Sushi First Course — 2021 Q1 Update

ayoki
ayoki
Mar 30 · 8 min read

2021 is only 3 months old, but thanks to the extraordinary power of you, our community members, Sushi has hit some pretty incredible milestones. Let’s take a look at all the updates that, let’s be honest, even you couldn’t keep up with. PS: We are now down to 30 SUSHI emissions per block, as of April 1st!

Team Expansion

Until pretty much the end of 2020, the official Sushi team was still quite small. Exactly 4 members small, not including all the incredible help from our community members, of course. Back then it was, more or less, 0xMaki, with core developers Jiro Ono, Omakase, and LevX running the show. Since then the team has more than tripled with 14 full-time members and a multitude of community contributors!

We’d like to welcome the following members to the growing Sushi team:
CTO — Joseph Delong
Core Developer — I’m Software
Core Developer & Kashi Lead — 0xKeno
Developer & Miso Lead — Gonpachi
Security Team Lead — 0xNori
Lead UI/UX Designer — Chester La Croix
UI Design & Frontend Dev— Cabbage
Designer & Lord of Shapes — Kastrye
Product Manager — 0xChu
Asia Lead — AG
BD & Marketing Lead — ayoki (me! haha)

New Domain

We want to thank our vibrant community for all of the amazing interface options that we have going for the Sushi platform. But, Future Fund really took the cake with pancake.com, oops, we mean www.sushi.com. And for that, we eternally say, ありがとうございました。

In addition to our new, epic domain, we got a new, flashy UI from our team and took into consideration the many suggestions that we got from our many Discord members and Twitter followers. Here’s a before and after of our app homepages. The present has been updated to reflect current branding schemes. We want to announce it here first that , yes, dark mode coming soon.

Formal Verification

As our community has continued to expand, user security and peace of mind became the forefront of our focus. At the start of the year, we retained the services of Certora, the world’s most trusted formal verification firm. Certora uses automatic scenario-analysis to proactively uncover potential exploits and/or threats. With the current roadmap’s forthcoming product rollouts, we knew it was necessary to utilize this automatic security investigation system to pick up where other manual auditing services can fall short. Certora will be working continuously until, at the very least, the end of May, as we continue to deploy new product verticals.

Multichain Deployment

In order to appeal to the interest in non-Ethereum tokens and the even greater non-interest in Ethereum gas fees, we made the announcement about our Sushi cross-chain deployment to several mainnets. The first announcement was made back at the beginning of March, with several more chains added to the list. We see a lot of our community members in the Discord, a little confused about how to ‘find’ Sushi on these other chains. You simply need to go to exchange.sushi.com and when you connect your wallet, change to the mainnet of your choice from your wallet. Voila!

BentoBox & Kashi Release

We know we have been teasing you guys with this for some time, but the patience really paid off and we’re so happy with the final product. BentoBox is truly a gamechanger of a token vault, with its dual token usage functionality. Kashi, as well, offers margin traders the ability to trade assets of a wider variety of risk tolerances than currently available on other platforms, due to its unique isolated risk structure. Expect many rolling upgrades for the entire month of April we are just getting started!

To play with the alpha version of BentoBox and Kashi, click here.

Governance Proposals

This year has already been filled with quite a few controversial and exciting proposals from the community. Take a look at current and previous Sushi proposals by clicking here. Remember that you can vote for proposals with your SUSHI POWAH, which is either your xSUSHI or SUSHI-ETH LP tokens. The following are the most pertinent proposals still on the chopping block. The POWAH is in your hands:

  1. Badger Claws Incentives: The proposal is based on Badger’s token vaults and they would like us to give them SUSHI rewards to their two vaults: wBTC-ETH LPs and BADGER. They propose that doing this will, in turn, increase the overall liquidity for Sushi users. The LP tokens would be deposited into Badger, not Masterchef and the depositors would receive around 70% APY, not including the possibilities if you borrow against it. The community was worried that this would overlap too much with the upcoming release of our BentoBox vault. Is two better than one? Should we spread our lending wings?
    Proposal here.
  2. BONSAI: Now this is one that is surely fresh in a lot of your minds. The original proposal was to deploy Sushi pools to the Solana chain via Raydium to incentivize non-Ethereum tokens to use Sushi, effectively making xSUSHI more valuable to holders via increased transaction fees. This cross-chain partnership was mean to give Raydium/Solana their own Sushi farms, along with allocation points, or bonus SUSHI token rewards. The community had many concerns about this proposal, calling it a potential “Arbitrage Paradise,” which could “Suck out liquidity from Ethereum into Serum,” ultimately devastating Sushi. The original proposal has been amended to tackle these valid comments and will be up for a vote again.
    Proposal here.
  3. SushiHOUSE: A proposal from our friends at Yam Finance. You can watch a recap of the conversation by clicking here. TLDR, their suggestion was to put $5–10 M of the SUSHI fund as divestment into a risk-adjusted portfolio, or, in other words, an emergency dev fund that is more or less not susceptible to the effects of a bear market.
    Proposal here.

