SotN#31: The Rise of SushiSwap, with 0xMaki (Sushi vs Uniswap, Differentiation, Future of Sushi)

Jan 27, 2021

0xMaki, a core contributor to SushiSwap, shares insights into the project's rise from the depths of the DeFi bear market. He discusses the unique aspects that differentiate SushiSwap from Uniswap, emphasizing community engagement and partnerships with other protocols. The conversation touches on the challenges faced during Sushi’s inception, governance strategies, and future plans, including Layer 2 integrations. Maki envisions a collaborative DeFi ecosystem that enhances user experience and capital efficiency, positioning SushiSwap for continued growth.

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ANECDOTE

SushiSwap's Genesis

SushiSwap started as a community-led fork of Uniswap in late August, quickly reaching $1 billion in TVL.
Initial growth came from Uniswap LP tokens before migrating to its own smart contracts.

INSIGHT

SushiSwap's Impact

The "vampire attack" label for SushiSwap's launch is inaccurate; it helped grow the DeFi pie.
It incentivized liquidity provision, benefiting LPs and onboarding new users, ultimately leading to DeFi's massive growth.

INSIGHT

Competitive Collaboration

SushiSwap's competitive pressure pushed Uniswap to launch its token and improve LP benefits.
This competition ultimately benefited both protocols and the wider DeFi ecosystem.

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------ SotN31: The Rise of SushiSwap, with 0x Maki (Sushi vs Uniswap, Differentiation, Future of Sushi)

We bring 0xMaki, a core contributor to the SushiSwap DEX, to the Bankless State of the Nation, to get into the story behind Sushi's rise out of the depths of the 3 month DeFi bear market!

Topics Covered: - The Sushi Story Thus Far - SushiSwap Differentiation - Integrations and Partnerships - The Future of SushiSwap - The Future of DeFi

We begin with a history of the SushiSwap project and its migration from Uniswap. Maki takes us through the structures of the Sushi Ecosystem and discusses the role of Chef Nomi on the trajectory of the exchange in its turbulent beginnings.

Maki argues for a flexible, bottom-up, and community-based approach, with an emphasis on integration with other protocols like Yearn Finance, Polkadot, and Cream. We discuss Sushi’s remarkable comeback from its early struggles in 2020, and how its current volume of over $100mm daily is a result of the efforts of its diehard community.

Maki differentiates the SushiSwap Protocol from that of its sibling Uniswap, as well as the asset $SUSHI from the asset $UNI. Maki contends that Sushi’s fast-moving UI development and integration with external partners set SushiSwap apart from other DEXes.

Maki is optimistic about the adoption of Layer 2 Scaling Solutions throughout DeFi in 2021 and lays out some of SushiSwap’s ambitious plans for the future, including optimizing gas fees and user experience.

Lastly, Maki discusses the future of DeFi, arguing for compatibility and coexistence among decentralized protocols.

------ Relevant Links:

BentoBox https://boringcrypto.medium.com/bentobox-to-launch-and-beyond-d2d5dc2350bd

SushiSwap Exchange https://sushiswap.fi/

SushiSwap’s Roadmap for 2021 https://sushiswapchef.medium.com/2021-3e1f45cf86a2

SushiSwap Forum https://forum.sushiswapclassic.org/

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