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DEFiiCON 2021
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Overview of the Sushiswap Protocol
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  • Description
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About the talk


About speaker

Keno Budde
Core Developer at SushiSwap
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And then what will have some questions for you at the end? So you start off with you and your your yet. We see it. Perfect IQ with you, your history of how did you get involved with sushi and then into your into your presentation. I've been not playing around in in crypto since since around 2017 professionally before I joined science. Trying Sushi hours, working with the collective Collective, how to place my main chain and then you did a lot of a Last Samurai. I launched my own small project. I meant Maki on the way and it was

more about the sushi community and what really inspire Was the driveway one? That's that's who she has to kind of stressful Woods. I like I like very much the idea of delivering for Community working together and quickly quickly getting feedback as well. So that all lights to last November when when I was asked to originally just get on board for two weeks to help with some smart contract development around the upcoming product and it so happened. I just stayed on and and this

January I was I was supposed to do and then Sushi Masa call developer. Open task. I haven't 7:30 taking a day off since then, and it's been that crazy ride, right? I'm so obviously we see a lot of intensity in space and clearly Sushi is experiencing a lot of that intensity. Don't go. Well, there's always the option of going to open up a restaurant. But how did you get the name? It was it pricey. Or what's the name was a gift from one of our investors. Wow, very generous gift.

Okay, thank you. Thank you for that. How do you, how do you pronounce your name? Is it, is it the right way? And in German, it's it's pronounced Keno. So I'm happy with whatever try to get it the right way. So if you have, please start with your presentation and then go as long as you like and then we'll we'll saturate some questions from the audience, a certificate for a high-level overview of a sushi. I want to go over some of our products, some of what we be heading and then I'll be happily happily dive into more detail into any of the topics above, depending on what your interest is.

As the name tells us who she swap is was based around one strap. Things around in a m m, a wee, folks from uniswap. So as a decentralized exchange, what we what we do is try to incentivize liquidity to to drive an ecosystem, especially now with the collaboration with you and my father projects that building on top of fast, as well as allowing retail investors and Rodger institutional investors to to do smaller and largest flops. With a limited amount of a

price and packed. And I think that's one pretty cool thing about automatic market makers that indifference OtterBox, especially largest wasps have less of an impact than that price movement is kind of dumb. We've been heavily building on trying to invite on DUI front and try to take into user feedback fast as we can to understand how we do. The kind of integration for liquidity positions. We have to go to set the timing that so we give space to give away the

project to dose that provide the credits you outside. So somebody provides Seltice to Sushi, that can stake it into a contract system. We call Master Chef and depending on how certain foods have to be performing in terms of volume. In terms of that's a while. He locked reallocate, a certain amount of sushi rewards for that it with the idea being that we strengthen our community. And Strengthen the position of the protocol. Amazon. The hold is Sushi East, LP positions. And as well as that, I will just have sushi. Take Sushi, which I will get to a bit later

on North able to directly change the course of the first calls through governance. So until very recently, everybody who was higher than Sushi swaplust, was hired to Gavin. And sent, anyone is able to see proposals and directly influence the future, if she is, who she does. Is that a portion of trading fees to be exactly. 2.05% directly distributed would hold out a list of this token, is Sushi is Sushi Stakes into specific special contract and every day. Around

this moment around, 150,000 to a $250,000 worth of sushi are distributed to the holding pens at the moment. They travel news, mainly coming from revenue on this air Madness, as we continue to roll up multichain, deployments as well as continued to launch of the product features. Revenue, streams will flow back to the whole list of exercise shape. That's, I'll drive to create the value and provide profits, fake Sushi. Hold Us. Anna jump, I'm going away from the main product at the moment. Swapping. We've been a heavily building to a

new infrastructure. Layout called Bento Box. Bento box, is a v system. Which means it holds holds tokens and allows a protocol sand products to launched upon it more gas efficient in many ways that it allows for Flash loans out of the box tokens that are in it, so I can also be put to what strategies Drive additional revenue and its improved. You ask flow in the sense that we can do. A simpler approvals used as a pencil box that have to be approved, every token for every protocol, every

contract I use. So I got the moment. You have to approve a token for every single liquidity, pay you using a pencil box. You can just say OK Google Sushi swap with swaps. I'll I want to approve all of sushi Swap and then you can do that 10. You can do that in the gas premanta. Which is pretty cool. Anti-frizz product, we will launch on top of pencil, box is called Kashi. Kashi is a lending solution, which comes with like quite a few interesting, interesting, things and stems from the background that we felt there. That's a niche left in the, in a landing space ready to be sold when

