Proposal to Whitelist SushiNar (xSUSHI) with 200k BNT Coinvestment
This proposal is expected to appear on Snapshot for voting on 2021-07-19T12:00:00Z. Make sure to stake your vBNT for voting before this date and time to participate in the DAO decision.
For this proposal to pass, it requires 35% quorum and 66.7% supermajority.
TL;DR
- Proposal to whitelist SushiSwap xSUSHI.
- Co-investment of 200,000 BNT.
- There are no apparent security concerns that would prohibit whitelist status.
- There is no reason to doubt the legitimacy of the SushiSwap project.
- The benefit to Bancor is clear. Interest in whitelisting xSUSHI came from the recent whitelisting of wstETH, which works in a similar manner to xSUSHI. Attracting volume from the SushiBar might bring Sushi users to Bancor as well as more fees and visibility to the protocol.
Token Address: 0x8798249c2E607446EfB7Ad49eC89dD1865Ff4272
Project Website: https://sushi.com/
Deepest and only xSUSHI pool is xSUSHI/ETH on SushiSwap with a $12,733,899.18 liquidity (Figure 1).
Figure 1 - Exchanges that trade xSUSHI. Taken from xSUSHI price, chart, market cap and info | CoinGecko.
Token Security
xSUSHI is minted when SUSHI is deposited in the SushiBar. The xSUSHI contract is a standard OpenZeppelin ERC-20 contract. The contracts don’t have any permissions that grant administrators unrestricted mint/burn capabilities.
xSushi doesn’t have a supply cap but it’s supply is limited to the capped-supply of SUSHI, thus no more than 250,000,000 xSUSHI can ever exist. The top 15 contracts and addresses with the highest concentration of SUSHI tokens are the token contract, the SushiBar contract, Binance, and several wallets. It should be noted that three private wallets in the top 5 holders collectively own approx. 16.48% of the xSUSHI tokens (Figure 2). Finally, being able to be used as a collateral on AAVE brings some confidence on the security of xSUSHI.
Figure 2 - Top 10 holders of xSUSHI, taken from $9.71 | SushiBar (xSUSHI) Token Tracker | Etherscan.
Project
SushiSwap (SUSHI) is an automated market maker, launched in September 2020 as a fork of Uniswap and aims to diversify the AMM market and also add additional features not previously present on Uniswap, such as increased rewards for network participants via its in-house token, SUSHI.
The platform takes a 0.3% cut from transactions occurring in its liquidity pools, while its SUSHI token is used to reward users portions of those fees. SUSHI also entitles users to governance rights.
Tokenomics
xSUSHI is a token similar to our SushiSwap’s Liquidity Provider tokens, that you receive in exchange for staking SUSHI tokens in the Sushibar. While holding the token, it will appreciate in value, as fees from the SushiSwap exchange platform are “served to the Sushibar”. The xSUSHI token is always worth more than a regular SUSHI token.
Community and Communication
SUSHI is active on Reddit and Discord. The SushiSwap team also operates official Twitter and Medium accounts. Github activity is frequent.
Available Audits
The xSUSHI ERC-20 token contract is a standard OpenZeppelin contract. SushiSwap contracts have been audited by Peckshield, Quantstamp and others.
Market and Trading Data [1]
- xSUSHI’s price at the time of writing is $7.89.
- All-time high: $26.33 (13th Mar, 2021).
- All-time low: $6.04 (22nd Jan, 2021).
- Price 90 days ago: $18.47.
- 61,321,260 tokens in circulation.
- The current market capitalization is $483,702,420.
- The xSUSHI token is only available on Sushiswap.
- The 24-hour volume of the Sushiswap xSUSHI/ETH pools is $2,052,525. This volume translates to 24hr collected fees of $6,058.33. The yearly fees collected are 8.73% of the $12,733,899.18 liquidity. [2]
[1] Data taken from xSUSHI price, chart, market cap and info | CoinGecko
[2] Data taken from $8.76 | xSUSHI | SushiSwap Analytics