SushiSwap’s New Roadmap — What Trust Wallet Users Need to Know
The yield farming protocol SushiSwap has rolled out its new roadmap. Here’s what you need to know.
SushiSwap is one of the leading DeFi protocols on the Ethereum blockchain that can be seamlessly accessed using Trust Wallet’s in-app DApp Browser.
The project has rolled out an ambitious new roadmap that would take it beyond its yield farming roots to become a full-stack decentralized finance ecosystem.
In this article, you will learn about SushiSwap’s new roadmap and how you can interact with the DeFi app using Trust Wallet.
SushiSwap’s Ambitions Plans for 2021
On January 10, SushiSwap announced its new roadmap in a blog post titled “2021” on Medium.
TL;DR: SushiSwap plans to move from being an AMM for yield farmers to become a broad DeFi ecosystem.
The “new” SushiSwap will still provide automated marketing making and the opportunity for yield-hungry DeFi investors to earn yield farming rewards, but it will come in a new wrapper and with a long list of additional applications and features.
“Sushiswap will be moving to a new domain in 2021 to reflect better how we aren’t an AMM anymore moving forward but an OpenOrg part of the Yearn ecosystem,” the project’s developers explain.
MIRIN is the proposed upgraded version of the SushiSwap protocol that aims to propel the project not only to the forefront of DeFi but the global cryptocurrency exchange market.
The protocol upgrade is named after “a light alcohol particularly used to create sauces in Japanese cuisine,” according to SushiSwap core developer LevX.
A way to achieve that, according to the MIRIN proposal, is to start with exchange-backed (also called franchised) trading pools. The idea is to let centralized crypto exchanges enable their users to take part in decentralized liquidity pools so that they can offer new yield-earning opportunities to their users.
Additionally, the MIRIN protocol upgrade would also introduce double yield for users of exchange-backed liquidity pools by allowing for an additional third-party governance token that the participating exchange could distribute as a reward for taking part in their exchange-backed pool. Users will, therefore, be able to earn “double yield” in the form of two separate protocol tokens.
The proposed v3 SushiSwap would also offer automatic yield rebalancing powered by K3PR technology to enable users to earn the highest yields while taking gas fees into consideration. Gas fees can greatly affect DeFi returns — especially on the Ethereum blockchain — which is why K3PR takes gas fees into consideration when auto-choosing the highest yielding pools to auto-deposit a user’s funds into.
MIRIN would also reduce a user’s gas fee spend via integrating 1-Click Zap features. The 1-click Zap option would lessen the number of transactions necessary to become a liquidity provider to earn yield on SushiSwap. The three proposed 1-Click Zap functionalities would include:
1-Click: Swap + Add Liquidity + Farming
1-Click: Migrate from Uniswap/Balancer/Curve + Farming
1-Click: Switch Pools to secure higher APYs
Finally, MIRIN would also introduce two new LP curve options: a Rebalancing Curve (balancer.finance model) and a Bonding Curve (curve.fi model; for stablecoins). This would enable liquidity pair creators to implement bespoke fees and curve structures for new LPs they provide to the SushiSwap ecosystem.
BentoBox is a new platform within the new SushiSwap that will be rolled out in the coming weeks. The Sushi-themed application will provide another avenue for SushiSwap users to earn yield, most notably through decentralized crypto lending.
BentoBox users will be able to earn interest by depositing their tokens in a lending pool or borrow funds by supplying collateral in the form of tokens.
The smart contracts for BentoBox are currently being audited by Peckshield and Quantstamp. Once the audits are complete, the new application will go live.
Below, you can see a screenshot of what the BentoBox UI will look like.
Synthetic asset issuance, flash loans, and NFTs are also in the pipeline for BentoBox but will not be part of its initial rollout.
A New Governance Model
The chefs at the Sushibar also plan to move to a new governance model based on the progress made by Aragon v2 x Snapshot.
Alternatively, the team is also considering operating under a council of community members elected by the community, as Synthetix has done.
While it is still unclear which direction SushiSwap’s governance will take, we can assume a new model will emerge in 2021.
The Miso Launchpad
Miso is a token launchpad product that will essentially act as a decentralized version of Binance Launchpad, which has issued a range of successful tokens.
Audits for Miso are scheduled for Q2/2021, so we can expect a rollout of auctions and crowdsales on SushiSwap in the summer.
While SushiSwap’s planned cross-chain AMM feature is only mentioned in one line in their roadmap blog post, it should receive a little more attention.
Algorithmic stablecoins FRAX and DSD will also be integrated, as well as the BAO yield farming protocol.
Additionally, the project’s core devs plan to integrate ArcherDAO to reduce the impact of miner extractable value (MEV).
Finally, the chefs are SushiSwap also want to encourage more teams to develop solutions for the new SushiSwap ecosystem by providing incentives.
Following the onboarding of SUSHI tokens staking on Binance and the immense user growth the protocol has experienced, its developers are very keen to move forward with development to cement their leading position in DeFi — as part of the Yearn ecosystem — but also to compete with traditional financial services providers in the future.
How to Enter to Sushibar using Trust Wallet
Trust Wallet users can interact with SushiSwap directly within the app using the DApp Browser. All you need to do is open the application, click the DApps button, and search for SushiSwap under “DeFi” or type in the SushiSwap URL. That’s it!
On SushiSwap, you can deposit tokens to act as a liquidity provider in the protocol’s decentralized trading pools and earn $SUSHI tokens as liquidity mining rewards.
If the protocol’s devs deliver on their roadmap, Trust Wallet users will be able to seize even more yield generating opportunities on SushiSwap.