Sushi’s Holds its 100th Community Forum
If you missed it live, be sure to catch the 100th Sushi Forum on Youtube. 0xMaki joined the call to offer Jared his congratulations, as well as share a message with the community. 0xMaki’s audio was spotty at times since he was coming to us from Devcon in Bogota. Hotel Wi-Fi can truly be terrible, especially when it is at a conference filled with crypto devs congesting the network.
Among the topics discussed in the 100th Community Call were: The new UI additions; Sushi’s Stable Swap Pools going live on Polygon, Optimism, and Kava; the horse allegations and others; The Nansen Connect Proposal; the POAPathon Promotion; and further discussion on the Multi-sig.
Sushi’s UI Additions
Carbon Offsetting on Polygon
There is now a KlimaDAO icon on the swap page on the Polygon network. The icon turns green when activated and a carbon offset charge will be added to a user’s transactions on Polygon. This charge is based on the calculated emissions related to each transaction. The additional transaction cost, according to the info dialogue box found in the settings cog, will average around $0.01.
Buy Crypto with Fiat
Sushi now has a link to a third-party website to help users conveniently purchase crypto direct to their wallet using credit card, Apple Pay or Google Pay.
An Optimism Snapshot proposal (for those holding Optimism tokens) that includes supplying token incentives to several Sushi liquidity pools is in progress. Currently the vote is nearly unanimously for. If this proposal is successful, we will see double incentives on the following Sushi Optimism network pairs:
The multi-sig proposal addresses the issue of there being too few individuals carrying out the duties required to keep Sushi’s wallets hashing out transactions in a timely manner. For various reasons some of the current multi-sig members are experiencing signing-fatigue and so there is a need for fresh transaction-approvers. Sushi requires these signers to be engaged, respectable, and trustworthy individuals as Sushi’s operations will count on them to make the transactions flow.
Tangle has supplied a list of recommended and willing parties. Recommendation of compensation for this role is also attached to the proposal. It seems only fair to provide individuals holding a vital role with a token salary for their troubles. This forum proposal and vote is a continuation of the multi-sig rotation snapshot vote that passed overwhelmingly back in July.
See the Sushi forum to add your opinion, check out the nominees, and vote!
PWN x Sushi Proposal
PWN is a lending and borrowing platform where users post offers and counteroffers. The proposal has two parts:
Part 1 – Lend USDC for SLP tokens
Sushi would utlize $350k of USDC from the Sushi Treasury to fund lending positions on PWN. The USDC would be lent to borrowers who would use Sushi LP tokens as collateral instead of staking them. The proposal does not indicate which pool’s SLP tokens would qualify for loans, the loan-to-value ratio that would be required for the borrower to collateralize the loan, or the loan term lengths; instead, these details would be decided later if the proposal passes.
One scenario conceived would be make lending available for the top 15-20 TVL pool’s SLP tokens, as deeper liquidity may indicate a lower risk to Sushi in the case of a borrower defaulting and Sushi having to sell the SLP tokens for USDC. Presumably a safe LTV would be chosen to incentivize borrowers to repay the loans. Sushi’s target ROI, according to the proposal, should be between 10% and 20%.
Jimmy has $1000 USDC-value of SUSHI-ETH SLP tokens. Jimmy decides he would like to continue earning fees from this SLP (but not emission rewards as these require staking), but he would like $400 to ape into a new NFT being minted. Jimmy could borrow $400 by locking these tokens in a PWN lending/borrowing contract with Sushi. Jimmy would then have 12 months to repay the loan and interest – totaling between $440-$480. If Jimmy does not repay the loan and interest in the 12-month period, Sushi would have ownership of the SUSHI-ETH SLP tokens. If Jimmy repays the loan, he reclaims ownership of the SLP tokens and is hopefully happy with the NFT this loan afforded him the opportunity to mint.
Part 2 – $100k for Sushi Bonds
This proposal recommends that Sushi issue a bond to raise $100k USDC. Sushi would create a lending opportunity on PWN. The assumption, according to the proposal, is that lenders would be interested in lending $100k USDC for an LTV of 40% at interest rates near 6%. This would provide funds for Sushi to use for operational costs without selling Sushi tokens from the treasury. This reasoning works on the assumption that it is more ideal to borrow value from the tokens in the treasury then it would be to sell them given current market conditions.
This strategy takes advantage of the fact that Sushi’s treasury holds considerable unutilized Sushi tokens. Sushi must fund its continued operations which requires swapping Sushi for USDC or other stablecoins. Assuming Sushi is bullish on its own token’s value increasing over the term length of the bond, Sushi may better maximize its treasury’s value by deferring token sales. As there are forthcoming product launches and additional features around the corner, this could be a strategic way to supplement operational costs.
The POAPathon team is putting on an event on their Youtube channel on October 25th with a spooky theme. Tune in for their Halloween themed broadcast for POAP and NFT giveaways.