Moonbeam x Sushi: Everything You Need to Know
As many of you know, Sushi and Moonbeam have created a cross chain integration and a joint liquidity mining program for Sushi on Moonriver. These very exciting details were released last week in two Medium articles that outlined the specifics of how to bridge and use Sushi on Moonriver, and the origins of the integration. As of today, November 5th, we are also happy to share that liquidity mining is now live on Moonriver.
Something you might not know is that Sushi and Moonbeam have planned a more extensive relationship that will be symbiotic for both parties. Sushi and Moonbeam have both independently pursued positive sum games and collaborative ethics from the very start, making their alliance a natural fit. Sushi hopes to deploy its full product line-up on Kusama and Polkadot using Moonriver and Moonbeam as the parachain of choice, while Moonriver and Moonbeam hope to unite Substrate-based liquidity networks with EVM-based liquidity networks.
TL;DR: Sushi and Moonbeam have officially partnered up. Liquidity mining on Moonriver begins today, November 5, 2021 for selected pairs. The incentivized pairs can be found at the bottom of this page in the FAQ. See this article for bridging instructions. This partnership has the potential to capture a market share that spans all of the new liquidity on Kusama and Polkadot.
What Sparked the Partnership?
Sushi began working with Moonbeam way back when, as the result of a proposal by Derek Yoo to the Sushi community in the fall of 2020. The Sushi community voted in favor of his proposal, and the rest is history. Since that time, Moonriver and Moonbeam have become an exciting phenomenon in cross-chain interoperability. After winning one of the very first crowdloan parachain auctions on Kusama, the network token of Moonriver, MOVR, has done exceedingly well in the market, and is currently trading at approximately 500% from its open price. Equally, Moonriver has already cultivated a rich and growing ecosystem of native and cross-chain deployments. Moonriver’s demonstrated success on Kusama has only increased community anticipation for the launch of Moonbeam on Polkadot. Moonbeam is vying to win one of the first five parachain slots on Polkadot in the upcoming parachain auctions slated to begin November 11th.
A Flywheel Effect
As liquidity matures on Polkadot and Kusama, it will begin to seek DeFi use cases like leverage, swap functionality, and other sources of utility that Sushi can provide with its product suite. The partnership between Moonbeam/Moonriver and Sushi will attract and delight DeFi consumers through ease and effectiveness of use. The customer base is projected to grow uncapped for quite a while. Kusama plans to auction 100 parachain slots (~50 slots in the next twelve months). With the interoperability feature of Kusama streamlined through Moonriver, the assets of different projects will no longer be siloed. Through Moonriver, Sushiswap will ultimately have access to assets that are i) native to Kusama; ii) bridged multi-chain assets (Ethereum mainnet, Polygon, BSC, etc) and iii) native to the Moonriver network. These assets represent the total liquidity network on Kusama, and they will likely have sister projects on Polkadot, making the total addressable market quite large, to say the least.
How will the partnership affect Kusama and Polkadot?
Sushi is a trusted name in AMM development, and Moonbeam/Moonriver’s goal is to be the platform that brings together all Kusama- and Polkadot-based tokens to interact interoperably with Ethereum-based tokens. The beauty of interoperability is that it is conducive to collaboration in its nature. Based on XCMP (Polkadot-native cross chain messages), Kusama- and Polkadot-based assets will be able to travel interoperably between parachains, but they will need the DeFi utilities that Sushi can provide to reach their full potential and hypothecation. Blocked or siloed liquidity is bad for everyone, so a partnership between Sushi and Moonbeam, which naturally helps this liquidity circulate, will create a positive sum game for all actors involved.
What’s next?
Here are some of the possible deployments that emerge as a result of this partnership:
- Trident: While Sushiswap is already launched on Moonriver, and will launch on Moonbeam as well, Trident will gradually displace Sushiswap on all deployed chains, and serve as a framework for the future of AMMs to be built.
- MISO v2: Moonbeam/Moonriver is already the easiest way to launch a token on Polkadot and Kusama, and MISO v2 could make that process even easier.
- Shoyu: While the NFT market on Ethereum is quite overserved, the corresponding market on Polkadot and Kusama is quite underserved, making a Shoyu deployment another enticing prospect and a potential liquidity magnet for the NFT community.
- Kashi: Similar to the NFT market, lending markets on Polkadot and Kusama are less accessible than they are on Ethereum, and these markets have yet to be installed. With Kashi’s isolated risk markets launched on Moonriver and Moonbeam, the avalanche of new markets opening on Kusama and Polkadot would have an open source of leverage and lending yield.
FAQ
Will SUSHI still be called SUSHI when it is on Moonriver, or will it have a new symbol?
While the token symbol will stay the same, any given token has a different contract address on Ethereum than Moonriver. For instance, on Ethereum, the contract address for Sushi is 0x6b3595068778dd592e39a122f4f5a5cf09c90fe2 but on Moonriver it is 0xf390830df829cf22c53c8840554b98eafc5dcbc2. You can check the contract address of the tokens in your wallet on Moonriver via the Moonriver Blockscout.
Is Sushi also live on Moonbeam?
Not yet, but soon! Sushi is currently live on Moonriver. The timeline for launching on Moonbeam (Polkadot) has not been announced yet, because there many different moving parts, but Sushi will be actively engaged with the process, and with the community, as Polkadot rolls out its parachain auctions, and Moonbeam competes for its second parachain.
What are the Moonriver native contract addresses for tokens that are eligible for liquidity mining?
Tokens via Anyswap:
USDC (ERC20): 0xE3F5a90F9cb311505cd691a46596599aA1A0AD7D
USDT (ERC20): 0xB44a9B6905aF7c801311e8F4E76932ee959c663C
Ether (wETH): 0x639A647fbe20b6c8ac19E48E2de44ea792c62c5C
FRAX: 0x965f84D915a9eFa2dD81b653e3AE736555d945f4
MIM: 0x0caE51e1032e8461f4806e26332c030E34De3aDb
Tokens via Meter:
BNB: 0x868892CCcEdbfF0B028F3b3595205Ea91b99376B
BTC: 0xE6a991Ffa8CfE62B0bf6BF72959A3d4f11B2E0f5