it's about Allowing users to create lending has up there around in a similar manner how anyone can create a uni swap? A sushi spot path? Because at the moment if if you want to borrow against the method it has to be approved. Most secure governance wrote. I like one of the big lending protocol for cream, a compound. And what we do with Kashi is we do risk, isolated lending, which means you are classify a combination of a collateral and assets and a Norco and you can provide liquidity to

such a combination for a borrow from such a combination. So, they could be a landing pad with Sue. She has a collateral, Andy Fest. And I said you could borrow against it, but that could also be like the super risky, lending pass, somebody created of a token. They want to wrap pull the next day. So we have freckles Hogan and he's a wreck. Can I take Flexeril and East Asia said, they created some interest and growing happened? The next day, they do the Red Bull and a collectible, it's worthless.

So then that lightning pass and solvent fit because it's isolated from everything else. The sushi eat pass not affected at all. I was just a different to other father of Portugal Scissorhands, which we think is an advantage which allows us to allow users to create learning path. And we hope that the easiest stuff to Woodstock creation and I use it for new project is going to drive the protocol another. It's also more gas efficient to use this kind of Landing Pad combinations and we'll

drive cost for a landing. Would send the way we do. Updated. Also a lot of some cool features like a one-click, show opening a one, sexual position on the energy Syfy. We also have an electric interest rates, depending on you sleep station, which is why the idea is that we don't want you to mounds of tvl. But rather we want to acids provide, it being utilized. And anything that is laying on used on that. Anyways can still accrue revenue on the underlying event to BOK Center for the structure through the pass mentioned before,

like flashlight on so strategies. And we had a little sat out with like a number for local Solutions. Such as time. I see, average price, been also China, garlic rolls, and I didn't use a condom can decide what kind of makes show they trust the most. And I can also I'll be balanced between dining pass at any moment. I'm the last project. I want to feature. Here's is miso token, launch pads. The same. As before. We try to create a modular systems buy. Buy me to makes it very simple

to launch a new project. And the way it's just that, you can select recipes, which uses contrast like a recipe. With beef example, create an auction. Auction, to set the initial price, and then automatically out of the proceeds of the auction with the foot to go to liquidity pan. And then the security pad tokens would be locked for maybe a year. And a user knows that if her project was launched with a certain recipe, that exactly this will happen. And even if somebody has bad intentions,

A nice quick overview of what we doing at sushi at the moment and I'm super happy to go into more detail into any of the aspects if I'm probably date any questions or grows from this. I'm sure you're at your elastic interest rate model. Can you talk a little bit more about that? What does that look like? How is it elastic was there on that show. So the idea is that we look at you three station and we have a table. I'll get you sleeve a shin window and if the utilization is in the taiga juicy

zacian, when do the interest rates they still say it's the station. Strays out of the tablet. Window towards the interest rate, increases, and downwards the interest rate decreases and it decreases for as long as it's outside the target window. Until it drops a certain mineral. Not like bounds for minimum and maximum interest rate. And if it goes back into the target, it stays at the interest rate. It was last tattoo. And the system should enable us to find the best Market rates of interest

on certain time. And with, with me, so, How do we, how do we see what city is there? Amazon Market? Is there a way to look at what? What others are doing with templates? Others, have used to Wafers. Look at where the funding is airing on. How can I see what others are doing? And where can I see a catalog of of the template cigarette? Your mentioning that will be a number of templates defined by us, which will document and also feature in the UI. And if those templates, I used is pretty easy for

you to find that since I met you, I will feature. I've been coming projects like this place for the auctions and so on and I bet anyone else could also bring with them a template as as as as as a contract. But it's not so it's not ready yet is that has not launched next project to go out. Tonight towards me to will garage. It's always dangerous to give exact timelines, verification on on koshy. It's now almost done. So it's going to be done next week, and I would assume our launch window to be after a

time. I expect it to be to be going online and the week or the week after with me. So we have the longest time frame. So the contracts already that you is pretty ready. But then we go into like 4, other security, testing pay. So what do we do with two extensive unit testing? We do extensive external coat reviews, and then we going to follow verification of Cole contract. Some of our audience of our audience. They're very new to defy at 2:25 is still in its early stages. And even for a lot of people with you far is a new space, ride new terms, new

