Sushi swap to Cardano

Summary
Sushi swap on Cardano

Abstract
Develop a Sushi swap version for the Cardano mainnet.

Motivation
Central exchanges are starting to be big problem on Cardano POS by getting to much ownership of people’s tokens. Competition with DEFI is really needed asap.

Specification
Either develop a version from scratch. Either using the Cardano ‘ethereum app converter’.
The Cardano smart app testnet is planned to be available in May. Mainnet later this summer.
Funding can be requested through the Cardano Catalyst funding system.

For
Cardano decentralization

Against
Central exchanges

2 Likes

I tend to agree.
On the one hand I think Cardano POS suffers from the same thing all POS suffers from at the moment, whether CEX or not you end up with a few whales who get in early holding all the bags with a majority of the voting power.
At least Cardano is cheap, easy and relatively risk free to stake without the help of a CEX.
Compared to say Polkadot which requires a minimum of 280+ Dot to stake on chain atm, while being at risk of slashing due to things out of your control, and again all governance is decided by big bag holders.
So in that case it being so much easier to stake on CEX can easily lead to those exchanges being in control.
But that’s my rant over.

ADA has the hype and the volume, so it might be a good look. I think the core devs said the plan is to deploy everywhere they can, without incentives, to allow protocols to grow organically.

2 Likes

I am much more ok with whales than CEX. Whales truly owns their tokens, while CEX take custody and voting power.
A POS fundamental is that, the more you own, the more benevolent you will be to the network with your voting power.
CEX do not have incentive to care about the network because the tokens do not ‘belong’ to them.
They get people’s voting power in exchange of financial incentive, that sounds more like bribery.

I feel it, the protection comes from it being non profitable to devalue your own asset.
Just in terms of the direction a protocol will follow, it’s still far from democratic. Which is something I’d like us to reach eventually, though maybe that’s extreme optimism.

Yes I’m fully with you on the rest. It’s a battle we are going to be fighting for a while.