SUSHI on Altcoin Party Menu, Collaborating with Yearn on a ‘Stealth Project’
Both Bitcoin and ETH are constantly moving up and down dramatically as investors continue to scoop off coins in the spot market while leverage continues to dominate the derivatives market.
Amidst this, DeFi tokens rallied, and the total value locked in the sector is near ATH at $14.55 billion, as per DeFi Pulse.
Sushi is actually the DeFi token, which is leading the market with 287% gains in the past month, 84.75% in the last week, and is up over 27% today while trading at $2.26.
The recent price rally has pushed its price/sales ratio to just over 7x, which is still below 11x that of Uniswap and 45x of Balancer.
— Hxro Labs (@RealHxroLabs) December 1, 2020
The uptrend has been despite the reports that a potential SushiSwap exploit was discovered and subsequently confirmed on Twitter by 0xMaki, General Manager at SushiSwap.
According to 0xMaki, the culprit got around $10-15K from the 0.05% fees cut of SushiSwap. The exploit was on the Sushibar for fees, but the issue was quickly resolved, and according to reports, the individual responsible for abusing the loophole was also identified by GM 0xMaki as a community member from SNX & possibly ESD.
In his merger announcement, Cronje said while Sushiswap did some things wrong, much has been done right.
With Sushi focused on expanding their AMM ecosystem and Yearn on their strategies, the overlap has become apparent; as such, it made sense “to take the relationship to the next level.”
Both the projects are merging their development resources to increase their TVL. Sushi will be launching Deriswap — a protocol that combines different DeFi services, including options, loans, and swaps into a single contract — in collaboration, following which it will also be involved in a “stealth project” with Yearn.
— Andre Cronje (@AndreCronjeTech) December 2, 2020
The token and governance of Sushi will stay the same, but Yearn will participate in it and add to its treasury some SUSHI the same way Sushi will do to Yearn.Finance. 0xMaki will lead the AMM arm of yEarn while the launched money market will use Sushi LP as collateral.
Cronje’s Yearn project will help create Sushi vaults so people can earn SUSHI-ETH-YFI-wBTC, and its strategies will also use Sushiswap moving forward.
His other project Keep3r, will be integrated inside Sushibar v2, move the full treasury as liquidity to Sushiswap KP3R/ETH (~$11MM), implement on-chain limit orders, stop loss, and take profit for Sushiswap LPs, and will offer gasless swaps via MetaWallet for Sushiswap trades.
Other synergies involve Cream protocol reserve to provide liquidity to Bento Box, Cover agnostic protocol to use SUSHI as coverage, and Coverage money market to include Sushiswap perpetual coverage.