fairly complex, right? So everybody understands pretty much how blockchain works. But the Layman watching, Layman doesn't understand how defy really works. A lot of these new approaches on, it takes a little bit of time to get used to and I keep getting is the order book versus a m, m model. And From your perspective because you're in the trenches. So, to speak in the terms and sense of building this protocol. And therefore, you need to understand these models really, really

well, and how these algorithms were, you mentioned price movement as one benefit of a m m Christ. Do you have a large large trade? That should not move the market but what are what are the what do we lose with a m m that we had with order books? Or can you give me a pros-and-cons assessment of the order books vs A&M? And then also is the approaches who she is still taking at the fork of uniswap. Are there any modifications to? It's a MMO and very high-level

are. There are other changes in how they M&M is done. The pros and cons as far as you can see them of order book market-makers putting out updates and asks, versus the M&M that way. It's kind of detach right there. So she swapped a contract mod direct for a few nice warm. Without any kind of notification kind of modifications. We did an X, the factory Distributing a portion of the fees to hold us like this Revenue Baron token, which would has a picture of complexity

larger. Divergence will happen with a V2 release of our system and additional tool. Sing on top of its. I'm so what's difficult in an AMF set up his some, some ideas. You're very used to in an hour to book why I like it's a lot harder to do limit orders and trucks down to stop loss, limit orders because you don't have A very reliable price feeds directly like you have to do some kind of Oracle system, so that you can do that. But you also have to do it and Tricky. And I'll look like all of these

options have some kind of off chain element to it, just because it would be too expensive to actually stole these orders on chain at the current cost for those traded to a used to these kind of options. That like that and disadvantage at the moment with Define. What I was alluding to Elia in terms of price in Pakistan with other books like one stairs. sufficient price movements Otis can always be canceled and empty and with a lot of paths, you don't have I like one, some barriers are broken.

You don't have a lot of Otis, taking the top four was priceless. Like you have orders canceled it, because of how much liquidity is locked up and I'm some kind of farming. So you don't see the same effect of people. Pulling out the quiddity as quickly as a non-chain because of the way the formulas were you also don't have As quick price movements and you can also and you know, exactly in front of you can cats like exactly what's your price impact of going to do when you try to make a trace like if you want to know.

What will it cost me to to buy it a million Dollaz worth Sushi? You can do that in one transaction through Sushi Swap. And you know what, the end result will be? That can be like a tiny bit of slippage. Didn't you have that result beforehand and it won't directly impact the price. Too much. Play, as if you're trying to, to buy up, large amounts in an order book Otis, my peoples, on the following side. What about market efficiency with an m in order books? Is there a difference in officious in there for ultimate

fees and the cost per transaction that even the economic cost of transaction? I'm right there right now. I mean in German speaking, you know what to do a trade relatively speaking is more expensive than 12. I did a trade on equities trade, right. Which cost me, you know, tennis outside of gas. Transaction fees. What it cost me to trade a significant, right? United varies in different protocols. There are indicative of It's time to create an efficient market, you know, a market that still looking to settle down to some degree. Maybe it needs more volume. What are the what are the

factors are driving this relatively higher transaction fee. When do you feel like it's going to come down? If it's going to come down, where is going to end up a tape in three years from now? What does that normal State look? Like, it's something that we are not in it. Fully normal awareness in the early kind of cowboy stages, of of defy. We have high apy eyes. We've got high rates. I mean to feel like that multiple answers to that question of what I like on one end. I mean, the the axle swap face

at the moment. Costco. That's that's about all, you have to see it to Value enough. People are to accept and see value in. I think it is interesting to think about how you can make that value of swap fees. More Dynamic, will give more controls to the actual pools of patching, those swap face. I mean, the pot of like democratizing the smallest, that's like the decision polish should go towards those that actually. I provide liquidity and watch him how much fees they want to take and how, how much feet is too happy with Cindy. And I have to think about what

makes sense to them. Why they see most beneficial point. And then we have the transaction fees on the three of them in terms of gas prices, which is especially Troublesome photos at ratings in small amounts. I mean, it doesn't matter if you put $100,000 in the traits of you pay $30 in transaction fees, as much as it does, if you try to trade $200 and for those smaller Traders, I think what what's what is interesting for them is roll up Technologies. We are especially excited about a Z, Kai Roll-Ups

doing, drink trades on the roll-up, should bring a significant improvements in terms of transaction fees. Like last year, I looked at every day. I came to the conclusion of flakka rounds. 100x might even be better. If you were just high enough on the he can roll up. Now when you come up with a new model or you're adjusting are using it, whether it's a forked model any, or you're tweaking you basically playing the role of an economist radio, a mini economy you defining using solar energy or whatever. It is the parameters of this economy, right?

