and this announcement article.
📖 We’ve also dived a bit deeper on what “Phase 1” means and how the Trident Constant Product pool compares to legacy x*y=k AMMs in this article.
🥣 Miso v2 Release
We have also officially launched the new MISO v2 on Harmony and Moonbeam.
MISO is a fully permissionless multichain token launchpad. The new MISO makes it easy for anyone to launch a new token to their communities by completely opening up the token auction process. This improved UX will allow new groups of creators to enter web3, without the need for advanced technical knowledge.
📖 To read more click here.
🔳 Shoyu 2.0 Update
Shōyu had a bit of an identity crisis during the initial development and a lot of features were removed or changed completely due to a myriad of reasons. The idea of an open marketplace faded and a more exclusive/curated experience came to the forefront as it was easier to attain in a short time but we as a team don’t feel that was in line with what the community was expecting from the original Shōyu proposal.
The good news is that we are building Shōyu 2.0 and it is back on track to something that we believe the community will be extremely excited about. Shōyu 2.0 will be an open marketplace, initially launching on Ethereum mainnet with plans to expand quickly after launch. We are initially focused on developing the marketplace and accompanying social features to allow creators and collectors to have a platform to create and foster their communities.
A preview of Shoyu 2.0
Kashi UI update
We’ve just revamped our Kashi lending & borrowing user interface!
Kashi is a lending and margin trading platform, built on BentoBox, that allows for anyone to create customized and gas-efficient markets for lending, borrowing, and collateralizing a variety of DeFi tokens, stable coins, and synthetic assets. Kashi’s broad diversity of tokens is supported through the use of a unique isolated market framework. Unlike traditional DeFi money markets where high-risk assets can introduce risk to the entire protocol, in Kashi, each market is entirely separate (similar to the Sushiswap DEX), meaning the risk of assets within one lending market has no effect over the risk of another lending market.
Sushi Limit Orders
Buy and sell tokens at any price without having to constantly monitor the market! Try out Sushi’s renewed Limit Order feature on Ethereum, Polygon, Avalanche & Fantom!
All DEXs give users the option to directly swap tokens at the current market rate. Only a few DEXs support limit orders, which allow you to set trades and automatically execute them whenever the market reaches a given price.
And those that do support limit orders usually cost a high amount of gas to approve and execute and come with a high opportunity cost, parking your tokens in a simple contract instead of a yield-bearing pool. These shortcoming have made it hard to compete with centralized alternatives. https://twitter.com/SushiSwap/status/1507979254276964352
Sushi Guard (formerly known as Sushi Relay)
We have teamed up with OpenMEV, to protect Sushi traders from MEV attacks, and enable gas free trades — to get Sushi ready for our glorious degen future.
But what is MEV, how do users actually lose money and who receives the funds?
Maximal (formerly “Miner”) Extractable Value (MEV) is the value that can be extracted by including, excluding, and changing the order of transactions within a block. In PoW chains, this power lies with miners — In PoS chains with validators.
However, miners don’t hunt for MEV opportunities. Instead, traders or automated bots discover profitable trades, and forward them to miners who include them in the blocks they are mining.
These profitable trades might be anything from arbitrage, ie. leveling price differences between exchanges or trading pairs, to sandwich attacks or liquidations in lending markets. Read more here.
As Sushi has always flourished on governance-participation, we have been early-adopters in DAO tooling. Recently, Snapshot released the governance delegation feature, which brings token-based governance closer to a real-world democratic process. It allows any Sushi holder to delegate their Snapshot votes to a number of more active community members. By giving their right to vote to another Sushi holder, our users can take part in governance while not having to vote for each individual proposal.
Stargate is the first User Application built on top of LayerZero, and is an Omnichain asset transfer protocol that leverages the Delta Δ Algorithm to solve the bridging trilemma (docs: https://stargateprotocol.gitbook.io/stargate/). This proposal is to have Sushi integrate Stargate to facilitate Omnichain native asset swaps and transfers between networks. This will help users to move freely between assets and networks.
A proposal that SushiDAO should form an association or foundation in order to mitigate future risks. In doing so, the SushiDAO will provide legal clarity regarding the rights and obligations of token holders and contributors, limit liability of token holders and contributors, and create an apparatus to manage administrative issues for SushiDAO. In addition, various services entities can be created for contributors to the Sushi Protocol.
NFT mints are fundamentally imperfect: crippling gas spikes, butchered launches, rugpulls, underwhelming reveals, pump and dumps, shady marketing tactics, opaque whitelists…the list goes on. In this context, it’s hard for collectors to jump in with a clear mind. Partnering with a community run project Sushimi, we’re aiming to set a new standard for transparent, gas-efficient and fair NFT mints by leveraging Sushi’s suite of products. Read more here.
SAKΞ is back, redemption of bottles is coming soon! SAKΞ was the first of its kind: a tokenized sake bridging tradition and technology with quality design. The pinnacle of Sake brewers’ craft and technological innovation, every bottle of SAKΞ is a work of art. With the highest attention to the details of production, from planting rice seeds to hand-bottling to order. The sake production has come a long way. They’ve conquered lockdown measures and supply chain disruptions but are finally on their way to being bottled and shipped to its rightful owner — you. To receive a bottle of SAKΞ, you must own and burn at least 1 of 888 $SAK3 tokens for a SAKΞ NFT (e.g. 1.0 SAK3 can be redeemed for a bottle; 0.77 SAK3 cannot). Physical redemption is scheduled for May 2022, your SAKΞ is bottled by hand and shipped fresh almost anywhere in the world courtesy of Sake Samurai Elliot Faber.
📖 Read the announcement post here.
🔥 Read more about why and how to burn your tokens here.
🐤 Sushi has reached 200k Sushi Twitter followers!
We’ve celebrated the 200k Sushi Twitter milestone with a short education series around our main products. We’ve collaborated with an incredible community artist @MochiNFT to visualize the most well known memes, characters and Sushi products.
🎮 League of Legends
📺 You can watch a replay of the games here.
♨️ Onsen pool launches
📈 Trade at https://moonbeam.sushi.com/swap
🚜 Farm at https://moonbeam.sushi.com/farm
🚀 Launch at https://moonbeam.sushi.com/miso
🇦🇪 Sushi @ EthDubai 2022
From 29th — 31st of March a delegation of the Sushi team travelled all the way to Dubai to attend ETHDubai conference to represent Sushi as a Diamond sponsor. EthDubai is one of the many ETH conferences organized across the globe. This developer conference is about anything related to Ethereum, DeFi, NFTs, EVM scaling, Gaming and more with a focus on decentralization and community projects such as Sushi and Yearn Finance. A few of our own devs but also Sushi friends have been giving keynotes and workshops to teach developers about the ins and outs of BentoBox, Frontend architecture and more. Read more here.
If you have any other questions please hop into the Sushi Discord so one of our Samurais can assist you: click to join Discord. See you next month! 👋