After a successful launch of $500mil liquidity, SashimiSwap unveils its new strategy and Roadmap
SINGAPORE, Sept. 14, 2020 /PRNewswire/ — SashimiSwap launched genesis mining at block height 10833000 (5pm September 10, SGT). As of 11am September 11, more than 1.37 million ETH worth of assets are mining SASHIMI. The current liquidity has reached US $500 million, the 2nd largest trading volume on Ethereum!
SUSHISWAP has officially completed its migration work on September 10, which has resulted in the withdrawal of more than US $1 billion in liquidity from UNISWAP, leaving Uniswap a liquidity pool of about US $500 million. The launch of SashimiSwap helped boost the liquidity of UNISWAP to more than $1 billion.
The community is waiting for a clear strategy of how it would grow. With the tremendous suggestions coming from twitter and our community, the developers have revisited SashimiSwap’s strategy and roadmap to create higher value to token holders.
Vision: Create the most fairly rewarded Decentralized Exchange with best liquidity
How do we achieve that:
- Liquidity Provider incentives: Keep on providing sashimi token rewards for people providing liquidity on Uniswap. And in order to incentivize all liquidities on the Ethereum ecosystem, the sashimi protocol will gradually reward liquidity in other DEXs, such as Sushiswap and upcoming ones. The developers will revamp the protocol design to ensure shared liquidity across multiple DEXs.
- Sustainable mining: The general idea here is to cap the total amount of Sashimi tokens to be farmed and design a release schedule to reasonably reward token holders with less inflation
- Community governance with strong leadership: Establish all necessary voting mechanisms and community channels to pass on governance power to all token holders. In addition, we have taken feedback from the community that they expect more technical and product leadership from the developers. And the team will focus on those aspects and make proposals for community review and vote.
- Liquidity migration: Sashimi DEX aimed to become the DEX with largest liquidity on Ethereum. The team will prepare a liquidity migration in the future and enable swap functions on SashimiSwap.
- Cross-chain liquidity aggregation: With limitations on Ethereum, Sashimi will work with other blockchains to connect liquidity and trading needs on multiple Blockchains. This may reduce gas fee, trade confirmation, and better user experience. The developers are working on mechanisms to link Sashimi and AESwap (on aelf) as the first prototype. And there is a commitment from aelf team that the Sashimi token will be used for AESwap in the future with no additional tokens to be issued. This will greatly increase the use cases of Sashimi tokens.
Value creation at SashimiSwap
1. Transaction fees from trades
We believe trading volume at DEX will increase much faster than CEX thanks to its unique design. Hence transaction fees at SashimiSwap will also increase with better liquidity and more users. As explained in the first medium post, SashimiSwap will be passed back to liquidity providers or purchase Sashimi tokens to further incentivize token holders. And AESwap also committed to pass back all transaction fees to Sashimi token holders.
2. Liquidity creation for new tokens
We have noticed that SashimiSwap has created a big liquidity of WBTC/ETH on Uniswap. This has greatly improved the slippage of such trading pairs. A lot of upcoming tokens have contacted us and made proposals to list more tokens on SashimiSwap for better liquidity. Along the process of creating new liquidity, Sashimi tokens will be needed to create such a new liquidity pool.
3. Power of governance
Voting on SashimiSwap governance requires staking of Sashimi tokens, and this will reduce the circulating supply, and also align the interest of the protocol and its token holders.
And lastly, we would like to express our commitment to the SashimiSwap as community contributors. The aelf developers love the innovations happening on Ethereum and hence willing to build a fair community and better product. And the community will work as the check and balance for any new changes. The team will continue to take leadership in product ideas and maintain the security of the protocol. And the team plans to link SashimiSwap with AESwap and liquidity from other blockchains and work on the high gas fee issue on Ethereum. Stay assured that the team is fully committed, and interests are all aligned with the community.
There could be something big happening at SashimiSwap. SASHIMI needs support from the community!