Grand Opening of SushiSwap
Migration was a success congratulations to everyone involved and the LP who are going to be receiving some extra SUSHI to their wallets very soon.
Community Highlights 🌸
Here is some community-led project done in the past few days I wanted to highlight before starting the road map plan
A documentation website aggregating every informations, questions and tutorials about SushiSwap available in French, Chinese and Russian !
Thanks to Adam !
Our very own Zippo went ahead and decided to fork uniswap.info to help us have some relevant information on the current TVL — pools — volume — etc.
Every time someone trades on SushiSwap, 0.05% will go to the Kitchen. Anyone can be kind and serve it up. This will turn it into yummy SUSHI and deliver it to everyone in the bar. So everyone will have a little more SUSHI.
Being a fork where we are only copying recipe isn’t enough for us to succeed and go forward everyone knows that. We won’t become the best DEX without new features and compelling tools for our LP — Traders and Sushi holders.
Current near term focus our builders should tackle :
Main Product ( exchange )
- More UI’s / Chinese + more language Support
- Limit / Stop loss orders (New Features !)
- Fix the current bugs (Walletconnect issue — token list)
- Mobile Support
- Better LP tools (IL monitoring, PnL, history)
- Refine UX for harvesting SUSHI
Every suggestion made here could be explored more in depth with the developers, designers and translators involved.
Incentivization / SUSHI distribution :
We should be opening new ways to earn SUSHI in conjunction with the current pools being rewarded. One of the next step will be to compete on long tail assets or so called “gems” currently being deployed on Uniswap I believe there should be various levels of reward for them ranging from a subsidize deployment of a pool just enough to not make it profitable (we don’t want people spamming pools of useless erc20 tokens) but that opening one with us be rewarded. From there if the pool is able to generate certain levels of volume they could be “AUTOMATICALLY” be awarded SUSHI for LP providing liquidity the amount needs should be determined and could perhaps need to be sustainable for a period of time everything to limit abuse should be discussed to mitigate potential attacks.
The bigger pools could potentially welcome new candidates or adjustments in the rewards following a monthly consultation so every month we could probe the community and see if we should be rotating some of the current rewards being supported by SUSHI to others or adjust the ratios to keep things interesting and fresh.
Governance Spec v1 📜
Basic Design :
- To Participate in Sushi governance, you need to stake ETH/SUSHI LP tokens OR xSushi (will be yielding 2x less than LP)
- Need to stake LP tokens for a minimum of 1 month
- It takes 7 days for proposals to pass in the DAO
- If you vote “YES” during this period, you won’t be able to unstake LP tokens
- If you vote “NO” during this period, you’ll be able to unstake LP tokens anytime (Unless less than 1 month staked)
- But then there will be a grace period of 3 days before proposal is implemented.
During this period anyone who voted “NO” can unstake.
(unless less than 1 month staked)
- You need a minimum % (TBH) of LP tokens to be able to make proposals to the DAO
Reason for this design:
- Simply holding the tokens is not enough as they can be borrowed
- Staking LP tokens creates economic alignment and skin in the game
- If you participate in governance, there should be both upside as well as consequences.
- If you’ve already been a gov staker (for at least 1 month etc.) and disagree with a proposal you should be able to ragequit participation and sell your SUSHI if you want.
- Sushi a fork of Uniswap
- $SUSHI is distributed via a liquidity incentive program
- Not being used for voting at the moment, can only be staked on LP or xSUSHI
Governance goals :
- Managing grants and treasury of the project
- Managing liquidity mining scheme
- Upgradability and management of the smart contracts
DAO design 1.0
Stake $SUSHI to get voting rights/tokens
- Provide liquidity to 50/50 Sushi/ETH liquidity pool
- Stake LP tokens for a minimum of 1 month
- Get governance tokens in return
- Governance tokens have governance rights
- Need a minimum % of Gov tokens to submit proposals
- Anyone with Gov tokens can vote on proposals + delegate voting
- Proposals take 1 week to pass
- It takes 1 day to unstake Governance back revert back into $SUSHI
- Need liquidity incentives for voting and participating in governance
- Create governance power multiplier the longer you have staked LP tokens ?
- Liquid democracy delegate your voting power to someone you trust ?
- Quadratic voting since SUSHI distribution can be something worried for some community members it could be explored ?
This is a spec of the v1 it isn’t final we should aim together as a community to make it more efficient, fair, transparent and to our standard
I would like to credit pet3rpan for his contribution in modelling the first spec of the DAO.
