Sushi

Background Solana is a fast blockchain – probably the fastest. It can support over 50k tps without sharding, and costs about $0.00002 per transaction.

Serum is an on-chain DeFi ecosystem built on Solana. The first core piece of it, an on-chain DEX, went live last week.

Notes: This is submitted on behalf of EcoSerum, a Serum node. I am Sam Bankman-Fried. I am involved in the development of Serum but have not been involved in the development of Sushi in any way. This proposal is not on behalf of or related to FTX. I have exposure to both SRM and SUSHI.

Proposal

The Sushi community builds out support for Sushiswap on Solana Sushi rewards are paid to both Ethereum and Solana/Serum based Sushiswap Proportional to the TLV in each Or alternately fixed to each pool The Sushi community composes this with the Serum orderbooks Each Sushi pool has a curve, currently constant-product The pool sends bids/offers into the associated Serum orderbook to simulate that curve This allows the Sushi AMM to share liquidity and volume with the orderbook FTX has a bridge from ERC20 <> SPL (Solana token) Sushi; in the next week, sollet.io will as well Sushi will also be able to compose with a borrow/lending protocol on Serum to allow the pools to trade on margin, though that’s not necessary for V1

Rewards

EcoSerum, a Serum node that helps build out the community, will give the following rewards: 50k SRM for 1+2 1 locked MegaSerum for 1-5 One MegaSerum is 1 million Serum put together This will allow the Sushi community to participate in Serum, run a node, receive yield, benefit from a buy/burn, and receive discounts This will be locked (not sellable or transferable) for 1-7 years: fully locked until Aug 1 2021, and then unlocking linearly over the 6 years after that These rewards are for the Sushi community, controlled by governance, to do what they want with In addition, 20k SRM for 1+2 and another 10k for 1-5 to the team who builds it

Timeline

The target would be for pieces of this to roll out within a month, and completion before the end of 2020. The assumption is that work would not start in earnest until after the Sushiswap migration is complete.