FTX CEO Proposes Building SushiSwap on Solana and Serum

FTX CEO Proposes Building SushiSwap on Solana and Serum

A proposal has been made to build the DEX SushiSwap on Solana and Serum, codenamed Bonsai. With Sushi emerging as “having one of the most vibrant and influential communities” and “the sky’s the limit” for it, the proposal states it’s important to keep growing.

“The purpose of this proposal is to lay out an efficient and effective method for SushiSwap to evolve and build out its leading platform on Solana and Serum,” it reads, adding, “To reinforce perceptions of SushiSwap as a DeFi leader and innovator.”

As per the proposal shared by Sam Bankman-Fried, CEO of FTX, who is also building the DEX Serum on Solana, on Twitter, the team has been farming, staking, and investing in DeFi for the past eight months and Sushi from its beginning.

Now, they want to bring SushiSwap on Solana to provide the community additional liquidity, fast transactions, and significantly low fees on Serum.

The Layout

In the light of the cost of the Ethereum network making DeFi out of the reach of smaller users, they built Raydium. Having been worked on since last year, the AMM was launched just over this weekend.

The proposal also talks about the Raydium roadmap, which involves completing the development of liquidity pools and staking, launching mainnet along with the website and platform launch in Q1.

This AMM will work as a bridge for SushiSwap, and the protocol is already able to support Sushi’s liquidity pools for the Serum orderbook.

As a first step, Raydium will work alongside the DEX and then deploy on its testament. The next step would be the deployment of Bonsai pools and staking on the mainnet.

As an incentive, the double yield is also proposed for the first Decentralized Franchise Pool. The additional rewards will be in the form of a native RAY token, which means Sushiswap stakers on Raydium would get SUSHI rewards plus free yield from RAY.

The new project, Bonsai, is anticipated to launch on testnet within Q1 of 2021.

Read Original/a>
Author: AnTy

SushiSwap Captures Bigger DEX Market Share; Lays Down 2021 Roadmap

While Uniswap lost 40% of its market share since August, Sushiswap gained 1,120% in just over 2 months. Meanwhile, the Sushi token price is fast approaching its ATH as the team shares what’s to come this year.

Decentralized exchange SushiSwap’s native token Sushi has been enjoying an uptrend of 790% since November.

The token, which is still 62% away from its all-time high of $12.5 made on Sept. 1st, started climbing upwards today ahead of the roadmap release as announced by the project lead 0xMaki on Friday.

Sushiswap actually accounts for 24.4% of all DEX volume, up from a mere 2% in late Oct., as per Dune Analytics. Meanwhile, Uniswap’s share has decreased from 70.65% in late Aug. to now 42.6%.

The second-largest DEX recorded a $3.2 billion volume in the last 7 days.

image1

In terms of count of unique addresses that traded, trailing the last 7 days, Sushiswap comes in 3rd with 8,414 number of traders followed by 1inch’s 13,236 and Uniswap’s 98,426.

Much like other metrics, the TVL (total value locked) of the project has also reached $1.7 billion, from merely $239 million in early November.

What’s Ahead?

The team is planning to move to a new domain this year as “we aren’t an AMM anymore moving forward but an OpenOrg part of the Yearn ecosystem,” revealed the roadmap. It will also support IPFS.

The governance transition could either be like the Aragon v2 model or like Synthetix to opt for Council of community members is expected to finish by Q4 of 2021.

DSD, FRAX, and BAO projects are already secured for integration in Q1 2021 besides cross-chain AMM enabled by Rune/Moonbeam and live testing version of Sushiswap on Kusama, MEV integration via ArcherDAO, shared the team.

The plan is to incentivize teams, wallets, dApps & protocols to build with Sushiswap via an emission enabled pool of 0.1x and provide technical support for projects natively integrating Sushiswap.

As per the roadmap, the team ticked off — no lockup so that it can integrate inside Aave-Maker, Keep3r auto-serving of reward, and Wrapped-SLP to be used in various money markets that are being worked on.

