Summary
fSUSHI is a protocol built on top of SushiSwap and Flashstake that enables stakers to earn instant upfront yield without waiting for it to accrue. I propose the launch & operation of fSUSHI by me and OhGeez DAO backed by SushiSwap protocol.
Abstract
fSUSHI was built for benefiting SushiSwap protocol and bringing back users who thought SushiSwap was not innovative and left the ecosystem:
- Users now can earn upfront yield instead of waiting and itβs a huge advantage over competitors
- LPs can earn not only SUSHI but fSUSHI as well on top of it while staking
- After depositing LP tokens they receive fToken(ERC-20), a receipt token, to represent their position (MasterChef doesnβt have this feature) so they can sell & buy their yield-bearning positions easily
- Yield position automatically compounds & reinvests SUSHI rewards without loss(like lending in AAVE or xSUSHI) to give stakers higher yield
- When Trident pools become dominant, users can migrate their liquidity to the new pool with 1-click and they still receive SUSHI + fSUSHI
Motivation
SushiSwap lacked innovation for a while and it was losing its competitiveness. Now itβs a time to show DeFi ecosystem that SushiSwap is still alive with this innovative features.
Specification
How it works
βββββββββββββββββββββ
β β
β SousChef β
β β
βββββββββββββββββ¬ββββ
β² β
fToken β β fSUSHI
β βΌ
ββββββββ§βββββββββββββ aLP Token βββββββββββββββββββββ βββββββββββββββββββββ
β ββββββββββββββΊβ€ β aLP Token β β
β User β β FlashProtocol ββββββββββββββΊβ FlashStrategy β
β βββββββββββββββ€ β β SushiSwap β
ββββββββββββββββ€βββββ fToken βββββββββββββββββββββ βββββββββββββββββββββ
β² β
aLP Tokenβ β SLP Token
β βΌ
βββββββββββββββββββββ invest SUSHI βββββββββββββββββββββ SUSHI yield βββββββ΄ββββββββββββββ
β AAVE SUSHI pool βββββββββββββββββ€ βββββββββββββββββ€ β
β or β β SushiBarVault β β AccruedLPToken β
β xSUSHI etc. ββββββββββββββββΊβ ββββββββββββββββΊβ β
βββββββββββββββββββββ accrued SUSHI βββββββββββββββββββββ accrued SUSHI ββββββββββββββββ¬βββββ
β² β
SUSHI yield β β SLP Token
β βΌ
βββββββ΄ββββββββββββββ
β β
β MasterChef β
β β
βββββββββββββββββββββ
Scenario 1: Staking
- 0xMaki wants passive but higher yield than MasterChef.
- He stakes his SLP tokens into AccruedLPToken to get aLP tokens.
- He stakes his aLP into FlashProtocol to get fTokens with a period set(e.g. 1 year).
- He stakes his fTokens into SousChef to earn passive SUSHI + fSUSHI yield!
- Step 2-4 can be done in 1-transaction or respectively.
- He can unstake his fTokens anytime and burn in FlashProtocol to get back aLP tokens.
Scenario 2: Flash Staking
- Chef Nomi wants an 1-year APY upfront instead of waiting for 1 year.
- He stakes his SLP tokens into AccruedLPToken to get aLP tokens.
- He flash stakes his aLP into FlashProtocol and get upfront SUSHI yield with a period set(e.g. 1 year).
- Done!
- He can return the given upfront yield anytime to FlashProtocol to get back aLP tokens proportional to the time left until the period collapses.
Contracts
Contracts can be found in: GitHub - ohgeez-dao/fsushi
AccruedLPToken
You can deposit SushiSwap LP tokens and get the equivalent amount of aLP
tokens. The difference from the original LP tokens is that the SUSHI yield is automatically accrued to your aLP
balance. Also, pending SUSHI yield is being optimized by the dynamic strategies to get higher profits.
FlashStrategySushiSwap
A FlashStake strategy to enable AccruedLPToken
s to be used as principal and stakers get instant, upfront SUSHI yield.
You can also stake without instant yield and in this case you get fToken
s that are minted from FlashStake protocol.
