SUSHI reverses the 60% pullback while Onsen replaces the Menu of the Week. Anonymous dev 0xMaki shares future plans for the project.
DeFi project Sushi had a whirlwind journey and the same was reflected in its price action this week. On Wednesday, from the high of about $2.76, SUSHI prices crashed hard nearly 60% to the $1.16 level. But the next day Sushi was back above $2.6.
This crash was market-wide, although SUSHI reacted hard and fast both in terms of losses and then reversing them into gains. The news of SEC suing Ripple and its two executives, former and current CEO, over the alleged sale of an unregistered security offering was what pushed the cryptocurrency market down.
The red sea of Wednesday is already a field of green on Christmas. Just last week, SUSHI had hit $3.35, last seen in early September when the token was making its way down from the high of $12.47 on Sept. 1st.
As of writing, SUSHI/USD has been trading at $2.73.
With these greens came the official launch of Onsen, a new liquidity mining incentivization program, that is replacing the Menu of the Week.
200 allocation points have been set aside for the initial launch of Onsen which will require LPs to stake their SLP tokens in MasterChef to take advantage of the SUSHI rewards.
MKR, OMG, ESD, ANT, PNK, HEGIC, CREAM, PICKLE, DPI, CVP, YETI, ARCH, INJ, BOR, DUSD, DFD, BADGER, zLOT, INDEX, SWAG, JRT, DOUGH, SEEN, UWL, ICHI, ROPE, oBTC, mbBASED, DSD, nTRUMP, UST, FNX, BCP, YPIE, DEFI+L, BASE, DDX, MPH, FRONT, UOP, TRU, ALPHA, AKRO, and CRETH2 — is an exhaustive list of token that will be taking part in Onsen.
The Future Plans
DEX SushiSwap’s project lead, 0xMaki, recently shared his plans for the project that currently has more than $1 billion in TVL (total value locked).
The anonymous developer shared that SushiSwap users will soon get to borrow or lend and long or short an asset with the launch of BentoBox, which he said will be available in 2021. Developers will also be able to build on top of the protocol, he said.
“I think we are going to see the future of finance in 2021,” said 0xMaki in his recent interview with UniWhales.
BentoBox was recently revealed when YFI’s Andre Cronje announced the merge of SushiSwap and YearnFinance. In this partnership, 0xMaki said they both share the same goals and that both are “big proponents of decentralization.”
Cronje is “very good” who has a lot of good ideas, said 0xMaki adding, “pushing the idea to the finish line or maintenance is not his forte and that’s where we can come in and pick up the ball for him.”
— Binance (@binance) December 28, 2020