Weekly Round-up (November Week 1)
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 (November Week 1)

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 (November Week 1)

Beware the Scam Tokens!

As the crusty old DeFi degens are well aware, scams are always lurking trying to swindle users out of their crypto funds. Recently there has been a swath of new scam tokens appearing on chains such as Arbitrum. These scam tokens once purchased cannot be readily sold. The contracts for these tokens limit how many of the tokens can be swapped at a time, thereby forcing the user to continue to hodl the worthless token.

The low amounts that can be swapped per transaction cause the process to be cost prohibitive with respect to gas fees. The scammer eventually activates a kill function in the contract and makes off with whatever funds they’ve managed to scam into their possession.

Always be vigilant when exploring new token opportunities. Scoundrels continue to look for new ways to swindle the overeager degen.

The Pixel Party Claim Period Has Been Extended

If you placed more than 100 pixels during the pixel party, and have yet to claim your NFT, minting has been re-opened. The window to mint the NFT closes on December 30th, 2022. You can find the link to mint the NFT from the below Sushi tweet:

New Multisig Signers Snapshot Passes

The new multisig signers have been approved by the Snapshot vote. These signers will receive $10k USDC per year as an incentive to ensure Sushi’s treasury transactions persistently occur in a timely fashion. The vote was nearly unanimous, with 7M SUSHIPOWAH for the proposal and 8.7k SUSHIPOWAH of nay-sayers, exercising their nays.

The new signers and additional information about each can be found in the Snapshot vote for those interested.

Snapshot

Thorchain Proposal

A proposal has been put forward that suggests Sushi should integrate THORChain into its backend. THORChain works as an intermediary with liquidity pools spanning the various chains it facilitates swapping. Users can swap native assets such as BTC, LTC, ETH, and so on into other L1 native assets thereby making THORChain akin to a bridge solution.

THORChain pairs each native asset with its RUNE token in its liquidity pools which is claimed to simplify matters as well as providing one of the several use cases for the token.

Sushi and other DEXs are desirable partners for THORChain because it is focused primarily on the main L1 tokens leaving an opportunity for DEXs to handle swaps from the non-supported tokens into the available token types in a user-friendly manner with less fuss.

The proposal suggests Sushi could charge a fee for this service, but it appears the liquidity providers would be those on THORChain. This makes it less clear how much value is added versus the cost of implementation.

To read the proposal, check out the link below!

Adopt THORChain as back-end
Summary SushiSwap can enlarge customer service, by offer swap not only for ERC20 tokens, but for BTC, LTC, ATOM, AVAX and more L1 coins, if adopt THORChain as back-end. Abstract THORChain project - DEX AMM based on pools. It allows to do cross-chain swaps without wrapped assets, mostly L1 gas…

SushiGuard Update

Tangle mentioned during the forum call that Jared and Sam found time to have a discussion on the state of Sushiguard. Simulations have been run on the deployment and Jiro, Matt, and Sarang will be reviewing the results. Sam joined the forum call and indicated there is a front-end setup allowing users to use SushiGuard but that the Sushi front-end needs to be set up so it can be used on the Sushi website once the Sushi team is satisfied.

Sushi Weekly Forum Call

Remember that if you missed the weekly forum call you can always watch the recordings on the official Sushi YouTube channel.