Sushi Second Course — 2021 Q2 Update
If you’ve been able to keep up with all Sushi has been up to in the first 6 months of 2021, let alone the last 3 months, we applaud you!
In the wise words of Sushi OG, Lead Frontend Engineer, Omakase:
“We did a lot.”
This post will outline some of the major operational, technical, and community milestones reached in the past quarter, as well as some of the exciting things to come in the next, laid out by the Sushi roadmap.
$SUSHI Farming Rewards Vesting Update
Q2 started off with an introduction to the termination of our yield farming vesting program. From the vesting program, $800 million of sheer wealth was created and it is all thanks to our unrivaled community and its power through governance, which created one of the biggest comeback stories in all of finance. Vesting periods are no more on Sushi and accrued vested rewards from 6 months or later, can be unlocked every Friday, here: https://app.sushi.com/vesting
For further details on the vesting program update’s decision process and functionality, please read our initial announcement here:
Further Core Team Expansion
In the previous quarter, we were happy to announce that the Sushi team had grown to 14 full-time members. We are continuing the trend and have the pleasure to introduce an additional 7 teammates + a few special mentions, including the newly formed: Sushi Squad, a collective of highly active and valuable community contributors!
We’d like to welcome the following members to the growing Sushi Core team:
Get to know our new members in our weekly interviews to see what they’re up to and how their backgrounds bring value to the Sushi protocol.
Last but not least, we want to shoutout our Discord team, The Sushi Squad, who are going above and beyond in supporting our expanding Sushi Community:
rsk || Kartel de DeFi — rsk#9751
Maka — Maka#7537
HHK — HHK#7327
Pegbit — pegbitak#1600
porlix — porlix#8662
n00bie — n00bie#2561
Find our Sushi Squad in the Sushi Discord server here: https://discord.gg/7wtfKh5e
A Growing AMM
We recently joined forces with Archer DAO’s MEV solution, which prevents front running, meaning that unfair automatic arbitrage opportunities for miners that occur when high price impacts happen from swaps are restricted. This means that miners cannot take unfair advantages from exchange activity.
This past quarter has also placed much focus on our multichain business strategy. Doing so, has resulted in a surge of fees for our xSUSHI holders and we are confident that this multichain expansion will provide further value as industry growth continues.
A new tool has emerged on one of our multichain deployments and that is our limit order v2 technology now live on Polygon! You may have seen Sushi’s early limit orders, one of the first in DeFi, on the Sushi Lite UI. The new limit orders are built on BentoBox and will be deployed on mainnet sometime in the next few weeks.
Our key strategy for multichain deployment is to capture volume from as many sources as possible and capture new token listing and auction opportunities without the barriers of being exclusive to one chain. As more new, exciting projects emerge on alternative chains and L2 solutions, we aim to draw them to our newest token launchpad product, MISO.
New Product Release: MISO 🥣
May 25th marked the launch of our much anticipated IDO platform, MISO, otherwise known as the Minimal Initial Sushi Offering. Since it’s inception, MISO has been the home to 8 successful token auctions, driving over $50,000 in fees in a few short weeks to xSUSHI holders.
The original vision of MISO is to be a permissionless and hurdle-free token launchpad, with an aptly intuitive platform that satisfies even the most non-technical of persons. While that vision still remains, the community collectively decided that it was in the best interest of the platform to launch with a set of pre-selected projects. This was appealed by the need to maintain a certain level of project quality to deter scam projects from poisoning the MISO opportunity pool. In addition, a vetting process was presented to aid in MISO’s product improvement. By hand-holding initial projects through the token auction creation process, project pain point discovery and repair was made possible prior to a full public launch.
We look forward to providing the Sushi community with further token auction opportunities in the coming weeks and a fully open, fully loaded MISO token factory in August of 2021. We also look forward to transferring the vetting process to our community with a project verification tool, also releasing in the following weeks.
The SAKΞ Token Auction — MISO’s First 🍶
With each SAK3 token sold at a final price of $14.8K USD, wouldn’t you like a sip of that sweet, sweet sake? Now the most expensive sake (Japanese traditional alcohol) in history, but more importantly, MISO’s first token auction, only 200 out of the 888 bottle total supply were sold and in 7 days, the SAK3 team broke records by raising $3.2 million (US). Thanks to the Sushi community for voting in the total SAK3 supply for us as well! 888 turned out to be a perfect number.
The SAK3 token will have the option to be burned for a real bottle of sake that is currently in production by one of the most traditional sake breweries in the country of Japan and will even be bottled by hand, a technique so rare in the food & beverage industry that even a documentary is potentially in the works. The second SAK3 auction is set to launch in early Q3 and sake production is set to complete in early-mid Q4 of 2021.
Kashi Full Release + BentoBox Strategy Expansion
The illustrious triple-stack-yields that captivated Twitter last quarter was brought to you by Kashi Lending & Margin. Isolated-lending pairs and double token usage provided further innovation to the Sushi brigade of products. The first strategy applied to the BentoBox was the Sushi Strategy, which allows users who deposit $SUSHI in their BentoBox to lend out the tokens in Kashi, while simultaneously staking the same tokens in the SushiBar and earning Sushi platform fees. In other words, BentoBox bombards users with yield! Shortly after the Compound Strategy was applied as well, with more exciting strategies to come!
#Whento ended with a bang with 1-click leverage, approve once, transact infinitely, and even introduced 2X leverage, but in ONE-CLICK and it was actually 3x leverage. Many rare markets are available only on Kashi, not to mention it has ultra-competitive borrowing rates.
