Sushi put an easter egg in the Q1 update.

On March 31, SushiSwap officially released the update of the project Q1. At the end of this update, Sushi put an "easter egg" - the roadmap for Q2.

It can be seen from the roadmap that the development of Sushi in Q2 is worth looking forward to. Among them, not only the "loan and margin trading platform" Kashi was mentioned again, but also keywords such as the limit order mode, the V2 version of AMM (should refer to the V2 version of SushiSwap), and the currently popular NFT trading platform.

SushiSwap Q2 Roadmap

Compared with Uniswap, it has been exploring in the field of AMM, struggling to find solutions to problems such as slippage, impermanent loss, liquidity, and capital efficiency. SushiSwap has extended its tentacles to more complex decentralized trading functions, such as leverage and short selling, NFT trading, and scenarios other than trading - mortgage lending, etc.

If Uniswap is a master who wants to penetrate all AMM scenarios and find a universal rule, then SushiSwap is an ecological addition, trying to find solutions for multiple scenarios, and then connect them in series. Backed by yearn's big ecology, Sushi is rich and innovative in terms of functions and ecological connections.

SushiSwap's new AMM protocol Trident beta version launched on Polygon: On March 16, SushiSwap announced that the new AMM protocol Trident beta version was launched on Polygon. It is reported that Trident is not only an AMM, but also a production framework for building and deploying AMM. Any developer can use Trident to create custom AMMs and launch them within the Trident framework. Pool types that pass audits and internal reviews will be eligible to be whitelisted and deployed on Trident. [2022/3/16 14:00:07]

SushiSwap started as a plagiarism of Uniswap. After the founder Chef cashed out the project, the project was once facing death. This is a fact that everyone in the currency circle knows.

But at present, SushiSwap has developed its own characteristics. Whether it is in terms of UI, functions, cooperation, project updates, etc., SushiSwap already has "innovative" features that many projects do not have, and it also has the ability to grow itself.

Since SushiSwap was incorporated into the yearn ecosystem, it has deviated from Uniswap's development route. At present, the intersection of SushiSwap and Uniswap only leaves the same AMM trading interface.

SUSHI fell below the $8 mark with an intraday drop of 10.85%: according to data from Huobi Global, SUSHI fell short-term and fell below the $8 mark. It is now reported at $7.9983, with an intraday drop of 10.85%. The market fluctuates greatly, please do a good job in risk control . [2021/7/8 0:37:35]

SushiSwap has successively launched products such as Onsen and BentoBox. Onsen is a liquidity mining platform, users who provide liquidity for supported trading pairs can get SUSHI token rewards. The annualized rate of return on Onsen was once ridiculously high, which attracted many users.

Liquidity mining on Onsen

SushiSwap has been relatively successful on Onsen, and popular projects continue to participate in cooperation. Perhaps because of this, the tradable assets on SushiSwap have been greatly expanded, and currently support more than 700 tokens. In contrast, Uniswap supports fewer than 200 tokens.

The highest increase of SUSHI on the BiKi platform reached 30.78% in 24 hours: According to the BiKi market data, as of 12:00 today (GMT+8), the SUSHI currency on the platform has increased by 30.78%, and the current price is 1.7USDT. The market fluctuates greatly, please pay attention to risk control. [2020/9/18]

Recently participated in Onsen's projects

BentoBox is a token pool. Sushi officially gave a description of the entire ecological picture of BentoBox in the Medium article. Bento is a pool for storing all tokens. The tokens authorized by users can be used to connect to Bento's DeFi protocol to help increase revenue.

Because Bento itself is a large pool of funds, some operations can be realized through the internal flow of assets, so the gas fee can be lower and the transaction speed can be faster. In addition, the DApp connected to Bento, that is, the usage scenarios of the tokens in the fund pool, can have a very large imagination.

Sushiswap's lock-up volume exceeded US$1 billion: The DeFi protocol SushiSwap's lock-up volume exceeded US$1 billion within five days of its launch, and it currently ranks fifth in the lock-up volume ranking. According to DeBank data, when this article was written, the total lock-up volume of DeFi has reached 11 billion US dollars, and the top five DeFi protocols are: Aave (1.5 billion US dollars), Maker (1.5 billion US dollars), Uniswap (1.4 billion US dollars) , Curve ($1.1 billion), and Sushiswap ($1 billion). [2020/9/1]

Kashi is the first DApp on Bento, which is a lending platform. Users combine an asset they hold with an asset they want to be mortgaged by the counterparty into a loan pair, forming a decentralized lending market. Users earn income by providing assets, and can also borrow another asset by mortgaging assets.

