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DeFi Valuation Theory: Sushi of Phoenix Nirvana



Recently, Uniswap is about to stop mining, and it will take about a week to restart. As the No. 1 lock-up project on DeFi, the lock-up market value exceeds 2.9 billion US dollars, which will have a very large impact on the entire DeFi. After the investigation, we found that Uniswap is chaotic The period will bring a period of spring to the competing product Sushi. In previous articles, I have said that I am not optimistic about DEX, and I do not recommend everyone to intervene, but with the large decline in DEX, real money will appear after the bubble.

1. Sushi’s Token Model

The price of Sushi has experienced a very exaggerated decline. As the knight who singled out Uniswap as a unicorn, Uniswap once experienced a lot of pain due to excessive issuance and founder incidents. However, the Sushi community quickly made reflections and passed public elections. Nine multi-signature members were selected, a core team was established, and the token model was modified to fix the total amount of Sushi at 250 million. The current circulation is about 152 million. From the original reward of 1,000 per block to Now each block rewards 80 Sushi, which will decrease in the future, and 2/3 of them will be locked. The daily release amount is about 433,333, and the real release amount after deducting the lock-up is about 144,444. Calculated at the price of 1.2 usd/Sushi, the daily supply is 173,000 US dollars, while UNI produces a daily supply of 1.28 million US dollars. And Sushi established a repurchase mechanism, repurchasing about 1.7 million US dollars of Sushi. It can be said that Sushi's token model has created a new supply and demand relationship through the continuous running-in of the market decline.

The Ethereum merger is approaching, Lido Finance leads the DeFi rebound: August 30 news, according to CoinMarketCap data, DeFi tokens in Lido Finance (LDO), Compound (COMP) and Synthetix (SNX) have achieved significant gains in the past 24 hours. Among them, the native token LDO of Lido Finance rose by more than 10% within 24 hours.

According to analysis, the main reason may be the upcoming merger of Ethereum and the optimization of DeFi. According to Dune Analytics, nearly 13.458 million ETH had been staked on Ethereum prior to the network upgrade, increasing the total value locked (TVL) across all blockchains by 3.51% in the past 24 hours. (Decrypt) [2022/8/31 12:58:47]

Encrypted investment company Pantera Capital invests in DeFi platform 1inch: Jinse Finance reported that blockchain and cryptocurrency investment company Pantera Capital said that it will support the DEX aggregation platform 1inch. The company believes the investment in 1inch will improve the nascent ecosystem. [2020/12/25 16:26:39]

2. Sushi price analysis

According to the total volume of Sushi is 250 million, the circulation is 152 million, the total market value is 300 million US dollars, and the circulation market value is 182 million US dollars. Compared with UNI, the total volume of UNI is 1 billion, the current circulation is 200 million, and the total market value is 4 billion US dollars. The circulating market value is 800 million US dollars. The price of Sushi has been falling from 15usd, a very exaggerated drop, until the price of 0.48usd rebounded to 1.2usd. It can be seen that most of Sushi is locked up, and the cost is very high. The low price is not attractive for most funds.

MXC Matcha MX DeFi Phase 3 and Phase 4 New Coin Mining Lock-up Value Exceeded 10 Million USDT: According to official news, MXC Matcha Machine Gun Pool MX DeFi Phase 3 and Phase 4 lock-up value of mining products exceeded 10 million USDT USDT.

It is understood that the third and fourth phases of MX DeFi mining products support staking MX or USDT to mine KFC (Chicken Finance) and FIN (DeFiner), and there is no upper limit on the subscription amount of pledged tokens in a single staking pool.

MX DeFi is a liquid mining product that obtains new coin mining income by staking MX, USDT, ETH or other designated tokens, according to the proportion of pledged assets to the total assets of the pledged pool. Participating in mining through MX DeFi can reduce the threshold for user participation and the cost of handling fees, and reduce risks such as screening projects and process operation errors. [2020/10/13]

3. Sushi Profitability Analysis

Sushi achieved a transaction volume of approximately US$3.387 billion in two months, which brought about US$10.16 million in revenue to platform participants. Among them, 5/6, or about US$8.47 million, was allocated to liquidity providers; the other 1/6, or about US$1.7 million, was allocated to xSushi owners after repurchasing Sushi. According to the annualized calculation fee income of about 60 million, according to three thousandths of the handling fee as profit, the total market value PE is 5, the current market value PE is 3.03, and five ten thousandths is regarded as profit, the total market value PE is 30, and the current market value is 3.03. The PE is 18.18. It can be seen that the cost performance of sushi is very prominent.