Check it out here: https://app.sushi.com/borrow (Must connect wallet to view)
Look out for TWAP oracle incorporation to the Kashi product, which will result in a significant increase in available markets!
Masterchef V2: Double Rewards
Our original Masterchef has received an upgrade this quarter! Approved projects are able to add their native token on top of $SUSHI rewards as an added incentive to Onsen yield farm pools. So, instead of just earning $SUSHI while soaking in the Onsen, you can earn your favourite project tokens too! Weather report calling for: SKY HIGH APY!
Our first double reward yield farm is with Sushi long-time friend, Alchemix (ALCX)! More pairs have been added recently, so take a look: https://app.sushi.com/farm?filter=2x
Sushi’s Multichain Strategy
In 2021, it was the Sushi team’s strategy to deploy on other chains to not only get a feel for upcoming L2 solutions but to be there early to take advantage of the positioning if one chain really took off. As of writing, Sushi is deployed on over 17 chains and counting. What people were looking for, however, were yield farming opportunities outside of the Ethereum Mainnet.
Our first step into the multichain universe of incentives was with the crowd favorite, Polygon (Matic). In a joint liquidity mining program of $15M a piece, Sushi garnered over $1B TVL in less than ONE MONTH and a plethora of fees was driven to xSUSHI holders👏
We hope you guys are enjoying the $SUSHI rewards over on Polygon — still no SushiBar there yet, but do check often as we do update the Onsen pools there quite frequently.
Our Q2 last-minute entry into the multichain incentive game is Harmony with a $4M incentive program that spans not only yield farming opportunities but Hackathons and Kashi as well.
The community manifested it to reality because Q1+Q2 saw some MAJOR $SUSHI listings that really cemented the project’s validity in a lot of those who harbored any lingering doubt and introduced the Sushi ecosystem to new markets. Here are some of the highlights of the first half of this year:
Slick-like-Sushi New Interface
The past quarter had jaws dropping and eyes popping when we consolidated our 7 interfaces in 1! The era of neon-sushi and full dark mode has arrived to the joy of many and we really put a focus on intuitiveness as much as design sophistication. Look out for further updates in the next couple of months as we try to fit all the Sushi products on the UI!
A Growing Community
We have the pleasure to inform you that our users and following has grown quite significantly over the past 6 months. At the end of the previous quarter, the Sushi official Twitter account had a following of about 20,000 followers. At a rate of about 1,000 new daily followers, our Twitter has done 5X and grown to over 110,000 followers in a mere 3 months.
If you aren’t already, why not follow us on Twitter: https://twitter.com/SushiSwap
We’ve expanded our social media reach to include Instagram. Partly because we want to show off our Design Team’s beautiful work and partly to expand our marketing efforts to a younger demographic.
Give us a follow: https://www.instagram.com/instasushiswap/
The team has created an official Sushi YouTube channel where our Sushi Forum is held along with our MISO and Onsen AMAs, which we cleaned up the branding for as well.
Subscribe now: https://www.youtube.com/channel/UC7Mm_8m8C2sxbgxbQIDJJdQ
We are happy to announce that the Sushi suite of products is now available in a multitude of languages.
In addition, our Asia BD Lead, AG, has started a weekly Chinese language blog, which can be viewed here: https://t.co/pDIWWX0X9U?amp=1
& our BD/Marketing Lead, Amanda (ayoki), has been managing our Korean language blog, which can be viewed here: https://blog.naver.com/sushiswap
We are hoping to introduce more marketing initiatives across more languages in the following two quarters of 2021.
#SUSHISWAPTOKYO — Eat actual sushi by paying with actual $SUSHI in Tokyo’s Ginza Watari restaurant. Follow them on Twitter here: https://twitter.com/ginzawatari
We introduced a few charities to cryptocurrency, by sending some donations the new-fashioned way!
Million Token Website
Coined as “The Internet’s Canvas,” Million Token Website is a moment in history in the making, with 1,000 x 1,000-pixel territories up for grabs! Sushi got a spot nice and close to Art On Internet (AOI) + another big “A” brand, Adidas! Check it out here: https://milliontokenwebsite.com/
Thought Sushi had enough builders? Never! Sushi’s first Hackathon is underway and brought to you by the team and Encode — DeFi Club. Three challenges are being chipped away by teams primarily in Africa but spread across the globe. Final submissions are on August 15th!
In the third quarter of this year, we will see the release of a consolidated Sushi UI with the suite of products all intertwined in one place, a new sushiPRO consolidated into this upcoming Sushi UI, gasless swaps, and more multichain incentive programs, to name a few! We will also continue exploring new marketing avenues to spread the Sushi gospel to a new group of users.
If you thought we needed a break from making new products, think again! Our next product on the docket, Shōyu, is an innovation in NFT platforms as you’ve never seen before.
Here’s a sneak peek of our Shōyu logo and branding and for a full upcoming feature list, please refer to the following proposal by LevX here: https://forum.sushi.com/t/shoyu-sushis-nft-platform-dev-management-proposal/4548
Proposals to Look Forward to in Q3
Looking forward to seeing the fruits of this juicy proposal from Andre and Maki:
Speaking of which… What in the world is going to happen on July 20th? 🤷♀️
Sushi is building a comprehensive DeFi ecosystem with AMM, leverage & margin trading platform, token launchpad, and NFT artist platform. Follow our socials to keep up with our product launches and find out more on how you can make the most of your cryptocurrency assets with Sushi’s secure and powerful DeFi tools!