The team also introduced Mirin in addition to the Deriswap that comes with franchised pools, double yield, K3PR dynamic yield rebalancing, and integrated 1-Click Za among others.

As for BentoBox, Yearn.Finance creator Andre Cronje introduced with the Sushi-Yearn merger is ready for its soft launch in mid-January. The project has already been audited by Quantstamp & PeckShield but would see another round from Trail of Bits.

When it comes to Minimal Initial Sushi Offering (MISO), a token launchpad, the team is about done with the smart contracts. The v1 of the launchpad will have multiple features; freeze of SLP with vesting for teams, liquidity mining, ICBO, farms, auctions, and crowdsales.

For the layer 2 solution, Sushi will move in sync with the greater Yearn ecosystem. Meanwhile, the Onsen program will be announcing support for mid-tier and lower cap tokens to become accredited to participate in its liquidity mining program.

Read Original/a>
Author: AnTy

SushiSwap Ticking Every Box of 2017 ICO Scam Checklist Says YFI’s Andre Cronje

With a market cap of $233 million, Uniswap clone SushiSwap is climbing the ladder up with its price remaining at $2.33, down 26% in the past week.

Last week, the migration of SushiSwap saw it taking over 80% of liquidity from Uniswap, recording at $1.50 billion.

While since then Uniswap has been recovering, with its liquidity back over $1 billion, after falling to $450 million, and volume around $400 million, SushSwap is seeing a decline, with liquidity going down to $840 million and volume to $170 million.

TVL-SushiSwap

The total amount of deposits (TVL) of Uniswap has grown 70% to $1.2 billion while SushiSwap’s declined by 43% to $800 million, as per DeBank.

“Making DeFi a Joke Again”

As we reported, SushiSwap’s anonymous creator Chef Nomi released an apology and returned all the funds, $14 million worth of ETH, right before this weekend. This has been following the successful migration of the protocol after Chef Nomi handed over the control to FTX CEO Sam Bankman-Fried.

However, the latest issue has come with the new governance proposals that include an airdrop of 2 million SUSHI to liquidity providers and a buyback of tokens with the funds returned by the creator Chef Nomi.

Also, it involves paying a considerable financial incentive to a member of the SushiSwap team. The proposal is to hire 0xMaki as the lead project, head of the core team, and give him a “one-time founders grant,” with 500k SUSHI, worth over a million dollars, upfront and another 500k SUSHI locked over a one-year period.

Also, another 500k SUSHI vested over two-years for his continued work on SushiSwap. 68.24% of votes are currently in favor of this proposal.

CL207-0xMaki
Source: @CL207

“Thanks for making defi a joke again. One step forward, 10 steps back,” said Yearn.Finance creator Andre Cronje in response to SushiSwap’s new developments.

He likened the ongoing DeFi environment with that of the 2017’s ICO. From airdrops, buybacks, insane salaries, large team allocation, team dumping, whitepaper only, and forked geth, everything is getting checked out.

The name has changed but looks like the actions of some remain the same.

Read Original/a>
Author: AnTy

Uniswap Tanks After SushiSwap Successfully Migrated with Over $1 Billion in Liquidity

SushiSwap is now live after the migration was completed in the wee hours of Thursday. And with the official launch of the Uniswap clone, SushiSwap has sucked out all the liquidity and volume from the project that has been up until today, leading the market.

The legal billion dollar-heist resulted in Uniswap’s TVL tanking from $1.8 billion — previously among the top four DeFi projects to fall to the 9th spot with a 75% reduction — to almost $350 million of total value locked in now, as per DeFi Pulse.

A fork of Uniswap, SushiSwap, migrated the liquidity into its own protocol, currently recording $1.32 billion with the volume on the DEX climbing to $120 million.

Wrapped Ether is contributing the most to the volume followed by SUSHI, USDT, USDC, and YFI, much like Uniswap.

Unlike Uniswap, SushiSwap had its own token, and it allowed traders to pour tokens representing deposits in Uniswap liquidity pools into SushiSwap to earn SUSHI rewards. Keeping them through migration also got them extra tokens.