I will be submitting 1 proposal this week for early community members. A lot of people have been helping in the design of UI, community management (Hi mods!), dashboard, tools and more. I believe they should be rewarded and Nomi as a founder too (https://snapshot.page/#/sushi/proposal/QmcKvaZmR9JUeEtFVpkNamG2nP3iQGi4wH2dy8qb6Gfk9L)
As you may know a lot of people wanted to reward me for being devoted to the project since day 1 in helping Chef Nomi and sushiswap getting the project traction among a sea of money games leveraging YAM template, this was our distribution model but never our end goal. My role at my current IRL job is to “grow” products and accelerate their traction by crafting compelling narrative, showcasing the added value and testing various approaches until we find the ones converting the most customers. I have a deep understanding of the current DeFi scene with the intention of making SushiSwap the best venue for DEX traders on Layer 1. This will be achieved by assembling a team of dedicated contributors that will be incentivized to work on the feature they wish to see being built, with the amount of time they wish to contribute and all of this while being rewarded above market rates. Unless the person is deeply committed to the protocol and wanna go full time I don’t believe we should be jumping on making a core dev team, people should be able to work their own work group and be paid as a team or solo. I will be the one in charge of providing them all the tools needed : documentations, testing environment, feedback, strategy with the help of the whole community. It means operating in a free moving, open and transparent ecosystem. Ultimately the process should be standardized enough that on-boarding new teams or contributors should require no more than a few days to make it friction less to start working with us.
Since the start I have been involved in making partnerships or connecting us with various other entities within the ecosystem some of them are known like : Cream.finance, dextools, blocklytics, Snapshot, Unigraph, pine.finance, Hegic, REN protocol, etc. Some of these resulted in being integrated with them others contributed to make our governance a bit better than discord votes. Following ChefNomi drama some relations went a bit more cold and it is natural. He did return the fund. I am very happy to be going forward with more integrations partners and making sure that SushiSwap provides a very broad offering of key utilities directly from the main interface. Everything needs to be done at the moment and I am ready to lead the efforts on this side my most urgent preoccupations are : governance (path to DAO) — Sushinomics — Treasury allocation — Defining the Sushi Staff (Adam already started working on this and I will be adding significant efforts to it) What I will guarantee to the SushiSwap community : Working full time on the project with transparent reports of my hours via a time tracking app and list of achievements transparently condensed. I am all in on this project, I want to be held accountable by the community and in no way think this is a light job by any means.
To hear more about my vision feel free to listen to theses podcasts :
Grants for teams :
This should be discussed in a more in-depth manner; currently we had Nomi approving an arbitrary proposal from a contributor with reasonable goals and price. The grant would only be awarded once they submitted the work. At this stage it is very hard to preemptively rewards any contributors in the future once they establish a good standing relation I think we should be able to provide them with half the reward upfront if community is willing each proposal could be voted by a poll on discourse and have a minimum of quorum if contentious should go directly via snapshot ? If this procedure is accepted I will ratify it on https://help.sushidocs.com/
We currently have a considerable amount of ETH and some people are willing to buy back SUSHI with it. We should be moving half of it in Stablecoins yielding interest while keeping our exposure to ETH and SUSHI. This way we can mitigate a potential volatility in both assets to make sure we have enough runaway to push our vision forward and ensure our financial security. I would also request some funds to be dedicated to fund various initiatives and budgets, the clearest ones being developers — marketing — ops (include community management — translation — project management) all of funds could be administered by a Foundation or Private entity or completely decentralized. I think this needs more discussion and weighting the “pros” and “cons” . We have very smart community members that could chime in and propose their point of view on this matter. All of the budgets should be approved by the community some will require more than others and I will personally be involved in various of them since I am working currently the only contributor working a fulltime manner. The goal is to have multiple teams of contributors being rewarded for their efforts in a mix of vested SUSHI tokens, ETH or DAI following their preferences. I do believe we can also start engaging a discussion on reducing the portion of the dev share in the following months ? Start to aim for something around 5% trending towards 1% once we find the treasury adequately healthy even have 0% akin to what YFI is doing with a cap of 500k per year which is replenished once out. There is some technical limitations in doing so with the dev share not being directly taken by the DAO it could go in incentivizing more programs, being burned, distributed as extra rewards to holders this is all pending more community discussion.
Partnerships / Integrations / Ideas 🙌
Here is an open list of the projects I believe we should be focusing our efforts to partner with (in no particular order)
Options : Hegic — Opyn
When a supported pair is picked suggest to buy a cover in case of price movement (calls or puts)
Cross-chain : pTokens — REN protocol — KEEP
Add support of “BTC” in the dropdown and offer the choice of minting wrapped version of it directly from our UI leveraging their existing bridges
(REN as been contacted and willing to provide support to a team implementing it)
Leverages : Aave — Compound — bZx
When a supported asset is picked display a way to easily go 3x long or 3x short.
(This can be paired to the referral program of Aave to provide additional revenues)
Custom AMM curves for new pools :
Let developers come up with new formulas on specific pools.
Let LP decide their fees in their own pool dynamically (harder to do)
Offer small traders 1 or 2 discounted trades everyday by using a Know Your Farmer-type of approach (h/t alex) where a wallet needs to have a minimum X number of age and Y amounts of interaction with various dApps. To be awarded enough SUSHI to cover their gas fees.
Let’s make SushiSwap a Michelin Star Omakase with the help of the whole ecosystem.