HyperPay Kolidat Min: The core reason for DeFi congestion is insufficient Ethereum capacity: On the afternoon of August 5th, Shenzhen Blockchain International Week, HyperPay Wallet Technology VP Kolidat Min said at the "DeFi Today and Tomorrow" theme roundtable forum that DeFi congestion The core reason is that the capacity of Ethereum is not enough. High-quality projects such as Ethereum 2.0 and Polkadot will have great opportunities. However, in the long run, DeFi may move to better-architected projects, not necessarily based on Ethereum. Most DeFi projects are based on the Ethereum blockchain, and the security of Ethereum smart contracts has not been certified on a large scale. The current technology is still not able to find 100% vulnerabilities.

Kolidat suggests that users participate in DeFi and recommend HyperPay wallet, which uses TSS+HSM technology to ensure the security of users’ keys, without trusting the platform, and completely guarantees the security of funds; , At the same time, projects that have undergone strict contract audits can minimize risks. [2020/8/5]

Transaction Amount

Number of transactions

Sushi also has excellent data in terms of transaction volume and number of users. We can see that Sushi’s transaction volume and number of users rank third in DEX. With the inflow of funds from Uniswap, the slippage will be more friendly. It is not ruled out that Sushi will have more Nice ranking move.

4. Sushi Lockup Analysis

Sushi's lock-up has experienced a process from peak to trough and then rebounded. The lock-up volume is an important indicator of DeFi. Sushi has experienced a lock-up from a maximum of 1.42 billion US dollars to a low point of 240 million US dollars in lock-up market value. The price of mine and Sushi rebounded, and the rebound trend was very obvious, rebounding directly from the low point to 350 million US dollars.

5. Sushi Roadmap

Limit Order. The beta version of the limit order has been released by the development team Levx on the lightweight UI It is currently being tested and awaiting the audit of a professional organization. No transaction data has been generated yet.

Bento Box. Bento Box, a lending product with high expectations from the community, has been basically completed with the efforts of the developer BoringCrypto, and is entering the stage of testing and waiting for institutional audits.

Moonbeam. The community has passed the initial proposal of cross-chain deployment to Polkdot and Kusama, and it is expected to advance by the end of the year. At that time, the SushiSwap community will be airdropped with moonSushi tokens.

Gusoku. SushiSwap has approached external teams and plans to introduce options and stop loss tools, and develop Gusoku, a product that reduces impermanent losses in liquidity market making, which may increase the willingness of funds to enter the market.       MISO. Minimal Initial Sushi Offering will incentivize new projects to start listing coins on the SushiSwap platform.

It can be seen that the Sushi team is very pragmatic, and the direction of the roadmap is more in line with public expectations. At the Uniswap community meeting, 0xMaki, the general director of Sushi, said that once the V3 of Uniswap appears, Sushi will continue to use it as soon as possible. Although the team still has to rely on copying Uniswap, it can be seen that it is very down-to-earth, and the project itself is more important.

6. Impact of Uniswap mine suspension

The most important thing about DeFi recently is the suspension of UNI mining, and the 2.9 billion US dollars of funds will face new choices. As the best choice for trading pair migration, Sushi and Bal are undoubtedly. Uniswap is about to enter a period of chaos, which is the biggest benefit for Sushi. The uncertainty of Uniswap is exactly the certainty of sushi. It is certain that there will be funds migrated from Uniswap to Sushi. The greater the uncertainty of Uniswap, the higher the amount of funds migrated, and the transaction slippage of Sushi will be more friendly, which in turn will promote the transaction volume, and the price appreciation of Sushi will promote the increase of the lock-up amount , thus entering a positive cycle.

With the reopening of Uniswap mining, Sushi will be in a weak state again, but a currency that has done too many reflections on itself will not be too bad in the future.


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