The migration involved swapping Uniswap LP tokens for the underlying asset and putting those tokens on SushiSwap.

Uniswap is currently recording $530 million worth of liquidity, down from nearly $2 billion liquidity on Sept. 4th. Daily volume on the platform has also gone down under $400 million from over $950 million on Sept. 1st.

Uniswap’s figures had come back to where it was before SushiSwap entered DeFi but are still up 50% from $285 million before the copycat was launched.

“Liquidity has no loyalty,” said yEarn creator Andre Cronje, who is against the narrative that SushiSwap took TVL from Uniswap because “Uniswap TVL pre/post Sushiswap remains unchanged. Sushiswap simply took their liquidity locusts with them. Only the liquidity locusts win.”

SushiSwap DEX, which is just shy of a fortnight old, has already experienced years’ worth of drama. Just over this past weekend, the original creator of the project, an anonymous Chef Nomi, sold their dev shares and handed over the control of the protocol to FTX CEO Sam Bankman-Fried, who has been involved in farming SUSHI right from the start.

As expected, the liquidity fragmented, but still, it all turned out good for DeFi in the end. As analyst Ceteris Paribus said,

“Honestly thought Sushi would just make things worse for traders, but uniswap liquidity is 2x since this and sushi has >$1B. Quite impressive…”

SUSHI token is also enjoying market enthusiasm and bullishness as it rebounds from its $1.2 low to over $3. At the time of writing, SUSHI was trading at $2.69 as per CoinGecko.

Read Original/a>
Author: AnTy

Band Protocol Says its CTO Only Reviewed SushiSwap’s Code for ‘Safe’ Deployment

Over the weekend, Uniswap clone SushiSwap became the center of attention when its anonymous creator Chef Nomi converted his SUSHI tokens for $13 million worth of Ether.

Unlike Uniswap, SushiSwap has its own token SUSHI through which people can earn a portion of the automated money market’s (AMM) revenue by providing liquidity.

Just a week and a half old project that still has $1.26 billion in total value locked (TVL) got a new masterchef on Sunday, FTX CEO Sam Banman-Fried.

Besides all this, there have also been rumors that Chef Nomi is actually the CTO of another DeFi project, Band Protocol.

The 65th largest cryptocurrency by market cap for nearly $175 million is down 11% today. Overall, BAND has lost 50% of its value since last week’s high of $16.8.

At the time of writing, the BAND token of the popular oracle provider has been trading at $8.45.

The community, however, is expecting more losses on the back of these rumors. As such, the team of Band Protocol issued a statement where it said, “Band Protocol CTO and Co-Founder, Sorawit Suriyakarn, is NOT NomiChef, the creator of Sushi Swap.”

They argued that the Hearthstone-related code that is being used to make Suriyakarn’s connection to SushiSwap is not the only one he contributed to; Suriyakarn also starred in other 90+ repositories.

As for sharing the same IP hosting service, it has been “used by some of the largest tech companies.” Also, since then, they changed the hosting service to Netlify to avoid confusion.

The team clarified that they are not involved in the operation of SushiSwap in any capacity.

However, Suriyakarn did review the initial code deployment of SushiSwap, which he often does for other projects as well, to make sure the DEX was “safe for public use.” The statement reads,

“We value our partnerships and want to assure our investors, partners, and community that our initial interest in Sushiswap was straight forward — if it became successful, Band token, as a ‘farmable’ asset, would gain more visibility and therefore would boost its usage.”

Read Original/a>
Author: AnTy

SUSHI Saga Over with Holders More Bullish than Ever

This weekend was all about SUSHI.

DEX Uniswap’s Clone, SushiSwap, launched not a fortnight ago, has changed its leadership from anonymous creator Chef Nomi to FTX CEO Sam Bankman-Fried.

As we reported, over the weekend, Sushi’s anonymous creator, Chef Nomi sold his 10% tokens allotted to him as part of the development team fund in exchange for millions worth of Ether.

Chef Nomi isn’t the first one to do so in the crypto world. At the top of the market in 2017, Ethereum co-founder Vitalik Buterin sold a quarter of his Eth, which he attributed as “sound financial planning.” Litecoin creator Charlie Lee also sold all his LTC at the top.

