SushiSwap is Ready with its Own V3 Under the Fully Open-source MIT License
The ETA for gas optimization, internal audit, and formal verification of “MIRIN: SushiSwap AMMv3” is in late May.
While Uniswap creator Hayden Adams can’t stop talking about the upcoming V3 as he fired up a thread to share, “I don't think the insane efficiency of Uniswap v3 has sunk in yet,” SushiSwap can’t let its competitor hog all the market attention.
So, SushiSwap responded with its own V3 that will allow assets to be utilized in swaps, loans, and options.
SushiSwap’s V3, according to traders, can act as a catalyst for its price. As of writing, SUSHI’s price is trading around $14.91, down over 36% from its all-time high of $23.5 in the mid of last month.
Sushi’s V3 has been named MIRIN, “a light alcohol particularly used to create sauces in Japanese cuisine.”
According to Github, SushiSwap’s answer to Uniswap’s “up to 4000x capital efficiency” is Deriswap which was introduced by YFI’s Andre Cronje. YFI -3.15% yearn.finance / USD YFIUSD $ 29,824.38
-$939.47-3.15% Volume 248.19 m Change -$939.47 Open $29,824.38 Circulating 36.64 K Market Cap 1.09 b 1 d YFI Creator Andre Cronje Launches a Vampire Attack on Popular Ethereum NFT Marketplace OpenSea 2 w More Than 50% of Ethereum Hashing Power is Participating in Protecting Users from Malicious MEV 1 mon YFI’s Andre Cronje Builds a Tool to Bribe Curve Token Holders, Proposes to Implement in DeFi Blue Chips Too
Deriswap basically combines swaps, options, and loans into a capital-efficient single contract, allowing interaction between the two assets that make up the pair.
In MIRIN, every pair can have one Public Pool and multiple Franchised Pools. For liquidity pool creators, two types of new curves, ‘Arbitrary Weighted Constant Product’ and ‘Mix of Constant Product + Sum Model,’ which is a work in progress and being fine-tuned for stable coins, are added to maximize the capital efficiency.
With an ETA of mid-April, V3 will provide an automatic yield rebalancing tool powered by K3PR technology. “This can benefit you, since you can add a dedicated job to seek out the best LP yields for you,” it states.
The roadmap further mentions test coverage estimated to be done by late April, gas optimization & internal audit is expected to be completed by mid-May, and before the month is over, formal verification of Mirin.
Uniswap is targeting the launch for May 5th, while L2 deployment on Optimism to reduce fees will come a week later.
Unlike Uniswap’s v3 launch under the Business Source License 1.1 to limit the use of its source code for up to two years which raised some questions, SushiSwap, which started out as a Uniswap clone, will be distributed under the fully open-source MIT License.