SousChef
By depositing your fToken
youβre eligible for receiving newly minted fSUSHI
rewards. In the first week, 300,000 fSUSHI
s will be distributed and in 2nd week, only 1/10 of the circulating supply of the first week will be minted. (10x boost in the first week)
And during the 2nd week, only 99% of the first weekβs circulating supply will be minted. During the 3rd week, only 99% of the second weekβs circulating supply will be minted. This goes on and on.
Thus, you can reduce inflation rate of your fSUSHI
by locking up your assets to FSushiBar
.
FSushi - fSUSHI
A plain ERC20 token that only SousChef
can mint.
FSushiBar - xfSUSHI
1% fee is posed as fee for upfront yield and 0.25% for plain staking. These fees will be distributed for xfSUSHI
holders who locked up their fSUSHI
. General mechanism isnβt that different from SushiBar
of SushiSwap protocol.
FSushiMaker
A peripheral contract that swaps fee tokens into fSUSHI and transfer to FSushiBar.
FSushiRoll
A peripheral contract that helps users stake their SLP into SousChef in 1-transaction so that theyβre on yield position and earn fSUSHI.
Tokenomics of fSUSHI
fSUSHIβs will be fairly launched with an initial distribution for SUSHI holders snapshotted in a historical moment.
Initial Distribution
- 60,000 fSUSHI will be distributed for snapshotted SUSHI holders pro-rata their balances.
- 10,000 fSUSHI will be distributed for OhGeez DAO members (veLEVX holders).
- 30,000 fSUSHI will be distributed during the first week as rewards for SousChef stakers.
(3, 3) Distribution
Weekly emissions
are adjusted as (last weekβs circulating supply
) x (99%) where circulating_supply
is (totalSupply of fSUSHI) - (locked amount in xfSushi).
Meaning, assuming an initial supply of 100k, if 0% of the
fSUSHI
is locked forxfSUSHI
, next weekly emission would be 99k. If 50% of thefSUSHI
is locked forxfSUSHI
, next weekly emission would be 99k x 50% = 49.5k. If 100% of thefSUSHI
is locked forxfSUSHI
, next weekly emission would be 0.
Below is a hypothetical spreadsheet that represents 512 weeksβ emissions under the assumption that 0 fSUSHI is locked for xfSUSHI.
If all participants lock, emission decreases to 0, if only 50% of participants lock, emission is 50%, however lockers increase proportionally to emission.
Thus; (3,3)
Dev Fee
10% of the amount totally minted fSUSHI can be allocated as dev fee. 50% of dev fee will distributed for OhGeez DAO and the rest 50% will go into SushiSwap treasury.
Request of grant for the operation of fSUSHI
I put my full-time 1 month into this project voluntarily to bring value to SushiSwap protocol and Iβm pretty sure this will be one of the cutting-edge advantages over competitors.
I propose SushiSwap community to hire me and OhGeez DAO as the contributor of fSUSHI with 500k SUSHI grant for the next 1-year operation. After 1 year, the source code will be made public so anyone could use it for any purpose then but currently itβs protected by BSL-1.1 with licensor as OhGeez DAO.
Operating fSUSHI for 1 year includes:
- Hosting frontend for fSUSHI thatβll be up in 1 week from today(fsushi.org).
- User support in discord(either in OhGeez DAO or SushiSwap DAO)
- Technical support for SushiSwap core devs on FlashStake and fSUSHI (if needed)
- Technical support for devs who want to build on top of fSUSHI
- Periodical claim of dev fees into SushiSwap treasury (50%)
Roadmap
- Snapshot(???): before the launch, SUSHI balance snapshot will be taken at a historical moment
- Airdrop(2023-01-01 UTC): frontend will be hosted under fsushi.org with FSushiAirdrop contract deployed and eligible accounts can claim initial fSUSHI distribution
- Launch(2023-01-05 UTC): the rest of the contracts deployed on Ethereum mainnet and users can start earning aLP, fTokens and fSUSHI.
- Boost Finishes(2023-01-12 UTC 00:00): 10x boost for fSUSHI emissions finishes
Poll
Should fSUSHI be operated for the benefit of SushiSwap protocol by LevX and OhGeez DAO?
- Yes
- Abstain
- No
0 voters