Sushi Next Generation AMM

Transcript

hello hi everyone my name is joseph delong and i'm a contributor at sushi and on the basis of the name of this talk i can imagine that you know what i'm about to talk about so for sushi we've been working on this next generation amm and it's called trident so trident symbolizes like a lot of growing up for sushi for the last 60 days we've been in a dead sprint working on this deployment

and i think it's like um represents the kind of like the best in d5 in terms of build quality and capital efficiency um so um while we've had other developments like bento box and kashi um we still kind of like rely on a legacy product from built by one of our contemporaries and um yeah so this is um this has been a lot of hard work and i also want to give a shout out to um uh crypto cobain for giving us the name um it's kind of like a play on sushi being a fork

yeah so sushi built trident as a native application on our bento box platform and the bento box platform works like this it is um a base layer um on chain uh that acts as a contract and tokens come into the bento box and then applications can be built on top of the bento box but those tokens that come into the base layer can then be exercised in yield strategies so for instance typically when you're like providing liquidity on a platform your tokens go in and they sit there and they're used kind of like only for swaps

with bento box when you deposit them the underlying actual tokens can be taken and exercised in strategies which will give us a 2x capital efficiency over our nearest competitor yeah so um and like this trident is going to be on top of bento and so at that time we're going to have all of the tvl that we have in our exchange right now is going to go into bento box and because of that we are going to have 2 billion dollars

in assets under management to exercise into strategies and in that way sushi is also going to become one of the largest yield aggregators um i i said that we built a new amm um but we actually built four um [Music] we built uh four different pool types and so we have three new pool types and the one that everybody is always familiar with which is our like 50 50 concert product um as i'm sure um some of some of you

have guessed or assumed we've built our own implementation of concentrated liquidity and that will be going live with trident we've built a new type of pool we call hybrid hybrid pools are really great for swapping like kind assets like usdt and usdc renbtc to wbtc and our our hybrid pools are permissionless so you can create a pool of 2 3 or up to 32 different assets of like kind and then um we're keeping our constant

product pools but we're going to have a 15 cap a 15 gas efficiency gain as well as a 2x capital efficiency gain um and lastly we are including weighted pools where you can have a price impact preferentially on one side of the pair so sushi is also a factory um it allows us to um add new versions of pools as like new developments happen in the amm space so if like some new more interesting competitive version happens it just has

to conform to our ipool interface and we're going to be doing an eip for that as well but once it conforms to the ipool interface our routing and everything will pick it up and use it just like it were in the amm and speaking of routers we've built a new router called tines and tines is a um is a multi-route multi-hop router and i i think that's um a bit confusing for people so i've included some examples of what that looks like so like multi-hop right this is what people are doing now

like just about every router um and you go you know i want to go to to from token a to token c but i can't go directly because there's no pool for token a to token c i go from token a to token b and one pool then token b to token c another no real innovation there um but multi-route allows us to kind of like start from two different routes for instance we're going to need this with our weighted pools and like let's say our constant product pools once you hit diminishing returns from price impacts for a trade it will auto balance in between

another similar pool that will get you the same uh the same uh result right so it'll kind of balance in between the two you may have seen something similar um uh and so um tines is also capable of doing both of these at the same time so we can do really complex trades um and tines takes into account like gas swap fees like graph topology and is able to route a trade very effectively all right um sure

okay uh gasper um and uh kino are you done like handing out like cards we good okay cool um uh so there's also going to be a new interface to accommodate these new pool types in trident and that interface is going to be awesome it's a very simple to use very understandable interface that's mobile first and i think you're really going to like it oh yeah so um all the cards that that um kino and gaspar just handed out to you those are actually wallets

um and what you're gonna get is you're gonna get this nft right here this nft is by an artist named chewie stole he's a fantastic artist makes some renders very similar to this and it's actually not just an nft it's a physical nft so um you're going to like you're going to be able to burn that nft and what you'll get is you'll get um a piece of blotter paper you'll get a 19 by 19 centimeter piece of blotter paper with 900 tabs and the name of this piece is called bad trip and the token id or the token ticker is [Music]

lsd and so for the people who aren't here who may be seeing on live stream right now rachel if you're watching the live stream launch the auction um we're going to launch an auction for 20 of these nfts as well on our miso platform so miso.sushi.com go there and see our auction and maybe you can get one of these be able to participate even not being here so we're going to do 20 of those and then after the auction ends seven days later your hardware wallets that you all have um the cards courtesy of ethercards we're gonna drop the the erc20 to you um on that card so just uh probably like i think this

ends in two days so like nine days from now you'll have that nft it's gonna be a badass one so uh yeah all right so at sushi we really believe in gpl3 we really believe in open source software and all this is going to be released as gpl3 as well i sushi owes its existence to gpl3 and um we are not kind of faking this idea of cryptoanarchy we really do believe in these principles and we'll continue to release everything as gpl3 lastly moving day this is i'm gonna make

sure i get my notes because this is like the scary one for people because we'll be migrating tokens right so um if you're right now you're staked like yield farming and sushi in the masterchef contract you're going to be automatically migrated to the new amm you won't have to do anything it'll just take you to the new new place um and the details and date of that will be effectively communicated ahead of time we're not going to just do it kind of like in the middle of the night we also have a time lock on the migration so um and for partners and integrators um we're going to make sure that you have early access to the platform and that any kind of like modifications that you

need to make to your platform uh we'll give you access to that and um uh that's really all i have to say um i really appreciate everybody coming out and um the hard work of the sushi team and the trident team um it's gonna be a really fantastic deployment thank you you