We’re definitely open to adjusting the distribution cycle. Happy to take additional comments.
Sharing our feedback from DeFi Committee A on this proposal:
“The team is well established and this proposal has great co-incentives. However, we would like to see this proposal broken up into 2 separate smaller requests, each with a 6 month timeline. Once this proposal has been resubmitted into 2 separate, smaller requests, we would be happy to give a yes vote. We are requesting that the updated proposal get re-submitted back to DeFi Committee Group A.”
Thank you! Sushi definitely appreciates the feedback given by the team. I have split the proposal into 2 parts:
Part 1 - [REVIEW] [GF: Phase 1] Sushi - Part 1 - #13 by jackanorak
Part 2 - [REVIEW] [GF: Phase 1] Sushi - Part 2
I have added additional details in part 2 of the proposal. They have been bolded so you can easily locate them.
Sushi is happy to address any additional concerns or questions the committee may have.
I had reviewed an earlier version of this proposal as part of DeFi Committee A and our feedback was incorporated. I am an Optimism delegate [Delegate Commitments - #37 by linda] with sufficient voting power and I believe this proposal is ready to move to a vote.
I am an Optimism delegate [Delegate Commitments - #18 by katie] with sufficient voting power and I believe this proposal is ready to move to a vote.
I am an Optimism delegate [Delegate Commitments - #65 by mastermojo] with sufficient voting power, and I believe this proposal is ready to move to a vote
hi @Trudahamzik, thank you for your well written proposal and your adjustment to the feedback by community members and delegates. I personally value Sushi for its solid products and its ability to ship across multiple areas across swaps, cross-chain, lending, NFTs, and streams.
I recognize that my feedback might come in a bit late, given that you have started gathering feedback since mid-august. I hope you wouldn’t be frustrated with the long process and it would be a fruitful experience for you, Sushi, and Optimism.
Given your diverse product ranges, I will further take @jackanorak comment for Sushi products and encourage you to split the incentives not only towards the three pools, but also towards others. Sushi contributors mentioned correlated assets pools, permission-less staking and others. I might not be fully updated to what Sushi has been cooking, so please update me where I am at fault:
Kashi Markets: Kashi Markets isn’t on Optimism yet. Is there a possibility deploying a few selected isolated pools on Kashi Markets to Optimism, and add incentives to them.
Limit Orders: Limit orders aren’t yet available on Optimism. Is there a space to incentive using them?
Shoyu 2.0: Your future open marketplace for NFTs. Is there a place for an initial optimism launch, instead of mainnet?
Furo Stream: This is a great product that is well underused. Is there ways to push for a wider adoption for DAOs on Optimism?
Interested to hear other community members and delegates feedback on this well.
Sushi is a fully loaded Swiss Army knife that is yet to unleash its potential on Optimism. IMHO, your proposal would be much stronger if you manage to cooperate with the different teams in Sushi to collectively increase usage for Sushi on Optimism.
Lastly, a logistic question to clarify the splitting of the proposal: are you including both Part 1 and Part 2 in cycle 7 for a voting round? My understanding is that Part 2 proposal would come in 6 months after Part 1 for review, given how the incentives have worked.
Thank you for the feedback. The team is humbled by your words. We are constantly building and have more plans to ship additional products in the future.
Here are some answers to your questions:
Yes, we do plan to launch additional pools and split the incentives among them as well. As our main focus is currently SushiXSwap, we decided to start off with the 3 most popular pools (OP/ETH, ETH/USDC, ETH/USDT) to draw initial liquidity over to OP. We do have plans to offer incentivized WBTC, Sushi & Synth pools as more liquidity flows into OP. We also didn’t want to go crazy right off the bat with the incentives but gradually ramp them up over time instead.
Kashi Markets & Limit Orders will be launched on OP for sure. We’re currently in the midst of integrating them with our new Sushi 2.0 UI. This might take a while, but we’re hoping to get them up and running asap.
The team from Shoyu plans to launch only on mainnet for now. But yes, there will be a place for an Optimism launch in the future.
Thank you for highlighting Furo, we do have big plans for it. Furo currently has a TVL of almost 100M. We’re planning to use “Sushi Academy”, an education hub that features content on all things Sushi to educate users on our products and push for wider adoption. We also want to get our new head chef to actively engage with other native OP protocols and ensure they know that Sushi has a streaming/vesting product that can be implemented with their existing DAO tooling system e.g Making appearances on OP radio or various AMAs held by the OP team.
Part 2 of the proposal should only be reviewed in April 2023. I will not include it in cycle 7 for a voting round.
Feel free to DM me if more clarifications are needed.
I’m excited about this thread; I hope we get to see that creative and innovative Sushi again.
I leave you with some questions
Is Sushi one of Stargate’s qualified partners?
Can you tell us which bridges are integrated with Xsushi? what are the integration possibilities?
What will Sushi’s new stake on optimism look like?
Could you elaborate more on this statement?
Finally, do you have any metrics on Sushi’s performance in other chains after the subsidies received?
Please find replies to your questions below:
Yes Sushi is one of Stargate’s main integrated partners. As of now SushiXSwap is integrated only with Stargate. We are currently in discussions with various bridges to get them integrated as well.
To elaborate more on the statement, Sushi’s long term plan is to help increase liquidity and trading volume on OP up to a sustainable level where neither extra $SUSHI nor $OP rewards are needed to incentive liquidity providers to remain on OP. e.g. Earning the swap fees alone will be enough to keep liquidity providers for various popular pool pairings happy
You can find a chart below which shows the Swap, LP, Lending & Borrowing activity on Sushi Polygon. Unfortunately I could only retrieve data from October 2021, but we started our dual reward incentive programme in May 2021 hence the uptick in activity. Fast forward to a year later (in a bear market), you can see that the current on-chain activity still sits in a healthy 5K - 20K range.
Thank you for your feedback
Some ideas that were not clear to me
Regarding the new Stake on Optimism; is there anything you can tell us?
What do you consider to be the main advantages of Sushi over competitors such as Velodrome, Uniswap or Beethoven?
Not too sure what you mean by new stake. Would be great if you could elaborate more.
As for Sushi’s strength, I would say that we’ve evolved over time and have churned out a diverse range of products that definitely would be able to help bring more TVL to OP.
Current range of Sushi products:
- Bentobox – Vaults
- Trident – AMM Factory
- Swap – Regular token swap
- SushiXSwap – Crosschain
- Onsen – Liquidity mining
- Kashi – Lending & Borrowing
- Miso – Launchpad
- Furo – Token Streaming & Vesting
Maybe I have misunderstood and it is not a new stake mechanism?
Ah got it. The permissionless staking my developers were talking about is for the Onsen liquidity mining programe. We plan to make contracts permissionless in the future so protocols can manage the rewards that they want to give out to liquidity providers themselves instead.
Defi Committee A Recommendation
Voting recommendation: Yes
Rationale: The proposal team incorporated previous feedback and updated the proposal into a smaller amount requested and shorter distribution timeline. We are happy to support the updated proposal. Previous recommendation can be found here.
Note: Flipside Crypto abstained from this committee decision since they have a position in Sushi and are involved in Sushi governance.
Voted yes - Thank you to the sushi team for incorporating feedback and updating your proposal!
Thank you katie the team is excited as well
Solid proposal. Going with committee recommendation.
Strong proposal with a well known protocol such as sushi joining OP. I support this proposal.
Voted FOR this proposal following committee A. Solid proposal, solid team and nice to see previous feedback incoroporated.