How do you test the economic model? I mean, it's one thing to test the source code for attack vectors and things like that. But how do you test an economic model? Specially when you're doing something that doesn't really exist? Anywhere else for edge cases. Are you doing Monte Carlo? Is how are you going to? How are you learning thing that? Can you talk a little bit about? I know, this might not be what you specifically are working on, but in general, your understanding of what's occurring in the space are within Sushi as an organ. Station a, how are

economic models arrived at? How are they tested for a feasibility? For edge, cases, from kissing to work, the extreme Black Swan situation you up. You want to learn about that first and not experienced it and then learn about it. How is that evaluated right now? I mean, I feel like what one likes looking at what kind of situations would be. Potential, vulnerability to the project. And signing about these edge cases, is easier than than testing for optimal parameters. If that makes sense. Bike. Ted

charton to your questions. Exactly. Like what we try to do to find taxi, find find edge cases is to to do a lot of Interstate on testing and then find the edges of our contract with you by phone. If occasionally them and also try to do economics simulations are based on historical data and just try to see how our contract would behave in a historical scenarios. They think that the tooling at the moment is not perfect and that is something we want to continue to improve on just money into

town for like the past half years, spent a lot of money on trying to improve Open security processes, operational security been also have a small contract, security economic modeling is something probably more. Now, we had a strategist and probably looking to expand our team more in that direction. So, do it when you do the simulations from you, so I see a lot of projects don't do this right today. Don't do the simulation. They just looking at code attack vectors and they're like, it's go. How do you do similar to what

approaches a time? Is it in Monte? Carlo? Monte Carlo May used to store data, but then it tries to go beyond a historic data radio live with this distributions. What are we done? Too much? Cala? Wait, wait just at the wrong place just to Historic simulations. Okay. Like looking at, like the worst possible. Crashes. Right, but he was a wizard with a historic day that you're tied to specific variables and you track is a variable the variations in those variables

right with with Monte Carlo's, you potentially. If your modeling the right way, you're adding other potential external variables and you are a lot of allowing, a lot of variables to freak out and multiple variables to freak out or coming within range on different combinations of that. What's your thoughts on the future of being a model? This because it's in a lot of ways testing those models will allow our team said. Well, we are comfortable as economic economic model, but it will also allow us to be more creative and Innovative

at the future defy. Its refined, as we doing traditional Finance. I don't believe that's really the case in the case. It is that we are going to do brand new kinds of things that didn't exist. And in order for us to be very successful with that. We need to test economic models, until we need to test harnesses and all that kind of stuff. So can you shut off your thoughts on where that's going? Where the future is, what you think I best practices. I think it's it's rapidly about it,

like evolving and it definitely helps that there is more money in the space because It makes it a lot easier to hire people. If you can offer them more than what they learning at the current job and you kind of have the possibilities to just hire the best people and then, it will take some time to get it. Resulted. You're pretty, but I think we'll pretty quickly as see, all of that tooling improve rapidly. Like like only like looking at that, I can do the way solidity tooling has been going over the last few years. It

has been Petmate bracket successes, and I think I'll make modeling in defy tracking behind that by quite a bit. Pets. And I'm confident, we'll catch a similar point. And then I agree with your assessment of the importance of it. Okay, buddy. Still a little sleepy including myself. Is that a bit? But let me see here. Now, sorry, but what is the future of it? So I know I mentioned something about what is the future of defy in your mind. Like, where is this all headed

in Europe? And I actually will be having a conference myself. We have, I'm right. I wanna Central Bank to do you think I have the, the governor of the Swiss, Swiss bank, talking about, there's a pot from called new tower, which is it open source of the cash system, but Defy is kind of going to be a thorn in the side of a lots of people and I don't I don't see that as a bad thing. See that probably not as a good thing. Where do you see, defy had it five years from now, you know, you're kind of the driver seat. Where

