Weekly Round-Up (Week of June 15)
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.

3 min read

Weekly Round-Up (Week of June 15)

This is a weekly update covering interesting news happening in the Sushi community. If you’ve missed the latest forum call, or haven’t had a chance to browse the forum then read on!
Weekly Round-Up (Week of June 15)

Sushi has had a busy week as usual! Read on for the major topics of interest for the week of June 19th

Sushi House Funds

The Sushi team is working on a plan to utilize bear market funds that were squirrelled away for a rainy day. The funds include:

·       1,228.5 ETH

·       1,570,000 DAI

·       33.56 wBTC

·       40,945 SUSHI

·       231,272 YAM

The Sushi team has talked over some of the options in an all-hands call. Placing the ETH and wBTC in Kashi and borrowing stables to take advantage of the lending protocol was one possible idea. Sarang mentioned in the community call that an auto-rebalancing approach could be used to not overleverage these assets, and to safely make use of some of their value while retaining the assets, as I’m sure everybody is optimistic about the longevity of ETH and BTC. To see Jiro’s proposal and chime in, go here: https://forum.sushi.com/t/sushihouse-funds-redemption/10783

xxSushi – A Possible Solution to Permissionless Fee Management

xxSushi is a new token that has been proposed by Sarang. It has garnered some praise as well as some criticism from the community on the forum and in Discord. The new token would take advantage of the multi-chain messaging protocols, allowing for it to be easily moved between chains and utilized for bidding on fee accumulations on each liquidity pool.

This would allow anyone to effectively serve the fees of token-pairs by placing bids with xxSushi to buy the fees. The idea is that, with healthy competition, the bids would be near the value of the fees accrued, and the potential profit would incentivize these bids. The bidders would be directly contributing Sushi to Sushi stakers every time an auction was successfully completed. If this model works, it would cause Sushi to be regularly bought back with liquidity pool fees and returned to Sushi stakers as Sushi. For Sarang’s explanation of how this would work, check out the Forum here: https://forum.sushi.com/t/xxsushi-cross-xsushi/10771

Treasury Multi-sig Rotation

The Sushi Treasury has had the same 8 multi-sig members on Gnosis more or less since the inception of the multi-sig. Jiro has put up for proposal that 3-4 of these positions should be rotated out reduce the time delay of executing transactions for the Treasury. With the current multi-sig there has been considerable delays as not all the members are still active. It would be ideal to have active participants holding the keys to keep Sushi’s Treasury operating as needed and in a timely manner. You can catch up on the discussion here: https://forum.sushi.com/t/treasury-multisig-member-rotation/10782

SushiGaurd is Almost Here

Sam Bacha, gave us some more updates on SushiGaurd during the Forum call. He estimates somewhere between $420,000 and $1,800,000 in arbitrage could accumulate on the SushiGaurd router monthly. This would be split between Manifold Finance and Sushi 50/50. The arbitrage occurring from SushiGaurd will be acquired in such a way as to have “a net-neutral” effect on the swaps being carried out. This is far more desirable than the current state where MEVs front-run and sandwich attack swaps, resulting in bad trade outcomes for the user.

Sam mentioned that there are some interesting use cases for the accrued fees that the Sushi team could implement, such as incentives and gas rebates. Since arbitrage data would be available for each transaction, the Sushi team would be able to determine the profits earned due to each individual trade. Utilizing these fees to incentivize trading and to grow the Treasury are both very desirable for increasing the longevity and growth of the protocol.

Sam Bacha’s proposal can be found here: https://forum.sushi.com/t/sushiguardrouterv01-formal-proposal/10785

Flipside Crypto Six-Month Update

Flipside is the data analytics, and bounty operations organization that has been working hard to provide useable data for all blockchains where Sushi operates. They took the stage during the Forum call to give some insight into their operation. Aside from simply operating as a data analytics company, Flipside has also worked hard to provide community engagement with those who are willing and able to solve data questions posed in the form of bounties. This approach provides incentives to individuals willing to dive in and get their hands filthy with blockchain data. As an added benefit, outsourcing to the community also increases the rate at which they can gather useful data! A very clever approach.

To see their 6-month review check out their notion: https://teamflipside.notion.site/Flipside-Sushi-6-Month-Review-af471e41b61c4192a95fb64171624601