Many DeFi applications have a considerable amount of locked assets, but the utilization rate of assets is not high. Therefore, Kashi uses flexible interest rates to increase utilization. Kashi hopes to maintain this utilization rate value at 70-80%, that is, the assets provided by users can be maintained at a state where about 70-80% are lent.

Curve, a DeFi stablecoin trading platform, announced that there is a loophole in the sUSD fund pool contract: On April 20th, Curve, a decentralized stablecoin trading platform that uses bonding curves for market making, announced that there was a loophole in its sUSD fund pool contract, saying that "All the loopholes have been resolved, the funds are safe, and there is no loss." Curve asked the user to withdraw the funds and wait for the deployment of the new contract. The changes of the new contract will be audited. [2020/4/20]

The specific implementation method is that when the utilization rate of assets is higher than 70%, the agreement will increase the lending rate, thereby increasing the supply of assets and curbing the demand for borrowing. vice versa.

According to the official statement, Kashi can also short assets, realize margin trading, and leverage transactions. The so-called short operation may be realized through borrowing. As for margin and leveraged trading, the official has not given more details.

Kashi is just one example of many application scenarios. The authorized funds in Bento can also be connected to protocols with various functions and strategies with various logics, such as for flash loans.

It can be seen from this that SushiSwap has carried out bold horizontal expansion, whether it is from the dimension of project cooperation or the dimension of function. The Sushi ecology has already involved lending scenarios that are closely related to trading scenarios, as well as margin trading scenarios that are still quite blank in the decentralized market.

If it further develops in this direction, is it possible for options, derivatives, NFT, insurance, decentralized transactions of labor, etc. to be integrated into SushiSwap?

From a larger perspective, Sushi is also continuing to establish a cooperative relationship with the public chain. At present, Sushi has been deployed on the following public chains or networks: Ethereum, Fantom, side chains 0xPolygon and xdaichain, Binance, and the smart contract platform Moonbeam on Polkadot.

At present, the development of SushiSwap, from all levels, whether it is project cooperation, functions, ecology, multi-chain deployment, etc., is full of flowers.

SushiSwap also mentioned limit orders, AMM V2 and NFT trading platforms in the Q2 roadmap, and these concepts are even more exciting.

Compared with Uniswap V3, which aggregates liquidity to improve capital utilization and reduce slippage, Sushi should launch a limit order mode. In fact, in the Q2 roadmap, Sushi also released another picture, which shows Sushi's market order and limit order modes on the transaction interface of the multi-signature wallet Gnosis Safe Multisig.

Sushi market price, price limit transaction interface

How SushiSwap's limit order model will be realized is still unknown. Regarding the V2 version of AMM, many people speculate that in addition to adding the limit order function, SushiSwap may also involve the progress of the adoption of the second-tier expansion plan.

SushiSwap has made it clear that it will adopt the zkSync solution together with the yearn ecosystem to ensure composability. Matter Labs, the development team of zkSync, stated on March 27 that the public test network of zkSync will be launched in May, and the main network will be launched in August. If it can be launched as scheduled, this is definitely good news for Sushi.

Considering that the current NFT transactions are so popular and the wealth effect is so obvious, the NFT trading solution is mainly how to solve the liquidity problem of non-homogeneous token NFT, which is also a hot spot in the current market. At present, this field is still a blue ocean market.

The NFT trading platform that SushiSwap is about to launch is called NATO. The current situation about NATO, for example, it will adopt a pure art auction model similar to Nifty Gateway and Opensea, and it will still have relatively innovative pricing and liquidity solutions. The official has not yet Give specific information.

Judging from the project update and the Q2 roadmap, the development of SushiSwap is exciting. Since being incorporated into the yearn ecosystem, Sushi has shown increasingly differentiated development from Uniswap.

When Uniswap proposed to aggregate liquidity and forcibly turn SLP tokens into NFTs that are more difficult to flow and combine, Sushi strengthened its cooperation with other projects to connect logically related scenarios and functions more closely. In terms of the composability potential of DeFi, Sushi may develop more easily.

SushiSwap also has some hidden dangers. First, the more complex the ecology, the higher the risk index. The second is that Sushi is still facing the issue of token unlocking recently. It is said that about 47 million SUSHI (accounting for 1/3 of the circulating supply) will be unlocked. The development potential of SushiSwap and the impact of token unlocking may bring interesting market reactions.

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