do you see it? Where do you see the challenges? Are you know, where the resistance points and how do we overcome them? I think, I think it's It's always difficult to give exact time points, but I'm pretty confident that the fire will replace radicalize and traditional Finance right now. Cuz I do believe we can build special projects for uses for investors. I think one thing with I I want to see is a company's actually did the listing from a stock exchange, to create a token and that give out

as a security as an ESC, 20 in a regulated Mana. and I think, A lot of existing Financial products. Create new ones and give accessibility to financial products to those that didn't have it before once we cannot overcome. Like this trust hurdles, you mentioned before in terms of transaction fees for retail investors. The 0.3% is in tissue, but the $20 fee is so once the $20 fee is out of the way. The 0.3% is not going to stop. My friend has a few hundred. Euros. Are you type 2 to put into something look like?

And we have tons and tons of different options, you know, that, you know, there are many other types of particles like sushi, but they all kinds of interesting things. Is that where we're headed. I mean, I hope that's why it was. We had any I think it's It's not as much like a like a black and white Street. Like I guess we will see some financial institutions trying to invite themselves. Some are going to be left on the Side Tracks. And some some companies in the defy. Chris's to

not going to make it and some succeed as Champions going out of this field time. I do appreciate and hope that we can keep the open-source spirit that has brought on so much of defy so far into the future. Right, we, we did see some protocols that came on actually, yesterday. I t, x t, y, r, d, y the ex is actually somewhat centralized centralized. I don't know that centralized components are open source or not, but we were seeing some places where there is some hybrid

late for work and then the ad centralized pieces that are not open source world. If maybe we can wrap up on this question. It is a message on a pet peeve that you had about where the defect Community is right. Now, how how the community is around, something that you could tell him that, maybe he frustrates you about the community or something that you wish, the community took better care of her attention to, what would that be? What will you think? Is something that the community needs to focus on that. Maybe it's not focusing on or

addressing enough of I'm in for me. If there's somebody asked me that question that would be would weak. Little Bee education would be my answer. That there is only one reason we're doing these. Conferences is too. It's not for the the XpertThief. I traitor. We're not really sure. Then that person at this stage for this conference were interested in the person. That's like, what, what's a swap? What? What do you, how do you swap the twins? Ivan mean? What's a liquidity for? What would be the one thing that you would want the community to understand and think about and that's coming from maybe

place of frustration or wisdom or something, where you feel like you want to get this message out seeing what you see. I'm at I'm sitting Where You Are. I think I do keishin is one very good point and that, I mean, I, I also fear from the other side like it's it's, if you're building it sometimes, especially in, in life, this fast-paced environment, it sometimes feels like you don't even half the time, I'm too to get out great documentation as well. on the other hand, I feel like We should always like try to push the envelope of 1/4. What's possible,

like Trying to do not to rely too much on and what's about saluti development on next time. Libraries, but focusing on what what can change and even in even in code, which is very often used to trying to find the little nitpix. How could be a tiny bit efficient because with the would like heavily used codes, like every, every small thing we can, we can shave off is going to make a difference for the average user. Got it. Okay. Thank you that you can tell her over are allocated time keynote. Thank you so much for your you thought you kind of humanized sushi

for us, all from our people. The work that you guys aren't obvious. He's fantastic worth. What are you doing? Is very inspiring. You know, I'm a big fan of of the protocol and a gnat and a team. And so I really appreciate your time. I wish we had more questions, people are sleeping and they will be angry at me later on the day for not having you later, you know, later in the day, but we accommodate people don't know, I'm at all and so on. But we do expect a lot more who had a lot more interaction later in the day, but I appreciate your time.

I would love to get the slide deck so I can you send me the place beside that we're going to be Distributing the slide deck to get everybody. To those of you that are on here. We're going to resume at 9 a.m. Eastern. We're going to have urine, Finance outdoor and balancer metamasks. If chain Zapped, bunch of other, protocols will be. I will even have one in coming in and doing a talk. Starting at 9 a.m. Through an end to 5 p.m. Eastern time to look forward to seeing you at that time. I'm going to go back to

sleep. You probably will not get me a coffee and just keep working to know. Thank you so much was great talking to you. I look forward to bring you on something. Something else that we do down the road and I'll feel can get you a lot of questions. Like where is sushi? An era sushi, but people are sleeping, but that's why. Thank you so much.

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