Now, amidst the DeFi extravaganza, Chef Nomi became the “Keyser Soze.”

I Cloned the Popular DEX; My Work Here is Done

The news of the creator selling his tokens saw the price of SUSHI plunging about 60% and criticizing Chef Nomi for his move, calling it an exit scam.

The anonymous creator, however, maintained that it isn’t an exit scam and that he deserved all the Ether he got for selling his SUSHI tokens because he was the one that put in all the work in cloning Uniswap.

“The fact that I sold some SUSHI devshare does not make Sushi more scam or less scam…I did not steal anyone’s money. Devshare has been stated very clearly since the original blog post.”

On Sunday, in an interesting turn of the events, the creator transferred the control of the DEX to Sam. This gave the token another lifeline; with Sam involved, the SUSHI holders and community are expecting bigger things from the project.

The project currently has a total of $1.2 billion locked in.

“I hope SushiSwap does well without me,” Chef Nomi concluded this saga on Twitter.

But community Favorite Andre Cronje, the man behind the DeFi darling YFI, wasn’t happy with Chef Nomi’s parting comments as he asked,

“Are you leaving the project? If so, are you giving the dev funds back? All you did so far was hand over a token that was built off of @UniswapProtocol. Weren’t the funds meant to further develop? Aren’t you that developer?”

I was Already Waist Deep, Now Am Up to Neck in it

Sam isn’t new to SUSHI, he has been actually engaged in farming SUSHI from the start and last week even proposed to deploy SushiSwap on Solana, on which DEX Serum is built. The proposal got the approval of 84.91% votes.

After Sam took over, the old migration of the Sushi’s migration was canceled because it used Chef Nomi’s key, and it had a bug that allowed people to mint LP tokens pre-migration.

Sam, who owns “a lot of SUSHI,” called SushiSwap’s anonymous creator “a piece of shit,” who “did huge damage to the sushi and defi communities.” According to him, Chef Nomi made a selfish choice and not even a lucrative one.

The community is happy that Sam is taking over the project who tweeted out, “the world is crazy thanks for all the support.”

Popular trader i.am.nomad noted, “SBF already had a massive influence over the project. He bought and farmed a considerable supply of sushi and had a proposal that benefited serum. No way was he just going to let the system fall apart.”

Sam, who is also the CEO of Alameda Research, is also proposing the creator to donate half of the proceeds back and buy SUSHI with them. He also said the rest of the development fund to get a vesting period of one to two years “would be the right thing to do.”

It remains to be seen if that would actually happen, for now, the token’s value is regaining some strength, jumping 175%.

Read Original/a>
Author: AnTy

SushiSwap Creator Pulls a Charlie Lee, Sells 2.55M SUSHI Tokens Because He ‘Deserves’ The ETH

SushiSwap got Sushi dumped.

Today, the token was trading at $4.91 when it started slumping and didn’t stop until it lost about 60% of its value.

At the time of writing, SUSHI was trading at $2.27, as per CoinGecko.

The losses came after Chef Nomi, anonymous creator of SushiSwap, the clone of DEX Uniswap, sold part of the SUSHI tokens allocated for the development of the ecosystem.

Approximately 2.56 million SUSHI, for 17,970 Ether (worth over $6 million), has been sold by him within ten days of the launch of the project. The new dev shares are now under the SushiSwap multisig contract for which the signers are being chosen.

The reason for this, “I stop caring about price and I will focus on the technicality of the migration,” shared Chef Nomi on Twitter while clarifying about his recent move for which he has received “blaming and FUDing” when he is “taking IL for you.”

The anonymous creator says he did not exit scam as he will “continue to participate in the discussion. I will help with the technical part.”

Does this remind you of someone, maybe Litecoin creator Charlie Lee? This is because Chef Nomi did pull a Charlie Lee. “I am still here…@SatoshiLite did that and Litecoin had no problem surviving,” he said.

