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.
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.
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.
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.
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