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Blood-sucking UniSwap, overtaking on a corner and becoming the king of DEX
If you talk about Sushi, you can't avoid Sushiswap. Uniswap used to be the king of DEX for a long time, but it still left a gap in the market-the token incentive model.
Uniswap's liquidity mining income comes entirely from handling fees. For early miners, there is no way to obtain growth income in Uniswap. The introduction of the token incentive model is the best opportunity to overtake Uniswap, and Sushiswap has grasped this.
Sushiswap introduces a token incentive model, and miners pledge Uniswap LP Token to Sushiswap to obtain SUSHI mining rewards, which is equivalent to an extra SUSHI airdrop for Uniswap LPs in addition to Uniswap's income, and This airdrop will share 0.05% of transaction fees in the future.
In just three days since it went live, Sushiswap has attracted more than $700 million in funds. Just five days after launch, Sushi deprived Uniswap of 68% of its liquidity.
Through the incentive model, Sushiswap subverted Uniswap's position as the king in Dex, achieved corner overtaking, and quickly became the DeFi leader at the forefront of innovation in this field in a short period of time.
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The founder's "seppuku" storm, Sushi stands on the cusp
On September 5, 2021, Sushiswap founder Chef Nomi directly exchanged 2.5 million sushi for 18,000 eth. Although he said that it only caused a five-point drop in the market, the founder's direct behavior of smashing the market directly caused panic among users and investors, and also aroused the anger of the community. SBF, the founder of FTX, directly pointed out that his actions are destroying the Sushiswap project and destroying a good community ecology.
Then on September 6, a Twitter user named "0xMaki" suspected of being part of the SushiSwap team issued a final warning to Chef Nomi, hoping that Chef Nomi could contact him within 12 hours, otherwise he would be "apologetic" .
Meanwhile the disgruntled community scoured the web for Chef Nomi's footprints to investigate his truth. After multiple investigations, Chef Nomi may be Band Protocol's CTO Sorawit Suriyakarn. But then Band Protocol issued a statement on Twitter saying that it had nothing to do with the Sushiswap project. However, the traces of information revealed in the middle do point to the fact that Sorawit Suriyakarn may have some connection with the sushi project, but it is still unclear whether it is or not.
Due to constant external pressure, Chef Nomi had to let go and agree to transfer control to FTX founder SBF. After SBF gained control, he tried his best to promote the Sushi project to gain trust again. The following three measures are taken. First, continue the originally planned project migration plan. Second, provide airdrop rewards of 2 million Sushi tokens to the migrants who are migrating. Third, select nine multi-signature executors.
Under SBF's measures, the price of sushi currency rebounded in a short time, but the subsequent currency price and lock-up volume continued to be pessimistic. What is jaw-dropping is that on September 11, Chef Nomi reappeared and announced that he would return the right to use the cashed-out Ethereum tokens to the community, and then the community voted to use the funds to return the sushi tokens to the market. At the same time, on September 11th, Chef Nomi issued a statement on Twitter, expressing his apologies to everyone, and thanked Andre Cronje for his help, and hoped that the Sushi project would become better and better without himself. It didn't show up either.
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Frequently involved in NFT, Sushi aims to reshape the reputation of the community
While DeFi is developing in depth, the share of the NFT market in the encryption market is also increasing, and the popularity of NFT in the encryption market remains unabated. Sushi, the big brother of DeFi, has also started to get involved in NFT frequently.
In November 2021, Sushi officially launched the NFT market platform shoyu. According to the founder's idea, the platform has a front-end, a cache layer and an art storage infrastructure, all of which are based on the Sushi protocol.
And shoyu also promises some benefits for Sushi holders. All SUSHI holders who stake their tokens on the Sushi protocol to receive xSUSHI will be eligible to receive 2.5% of every NFT transaction made on Shoyu, with the other 97.5% going to the creator.
After the high-profile launch of the NFT market shoyo in November last year, Sushi has made another big move recently. Sushi core developer LufyCZ announced the launch of the NFT project Sushimi on February 15.
According to LufyCZ's statement and official information, the author sorted out the detailed information about Sushimi, and let's get to know Sushimi, an NFT product that Sushi will launch soon.
Sushimi will be released on the Ethereum mainnet, including 10,000 character images and more than 400 hand-painted elements. Different NFTs differ in five aspects: hats, clothing, faces, bodies, and tops.
There are two types of NFT images: standard version and ghost version. There are 10,000 in total, of which 100 are reserved for the team and as a giveaway for the Sushi community, and the other 9,000 are for sale.
From the perspective of the team, the Sushimi project team has previously or currently served the Sushi team. The main core team has 3 people. Timon is mainly responsible for NFT concept, art and design, UI and UX design; Pedrowww is mainly responsible for NFT concept design, project management and collaboration , marketing and PR, community management; Lufy is mainly responsible for development support.
According to the introduction of the team, in order to ensure the success of NFT and ensure sufficient influence, the Sushimi team sold the copyright of sushimi to Sushi. The team also retains some ownership requirements for sushimi:
$200,000 for intellectual property; (can be paid in Sushi tokens)
50% of the sales revenue will be given to the sushimi team;
50% of the royalties are given to the sushimi team;
60 sushimi NFTs (or 60 sushimi tokens if minted on Miso);
A creative consultant agreement for Timon; to help maintain creative integrity in case Sushi wanted to elaborate on the concept.
According to the announcement, the development of Sushimi has been roughly completed, and the rarity design is currently underway. The project will conduct a Dutch auction on the SushiSwap Launchpad platform Miso, and 50% of the sales proceeds will be distributed to xSushi holders. A release date has yet to be determined.
As for the original intention of making Sushimi this NFT product, the project party stated in the document that after Sushi’s dramatic blow at the end of 2021 and the uncertainty of the transition, the release of the official Sushi PFP NFT can improve users’ loyalty to the community. Users can flaunt their support for Sushi in a very specific way (NFT).
Sushimi could also be used in the future to create community-focused events, or to distribute benefits to sushi token holders. In the project conception, Sushimi can become an application scenario of the Sushi ecosystem (mint on Miso, incentive pool on Onson, Swap, redistribution of sales shares to xSushi holders, etc.).
At the same time, in the official Sushi community, project leader LufyCZ also made it clear that the launch of Sushimi is a new action for Sushi to return to products and community building, and to enhance Sushi's popularity and reputation.
Sushimi friendly link:
Official website: https://sushimi.org/
Twitter: https://twitter.com/Sushimi_nft
Discord: https://discord.com/invite/9A9MKChwQh
Author's summary:
From the launch of the NFT platform shoyu by Sushi to the launch of the NFT product sushimi, regardless of whether Sushi is determined to deploy NFT, it can be seen from the designs of the two products that Sushi has retained the economic distribution to community members in the design Welfare, this is also Sushi's continuation of the characteristics driven by the decentralized community. It is also a new attempt by the community to rebuild the confidence of community users and enhance the reputation after experiencing the damage to the community's reputation and the reduction of member trust caused by the "seppuku" incident in 2021.
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