Lee is infamous for selling all his LTC at the top of the market. And if the community thinks he didn’t deserve the ETH, you better think again and think hard because

“I think my contributions justified that. I wrote the migration code. I did all the audits. I coordinated the largest LP pools ever. I created a large community. I sprung up 100s of LP scam projects. All in 1 week.”

That’s right, he created the idea and the community when the price wasn’t under pressure. And given that it’s an open experiment if you don’t believe in the idea or community, “you are free to leave,” there are “no strings attached.”

“All I can say is if this experimentation goes on to success, you guys know the upside. But if people don’t believe in the project, it will fail and we return everything back to the original creator @UniswapProtocol. I am happy with either result,” concludes Chef Nomi.

The project has been going strong, it even surpassed lending platform Aave in terms of TVL, which has now dropped from $1.6 million to $1.1 million.

The community is divided on whether it is a good move or bad. “Sushi exit scam. Incredible. And trying to pretend to be nice. When dealing with magic internet money, the good projects have strong founders or strong early adopters. May sell some at the top, never cash out,” said trader and economist Alex Kruger.

Some even called out exchanges for listing these tokens while others argue that Binance-like exchanges actually give the opportunity to long or short.

Amidst this DeFi mania, from FTX, Binance, Gate.io, to Coinbase, Huobi, and OKEx, everyone has been listing the latest hot DeFi token within days of their launch.

“I don’t know what is worse…An ICO company taking 20,000 Ether and not making anything for 3 years and watching their token go down -99%…Or SUSHI founder selling all his holdings for 20,000 Ether to crash the price -99% only two weeks after it was created,” said trader Jacon Canfield.

Also Read: FTX CEO Proposes Deploying SushiSwap to Solana, Votes in Favor

Read Original/a>
Author: AnTy

KIMCHI is the Latest Hot Dish in DeFi with Over 30,000% APY

Sushi was yesterday; KIMCHI is now!

Uniswap’s clone SushiSwap has been forked to create KIMCHI.

Within four hours of its launch, the unaudited project saw half a billion dollars locked in KIMCHI, which claims to “become the next hot DeFi mining token.”

“KIMCHI is lit,” according to the pro yield farmer Arthur Hayes, co-founder, and CEO of crypto derivatives exchange BitMEX. “It’s a staple of the CHAD diet. Get on my level,” he added.

Launched today, KIMCHI token’s price jumped to $12.26 level and is now back at $4.27, as per CoinGecko. The token is expected to be listed on Gate.io soon.

When it was launched, the project offered APY in six digits percentage but has now come down 8.3x. Uniswap KIMCHI/ETH APY that started with 178,573% has now fallen to 21,500%.

Still, the APY offered on different swaps is between 1,800% to 31,000%.

Currency, it’s offering farming on ETH, USDT, SUSHI, TEND, and other Uniswap assets to earn above-mentioned interest rates for providing liquidity on the platform.

KIMCHI is a fork of automated money maker Sushi, which is a copycat of Uniswap but with a governance token, and Yuno, but apparently “unlike YUNO, in Kimchi, it is not exploitable because owner is set to a non-functional timelock contract.”

SushiSwap issues its SUSHI tokens to those providing liquidity to the platform and gives a cut of its trading fees to those who have locked their tokens in a smart contract.

But the latest farming token clearly states on its website, “SUSHI is way better with KIMCHI” and “TEND with KIMCHI is also fucking yammy.”

Sushi was the one that pushed Uniswap’s volume to surpass that of Coinbase Pro and its liquidity to go beyond $1 billion. This project locked in over a billion dollars in less than four days of its launch.

But according to KIMCHI, it is them that are writing a “new history in DeFi Crypto field. We’ve just entered new era.”

KIMCHI’s market cap has reached over $45 million since becoming available today. The DeFi sector meanwhile has total value locked (TVL) at a whopping $9.5 billion.

It goes without saying that these DeFi projects are extremely risky where people are acting first before thinking. Degens are yield farming the latest for a few days before jumping on the next hot thing, which like the 2017 ICO mania are popping in every other day.

Read Original/a>
Author: AnTy