MISO v2: Sushi's Permission-less Launchpad
Introducing Toshokan, a community-first blog for Sushi

Introducing Toshokan, a community-first blog for Sushi

Today we're excited to introduce Toshokan (図書館 Japanese word for library), our new blog that will help keep our community informed about the latest happenings at Sushi.

4 min read

MISO v2: Sushi's Permission-less Launchpad

Sushi's popular launchpad platform MISO, has been completely revamped with a new user interface that is designed to improve performance and user experience.
MISO v2: Sushi's Permission-less Launchpad

Sushi's popular launchpad platform MISO, has been completely revamped with a new user interface that is designed to improve performance and user experience. MISO is a Sushi community-mandated project that was voted for and launched in May of 2021 after being proposed on the forum in November of 2020.

What is MISO?

The MISO Stands for Minimal Initial Sushi Offering and is a suite of open-source smart contracts that make it easier to launch a new project on Sushi. MISO is aiming to be the go-to place for new token launches. By increasing the attractiveness of Sushi, we hope to drive in more capital and trade to the exchange. We believe this will benefit both token creators and communities alike. 27 projects were successfully launched on MISO v1, raising close to 500 million dollars in the process. This demonstrates the platform's ability to provide a secure and reliable environment for launching innovative projects.It was also the birthplace of some of the well known projects on the space like Yield Guild Games (YGG), XDEFI and BitDAO. More than thirteen thousand unique addresses participated on the token launched through MISO on its initial version.

Relaunch

We decided to relaunch MISO because despite being successful on the first phase, there were multiple areas that needed improvement. The user interface was not able to handle huge amounts of traffic and requests at once, so we had to make some changes. This created a problem when we were processing the claim after the end of the auction. To remedy this, we needed to realign all of the sushi products with similar themes in the interface so that it would provide a better user experience. Miso v1 was only based on the Etheruem mainnet and needed a thorough upgrade on above mentioned issues before going multichain like other Sushi products. Chef Ramin definitely nailed the UI and UX for the revamped MISO!

Permission-less: Advantages and Disadvantages

MISO v2 is being released as a fully permission-less platform, much like other Sushi products such as AMM and Kashi. In the previous version, projects were curated by the core Sushi team before they were allowed to conduct the auction. This is a momentous change that aligns with Sushi's commitment to a permission-less future. By opening up the auction to anyone, this process of launching a new token is relatively easy. By having less friction and gatekeeping, more projects will be attracted to the platform, which in turn will help other sushi products grow in terms of liquidity and volume. The permission-less feature can be a challenging one, with all of the scams and scammers lurking around. With this extra source of reading material/social media links, you'll be able to conduct your own research and determine the legitimacy of the project yourself. Liquidity locking is another new feature that could increase investor confidence. This is because projects can commit to lock the seeded amount of liquidity for a certain number of days before they could access the fund.

Features

Creating a new auction is a breeze with MISO v2. You have the flexibility to choose from three different token standards, or use a pre-minted token if you prefer. There are no restrictions on how you can use our tokens to conduct an auction. You can choose from three different types of auctions - Dutch, Batch, or Crowdsale. As Sushi Engineering lead Matthew Lilly says, “Main point is options, in the future they will be much more flexible, you can pick and choose exactly what you want during creation. The possibilities are endless.”

‌‌Token Types

Fixed: A "standard" ERC20 token with a fixed supply and protections against further token minting or burning.

Mint-able: An ERC20 token with a function allowing further minting at a later date. Creators will have to assign an owner for the minting controls.

Sushi: Sushi tokens function similar to mint-able tokens but with additional capabilities built into the token. Creators will have to assign an owner address for token functions during minting.

Auction Types

Dutch Auction: A Dutch auction is a type of auction where the price starts high and goes lower until someone agrees to buy the entire offered quantity. This process is used to find the fair market price for a token. Participants are agreeing to receive a minimum total value in return for their tokens, rather than bidding for them themselves. This means that it's common to end up with more tokens than what was initially bid for.

Crowd Sale: In a crowd sale, fixed amounts of tokens are sold at the pre-decided price.

Batch Auction: A set amount of tokens are divided amongst all the contributors to the Market event, weighted according to their contribution to the pool. This type of auction is perfect for projects that want to give back to all those involved.

Post auction liquidity launch

After an auction is successful, there is the option to create a constant product pool for Sushi. Projects can reserve a certain amount of tokens for liquidity seeding and the liquidity launcher will seed the pool by combining the tokens reserved for liquidity with the required auction proceeds such that the token price will equal the price during the auction.

Whitelist

Whitelist function will allow projects to conduct the auction among the pre-approved wallet addresses.

Fully Permission-less MISO is now live on Polygon, BSC, Fantom, Harmony, Moonbeam, Arbitrum, Avalanche and finally on Ethereum

https://app.sushi.com/miso