Feel free to tune in every Thursday at 9 PM UTC to our Sushi Forum on the Discord.

Steamy Onsen Rewards

Last year we retired our ‘Menu of the Week’ program where we asked the community to vote on special yield farming pairs, which would receive added bonus SUSHI rewards, through temporary surges in allocPoints and exaggerated yields, on a rolling weekly basis. Although we are always all about getting the community involved, there were some obvious security issues involved with this method, particularly when the prevalence of rug pull projects was at its peak. With user security, and spicy returns, at the forefront, we announced the Onsen program.

Onsen is now our prime liquidity mining incentivization infrastructure. Tokens are added through a strict vetting process and our core team members, personally, get to know the projects and their representatives before onboarding. Originally, we had the plan to roll out a new “Menu” every 60 days, replacing the 7-day cycle. However, you may agree, why throw away a good thing? Onsen has now evolved to be a dynamic stage, where the community still decides which project stays or gets the boot, based on volume, liquidity, and overall sentiment. For projects who do not pass the threshold to remain onboard Onsen after 60 days, we will request a processing fee of 2 ETH or 1,000 SUSHI tokens to continue Onsen participation (as mentioned in the SIMP#2 proposal).

Check out some of the new pairs, just added to Onsen, by clicking here.

If you would like your project or a project you are a fan of to join one of the many projects you see above, please apply for the Onsen program by clicking here.

Due to the overwhelming response to the Onsen Program and its success, we will not be requesting that projects who wish to join the program pay the application fee of 1,000 SUSHI tokens or 2 ETH. In addition, projects who wish to stay on the Onsen program after their 60 day period, will need to pay an extension fee of the same amount.

For our permanent menu partakers, we have allocated a much larger amount of points, aka SUSHI rewards, to those pools, as they’ve gotten bigger and bigger, which we thank you for!

Take a look at our new permanent “Chef’s Menu” pool APYs by clicking here.

SUSHI Airdrop!?

We want to sincerely thank our governance participants for their participation in the community proposals. We will be giving participants and our special Sushi Hoodie NFT holders an extra-delicious airdrop. For community participants, those who suggested something to us and/or answered back will be eligible. Please check the list below to see if you are a deserved winner!

100 SUSHI for each eligible forum participant

50 SUSHI for each Sushi Hoodie NFT holder (Metafactory only)

Roadmap Airdrop Eligibility List

Vesting Process Announcement

On April 5th the SUSHI vesting UI will be opened and your 2/3 vested $SUSHI token rewards will be claimable in the UI on exchange.sushi.com. The accrued 2/3 vested rewards will open to claims on a weekly basis, instead of daily. Any unclaimed rewards from previous weeks will roll into the next week!

The vested rewards will be given directly to our guests instead of protocols and release the vested funds directly.

Users with less than 100 SUSHI vested will receive a 1 SUSHI rebate to cover the gas costs associated with claiming.

Cost of the sushi rebate to account for gas.

For any further questions, feel free to message us in the #support section of our Discord.

Roadmap Q2

We at the Sushi team want to thank you for sticking by us this year, as we passed our 6-month birthday. Can’t wait to see what the next course is.

To learn more about Sushi, visit:
www.sushi.com

Sushi

Sushi.com🍣Find rare & unique cryptocurrencies, while earning delicious rewards on your idle tokens!

Sushi

As a community-driven, decentralized exchange, there are less hoops to execute your crypto trades and all platform transaction fees are redirected to the users who provided liquidity to the ecosystem, just as it should be!

ayoki

Written by

ayoki

SushiSwap Contributor — 🍣

Sushi

As a community-driven, decentralized exchange, there are less hoops to execute your crypto trades and all platform transaction fees are redirected to the users who provided liquidity to the ecosystem, just as it should be!

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