We all know what happened
We all know what happened to SushiSwap by now, however what most people do not know the real reason why it was listed on Binance cryptocurrency exchange. Binance's CEO Changpeng Zhao also known as C.Z for short sent out a tweet in reply to the onslaught folks on twitter where he admits why DeFi tokens like SushiSwap was listed on his leading exchange by trading volume, TRUST ME you will never believe the content of this tweet!!
Read cointelegraph's article here:
"Chef Nomi left some food on the table.
On the heels of skepticism of the project, SushiSwap project head, Chef Nomi, dumped SUSHI tokens over the weekend. In a series of tweets, the anonymous personality Chef Nomi claimed converting SUSHI tokens is meant to move the project away from doubts on its migration from Uniswap to SushiSwap "
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Hit me up on telegram plz ??
Something really fishy is going on Francis!! You meant to say he's a piece of Sushi! LOL! Great info. as always brother! Lets pick up where we left off on our private chat lol (That Broken link)
Sushi still keeping out, even more after this video...
Do not eat raw fish
Good to know your opinion on this
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- TIMESTAMPS -
2:13 What is Sushiswap?
4:47 Sushiswap Launch
6:06 Pseudonymous Founders
8:23 Chef Spoils Broth
12:49 SushiSwap Features
15:04 SushiSwap Tokenomics
20:38 Final Thoughts
⛓️ ? Useful Links ? ⛓️
► SushiSwap Website: https://sushiswapclassic.org/
► SushiSwap Docs: https://help.sushidocs.com/
► Unchained Podcast: https://unchainedpodcast.com/how-sushiswap-proved-that-liquidity-is-not-a-moat/
► Glassnode Report: https://insights.glassnode.com/sushi-token-economics-impact-of-inflation/
► Inflation Proposal: https://insights.glassnode.com/sushi-token-economics-impact-of-inflation/
? What is SushiSwap? ?
It is a fork of Uniswap that has introduced a governance token and adjusted the rewards schedule. The original goal of the protocol was to create a community governed ecosystem. They can vote on important decisions that impact the project.
At Uniswap, the liquidity providers would earn 0.3% fees on the value of the trade that is being done. This works out well when you are a relatively small portion of a pool. However, returns can get diluted for the smaller providers when those with more capital join in.
Over at Sushiswap, liquidity providers earn .25% and the remaining .05% of fees are paid out in their Sushi token.
? How It Started ?
In order to jump start the process, they would offer enhanced incentives for the new liquidity providers. In the first two weeks after the launch, there would be 1,000 Sushi block rewards.
All they needed to do was stake their Uniswap LP tokens in the protocol and they would be able to earn their share of the 1,000 sushi hitting the market. This would then drop to 100 when the full protocol went live.
? The Chef Nomi Exit Scam ?
There was an anonymous dev called Chef Nomi who had access to all the dev funds. These Dev funds were to be used to build out the protocol. However on the 6th of September, he cashed out all of those dev funds and converted them to Ethereum.
This caught the community off guard and they raised a storm. Eventually, he transferred the keys to Sam Bankman Fried who then set up a multisig wallet. However, out of fear of being doxed, he decided to return the fund back to the Dev pool. He is no longer on the project.
? SUSHI Tokenomics ?
There is no cap on the supply. Currently, every new Ethereum block that is pushed, 100 Sushi will be minted by the Sushiswap protocol.
At current, there is a steady protocol inflation going on here. We should also not forget that in that initial 2 week phase, a hell of a lot of Sushi was hitting the market as block rewards were 10 times what they are now.
There was an analysis that was done by glassnode that looked at this protocol inflation and how it could impact on the price of SUSHI. They estimate that the SUSHI supply will be at 326.6 million one year after launch, and almost 600 million after two years.
However, there is a counteracting force here and that is the 0.05% from the trading fees that the developers have to buy back from the market. This creates demand pressure for Sushi which counteracts the supply pressure coming from the inflation.
They have run the numbers and they have calculated the amount of trading volume that needs to be done on the Sushiswap exchange in order to justify a certain price. That is 1 to 1.3 billion.
Of course, there is also demand to hold Sushi from a governance perspective. Holders can also use that Sushi in order to vote on protocol changes. These include things like changes to the amount of inflation (something that was proposed).
?️ Uniswap Question? ?
Uniswap just announced that they would be releasing their own UNI token that is a governance token. This means that they are placing themselves in direct competitions to SushiSwap. It will be interesting to see how much of the SushiSwap liquidity will eventually flow back to Uniswap in the wake of this announcement.
? Disclaimer ?
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
#Sushiswap #Uniswap #defi #sushiswap #ethereum #Dex #chefnomi #blockchain
thanks for sharing your amazing work.
The majority of these projects are food related with the majority being a "fork" from the previous project. I've just realised the fork connection - is that why they are food branded?
Thanks for you making this crypto world make Soto me