SushiSwap
DeFi should complement TradFi, not attack it: Finance Redefined
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. Following FTX’s demise, the DeFi space is up for a complete remodel as crypto users demand better security and compliance practices. SushiSwap’s roadmap for the coming year includes the development of a decentralized exchange (DEX) aggregator, a decentralized incubator and “several stealth projects.” All these projects combined can grow its market share 10x, said the CEO. The co-founder and CEO of Ava Labs spoke with Cointelegraph at the World Economic Forum in Davos, Switzerland, on the future of DeFi and traditional finance (TradFi) and said DeFi should complement TradFi, not attack it. Another DeFi report sugge...
SushiSwap CEO proposes new tokenomics for liquidity, decentralization
Jared Grey, CEO of the decentralized exchange Sushiswap, has plans to redesign the tokenomics of the SUSHI token, according to a proposal introduced on Dec. 30 in the Sushi’s forum. As part of the new proposed tokenomics model, time-lock tiers will be introduced for emission-based rewards, as well as a token burning mechanism and a liquidity lock for price support. The new tokenomics aims to boost liquidity and decentralization in the platform, along with strengthening “treasury reserves to ensure continual operation and development,” noted Grey. In the proposed model, Liquidity Providers (LPs) would receive 0.05% of swap fees revenue, with higher volume pools receiving the biggest share. LPs will also be able to lock their liquidity to earn boosted, emissions-based rewar...
SushiSwap CEO reveals DEX lost $30M on LP incentives this year
According to a new Twitter post by SushiSwap CEO Jared Grey, the decentralized exchange, or DEX, experienced a $30 million loss in the past 12 months on incentives for liquidity providers, or LPs. As explained by Grey, SushiSwap currently employs a token-based emission strategy to incentivize LPs, but the current rate is “unsustainable.” “We commissioned Flipside to build dashboards to showcase these results; we’ll make them available by EOY.” Moving forward, Grey plans to rework SushiSwap’s tokenomics so that LPs are no longer subsidized with emissions and redesign the entire model of bootstrapping liquidity on the exchange. ” In Q1 2023, we will bring innovation to scale swap volume & prioritize TVL. As LPs experience a more profitable swap e...
Sushiswap chief says it only has 1.5 years of treasury runway left
According to a new proposal dated Dec. 6, Jared Grey, CEO of decentralized exchange Sushiswap (SUSHI), disclosed that the project’s Treasury has less than 1.5 years of runaway left, and the “significant deficit in the treasury threatens Sushi’s operational viability, requiring an immediate remedy.” Grey explained that Sushiswap’s annualized operating expenses amounted to roughly $9 million in October, however, that has since been reduced to around $5 million. “We made the reduction possible by renegotiating infrastructure contracts, scaling back underperforming or superfluous dependencies, and instituting a budget freeze on non-critical personnel and infrastructure.” To remedy the situation, Grey proposed setting Sushiswap’s “Kanpai,...
SushiSwap to create three DAOs in Panama and Cayman in business restructuring
The Sushi DAO, the decentralized autonomous organization behind crypto exchange SushiSwap, has approved a legal restructuring on Oct. 26 that creates three new decentralized entities, aiming to provide more flexibility to its operations. The proposal, which received 100% votes in favor, will create the DAO Foundation, Panamanian Foundation, and Panamanian Corporation, each serving different purposes. Among other things, the DAO Foundation will be able to administer treasury, grants and on-chain governance processes, and facilitate proposals and voting. The Panamanian Foundation will administer the existing Sushi protocol (including smart contracts related to the automated market maker/orderbook, Kashi and staking). Finally, the Panamanian Corporation will operate the graphical user interfa...
Sushi and Synthetix get the boot in Grayscale DeFi fund rebalancing
Digital asset management firm Grayscale, has added three new cryptocurrency assets across three main investment funds, while removing two other assets from its Decentralized Finance Fund as part of this year’s first quarterly rebalance. Grayscale removed tokens from crypto-derivatives decentralized exchange Synthetix (SNX), and decentralized exchange SushiSwap (SUSHI), from its DeFi fund after the two crypto assets failed to meet the required minimum market capitalization. No other cryptocurrencies were removed during the rebalancing. Grayscale’s DeFi fund, which was launched in July last year, currently holds approximately $8 million in assets. The digital assets remaining in the DeFi fund after the quarterly rebalance include Uniswap (UNI), Aave (AAVE), Curve (CRV), MakerDAO (MKR),...
SushiSwap community proposes Swiss legal structure to limit DAO liability
SushiSwap (SUSHI), a community-led suite of decentralized finance (DeFi) tools, plans to implement a legal structure aimed at mitigating risks for token holders and members of the Sushi protocol. Sushi’s new legal structure will be based on a community-approved proposal from Mar. 20 that cited the need for an association or foundation to help provide legal clarity and administrative support for SushiDAO. Proposal: Sushi Legal Structure To form an association or a foundation for Sushi DAO in order to provide clarity regarding the rights and obligations of token holders and contributors and limit their liability and mitigate the future risk.$SUSHI https://t.co/SHpKcpvjqP — veRSK (@KartelCrypto) March 20, 2022 According to the proposer and a member of the SushiSwap community, Tangle, th...
Users flock to Curve amid lack of stablecoin liquidity on major DEXs
In a Tweet posted by user @cryptotutor Friday, a screenshot appears to show a 27% spread between stablecoin Magic Internet Money (MIM) and USD Coin (USDC) trading pair on decentralized exchange, or DEX, Uniswap (UNI). Both have a theoretical peg of 1:1 against the U.S. Dollar. “Magic Internet Money,” joked cryptotutor, as he attempted to swap approximately $1 million in MIM but received a quote for only 728.6k USDC. Others quickly took to social media to complain as well. In another screenshot, user @DeFiDownsin allegedly received a quote to swap $984k worth of MIM for just 4,173 in USDT on SushiSwap (SUSHI). Swapping $1M in $MIM gives $730K in $USDC on Uniswap ‘Magic Internet Money’ pic.twitter.com/CKowe6dwJR — Tutor (@cryptotutor) January 27, 2022 Curve, a popular...
Former SushiSwap CTO writes short reflection about leadership failures at blockchain DEX
On Friday, Joseph Delong, former chief technology officer of decentralized exchange, or DEX, SushiSwap, published a brief reflection of experiences during his tenure. Delong unilaterally resigned two days prior, citing internal structural chaos among developers behind the popular DEX. In explaining his decision, Delong outlined failures to scale operations, lack of organization skills, problematic contributors, and poor communication as the primary reasons. On Twitter and among blockchain personalities alike, Delong received mostly praises for coming public with his experience and learning from his mistakes. According to Delong, he did not inform the Sushi community when problems began to surface amongst developers he managed, nor did he engage with users enough to build rapport for the pr...
