Can SushiSwap rise again? A quick look at the SushiSwap 2.0 roadmap

About a week ago, the crypto fund DeFi Wonderland published a proposal to "rebuild" SushiSwap. Perhaps stimulated by "outsiders", SushiSwap team members came forward to release the roadmap of SushiSwap 2.0, decided to "revolutionize themselves", and take out 6 million SUSHI to be distributed to current and future contributors and strategic projects in the next four years. The concept of SushiSwap 2.0 includes many adjustments to the organizational structure, products, governance, etc. Let's take a look:

Organizational structure: recruiting talents and establishing a compensation committee

SushiSwap plans to establish a transparent and accountable compensation committee to regulate the current 24 employees and future talent. The main tasks of the compensation committee include: allocating SUSHI rewards after the established goals are achieved; recruiting new employees and formulating compensation plans for new employees; performance evaluation, and reviewing, approving, and disclosing budgets. The compensation committee will evaluate performance and approve budget plans through voting. In addition to executives, SushiSwap plans to recruit senior executives, who will be recruited through the community, team, token holders, or self-nominations in Discord and forums.

The estimated cost of talent recruitment includes $5.75 million in salary and a planned 2.3 million SUSHI reward and 2.4 million SUSHI performance reward.

Product Roadmap

BentoBox

SushiSwap hopes that BentoBox can become a DeFi infrastructure product. In the future, it will support internal teams and external partners to increase product development on top of Bento, and promote BentoBox through programs including lectures and hackathons.

Trident AMM

Three new pool types based on the Trident framework will be released soon, which will take the form of stable or homogeneous asset pools, liquidity concentration pools, and multi-asset index pools.

Lending protocol Kashi

The main reason why Kashi has not received attention before is that the team focused its main development efforts on Trident. Later, the team will devote part of its energy to improving the existing Kashi protocol, mainly including: introducing a new oracle framework, rebuilding the UI, completing functional updates including support for TWAP and multi-asset type lending, integrating limit orders, etc.

Launchpad MISO

Previously, MISO has been changed to a permissionless Launchpad and supports multiple chains. In the future, the team will explore decentralized management of MISO.

Decentralization process

SushiSwap will introduce a new permissionless incentive system where any project can ensure that their liquidity pools are properly incentivized to increase their liquidity without having to work directly with the SushiSwap team. In addition, the SushiMaker contract that currently collects fees from various protocols in SushiSwap needs to be manually called every once in a while. Although the contract has been optimized, it is still not fully self-operating. The team is exploring updating the contract to SushiMaker Auctions and selling the fees to bidders through auctions without the need for the team to operate on their own.

In addition, the most important point is the update of xSUSHI. The team currently does not think that veSUSHI proposed by DeFi Wonderland is the best solution, but the current xSUSHI model does have room for improvement. In the future, the next step will be determined through the community governance model.

NFT Platform Shōyu

The team said that SushiSwap's NFT platform Shōyu will release a new version with new features including: a quotation system for NFT-specific features, an add to cart and checkout system, a "sweep" function, purchases using a combination of multiple tokens in the wallet, a search function based on StreamingFast, social functions, and in-app and email reminders.

Integration with other protocols

SushiSwap's already implemented and ongoing integrations include: working with OpenMEV and Manifold Finance to launch features that prevent MEV and partially refund transaction gas fees; integrating the cross-chain interoperability solution Stargate; fully migrating the data layer to The Graph network; working with DAO tool projects such as Utopia to improve DAO's operating procedures; continuing to use Immunefi and its bounty program; and continuing to use Certora and its formal verification process.

Community Governance: Samurai 2.0

SushiSwap previously passed a proposal to officially support Samurai to lead the community work. Samurai will strengthen the connection and communication between the team and the community through two-way feedback, thereby promoting the development of the protocol and applications. In addition, the SushiSwap team has also planned a series of community activities and platform launches, including blogs, data, products, education and other fields.

marketing

SushiSwap does not have a dedicated marketing team to be responsible for related work. In the future, through the adjustment of the organizational structure, there will be a more organized marketing plan to promote related work. Specific work includes:

Product marketing , including preparation for product launch, push of product feature updates, UI/UX feedback activities, educational activities, etc.

Content marketing , writing explanations and introductions for all products, technical output, writing use cases, building a knowledge base for new users, etc.

Growth marketing , social media operations, partnerships, press coverage, SEO, community ambassador programs, etc.

Sushi DAO

Governance and Community

The SushiSwap team said that Sushi 2.0 will strengthen the timeliness and continuity of community updates, and will be governed fairly through open governance and a well-developed process snapshot forum. Governance will be a top priority, and we plan to involve the community in discussions and decision-making processes earlier.

Some of the more pressing tasks that currently need to be discussed, planned and implemented by the community include whitelisting of new AMM pools, Kashi token pairs and new projects that will be listed on MISO; reintroduction of on-chain or snapshot modules for executing transactions through multi-signatures; discussion of token economics and ve models; ecosystem donation process; personnel appointments; community supervision and checks and balances process; fund management, sustainability and budget issues, etc.

Fund management and sustainability

SushiSwap stated that based on the current funds held (over 10.75 million SUSHI and $6.8 million in diversified assets), SushiSwap is actually in a very healthy state. Based on conservative estimates based on data from the past three months, SushiSwap currently generates approximately $41.04 million in revenue per year, which is fully distributed to xSUSHI holders. With Kanpai, we can choose to further optimize our funding strategy, allocate part of the revenue to the treasury, and effectively invest in the future profitable growth of the DAO and its products. At the same time, some stablecoins will be deposited in Kashi to generate income for treasury assets.

Compliance

The SushiSwap team said that planning for establishing a compliance structure and entity is a top priority for the team. Over the past few weeks, representatives from the SushiSwap internal team have been working with top crypto law firms and legal scholars from around the world to develop a plan. The structure the team is exploring will allow SushiSwap to be flexible, but ensure that there is an entity that operates the treasury on behalf of the community vote. The plan is now in its final stages, and the jurisdiction where the entity will be located will be chosen between the Cayman Islands and Switzerland, and the entity registration process will be initiated in the coming weeks.

Written by: Jiro Ono, Software Engineer at SushiSwap

Compiled by: iambabywhale.eth