Introducing SousChef + YieldToken(ERC-20)

Summary

SousChef automatically deposits your SUSHI rewards to SushiBar, an IL-less single staking system so that you can get a multiplied reward, and receive YieldTokens which you can trade openly in the market or burn to receive double, triple and even quadruple rewards.

MasterChef’s new assistants, SousChef & YieldToken

We have been using the original MasterChef contract to support the Onsen liquidity mining program for the past year, since it was implemented by ChefNomi. In addition to overstaying its welcome, the MasterChef contracts have proven difficult to upgrade to accommodate our double reward (2x) farms. Last August, we started with roughly 15 pools to choose from for $SUSHI rewards before it was expanded to the “Onsen” program with over 100 participating projects.

Today, I’d like to introduce you a new set of contracts to reward LP stakers. The proposal, SousChef, goes one step forward although I could proudly say this is a simple, yet innovative, tool for the best yield farming that will help support the backend and get you even more multiple reward farms faster.

How it works

It works the same as MasterChef that LP token holders stake and get SUSHI when claiming their rewards. However, the difference comes from the fact that SousChef utilizes IL-less single staking a.k.a. SushiBar(xSUSHI) and it gives you a receipt token called YieldToken(ERC-20) right after staking. (e.g. If you stake a certain LP token in SousChef, it mints you YieldTokens for you as a receipt.) Then for every SUSHI reward that comes from MasterChef, it automatically stakes it on behalf of you in SushiBar. Eventually, the amount of YieldTokens you get is the same as that of xSUSHI.

Benefits

For every LP token registered in Onsen, equivalent YieldToken exists and it represents how many SUSHI reward are deposited in the SushiBar for the LP staker. YieldToken holders can burn it at any time they want, to receive the original SUSHI reward + multiplied reward(from SushiBar). Boom!

Furthermore, if the project team of the LP tokens wants, double, triple and even quadruple reward can be given in addition to the multiplied SUSHI reward just by burning the YieldToken.

If you don’t want to burn it, you can even sell it to the market. So to speak, this follows the principle of DeFi to a tee: The YieldToken can work as a piece of monetary lego in this space and we can think of LPs as consisting of this YieldToken and if those are staked, nested YieldToken will generate a squarely accumulated reward!

Also, imagine synthetics consisting of multiple YieldTokens that just works like a yield-farming index funds of multiple DeFi projects.

Implementation

I wish our community could benefit from this next-generation yield farming mechanism. The contracts are already open here: https://github.com/levx-io/sous-chef, even though it needs some bug fixes and modifications.

If you’d like to support this proposal, vote yes. Otherwise, leave me your comments and let me know your feedback! Excited to hear your thoughts on this.

  • I support SousChef + YieldToken
  • I don’t support them

0 voters

5 Likes

I’m not dismissing this as a bad idea. I voted no bc there’s a lot of 85% finished projects on SushiSwap right now. It would be better to wrap up the loose ends and make the UI more user friendly before adding more features. It’s quickly becoming a more and more niche protocol that’s isolating itself by not taking the time to invite new users in.

2 Likes

So this is like oTokens, but for LPs? Wouldn’t it copy Trident functionality?
Anyways, I voted ‘yes’, because we need liquid collateral.
Look how Abracadabra exploded. And they implemented similar functionality to what I suggested as Kushiyaki.

Curious how this would impact the Bar, as new Sushi would essentially be coming in and decreasing the ratio, and diluting APY. However, this could drive more TVL, which may end up being net positive in the end. Would really like to see some metrics and models on what this could look like.

This applies to dual reward pools only? Would, or should this expand to single reward pools? And how would those metrics look?

Very interesting idea, and I like to see value extraction concepts further idealized.

4 Likes

Just my opinion, but needs to be said cause it seems some people are living on a perpetual cloud. We need the existing products to be fully released to the public… Such as Trident which was announced back in July and still not ready… We still waiting for Shoyu from end of August and October will come and go… In the means time all the hype around the product its wasted by promoting his own token and how much he has made on Maid Coin… instead of concentrating and fully focusing on releasing Shoyu… And now we have a new play in the sand box… There is no focus on this Shusi team at all, while sushi home page stats are days behind or not at all. This is depressing for all sushi Hodlers, while the Kids play in the sand box their sushi value goes down the drain while paying for competing products to be on shushi system. You guys needs to stop teasing and promoting a product that you dont have ready for production, Its getting really old and ineffective and not inspiring trust for the Platform. People dont care anymore to listen to some fake sound, they just ignore it. Make it real you have the power… Add value to the Sushi Hodlers and be reflected instead of diluting it with competing product that adds no value for Sushi Hodlers. Be a Team, Focus and stream line what you have with a single interface that connect it all and even a kid could do it… If you could that then Sushi might rise again, if not it’ll look as you only riding/milking whats left of sushi from its former Might. May the force be with you! And Good Luck.

1 Like

I’m not involved in trident and we’re focusing on shoyu intensively, that you wouldn’t even imagine. I have my side projects dedicating 20% of my time and that won’t be a problem.
I’ve been building many things for sushiswap from the beginning. What did you contribute to this community?

3 Likes

Have you even looked into the repo? And can you say it’s a sandbox thing?

My contribution is Holding a bag of sushi and just like thousands like me, allowing you to play. I have no doubt of your contribution to Sushi… and all I have pointed out is my opinion from outside which seems to be lacking focus and coherence across Sushi apps release and Unreleased with too much hype without substance… aka no product to back it up… I still want to thank you for your contribution and for paving the way for my feedback to you guys… SO wen Shoyu ?

Just a little feedback… here and there! Thank you

I support this comment here. Have yet to vote either way however acknowledge the worth in an “IL-less” product. Impermanent Loss is one of the convoluted dynamics of DeFi investing which scares away new users. Would love to see this developed in the future.

I voted yes for the proposal. But I am game for what you are suggesting.

We should very much focus on existing project completion, improving UI for being user friendly, and onboarding new users.

I’ll add deeper research on those issues!

2 Likes

I think its obtuse to stifle innovation because the team is back logged. Yes, the team has deadlines to make, but that doesn’t mean that a more flushed out roadmap isn’t a positive. Especially considering the recent MISO drama I think its a good idea for things to take their nature course of time. We have a lot of ambitious innovation and this is why development is slow. We aren’t just evolving our brand, but DeFi as a whole. No need to rush, we are early

2 Likes

By all means do innovate but after you’ve got your “house in order” otherwise one just adds to more clutter and noise with no apparent benefit, except distract from the main mission and product and leads to more confusion about your product. I dare any regular person to name all products Sushi have right now and how they interact… It’ll all spaghetti… But then they come with another 'Bridge to sell"… No wonder they lost more 2/3 to Uni… Even now they haven’t manage to release Shoyu and/or Trident, but they have teasers like " Glory Hole light" to buy time, while the competitions are releasing a real Product every day. They are too much Project oriented and forgot they work for same team, Sushi… Just My 2c

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