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Golden Recommended Reading | The Story Behind Sushiswap



Overview This article starts with the official public information of various channels to explore the logic behind the SushiSwap incident, and hopes that readers will make rational investments through objective logical derivation. The popularity of DeFi has aroused the excitement of the entire currency circle, and it seems to have entered a "bull market". With the popularity of DeFi and the collapse of various currency prices in recent days, the SushiSwap project has become the most attractive and controversial project. Just when many people were preparing to celebrate the freedom of wealth, the SushiSwap incident broke out, and the price of the project's token SUSHI fell by 90%. The road to wealth and freedom is bound to be full of risks, for everyone. Here is a brief introduction to the background of SushiSwap. To explain SushiSwap, we must first talk about UniSwap, because SushiSwap is a fork (COPY) of UniSwap. UniSwap is a decentralized exchange (DEX) that allows users to exchange ETH and ERC20 tokens. With its elegant market maker mathematical model xy=k, UniSwap has become an automatic market maker AMM that does not require KYC, and has become the leader of decentralized exchanges. The highest 24-hour transaction volume was 950 million US dollars on September 1. In this context, SushiSwap was born, forked UniSwap and provided SUSHI for SushiSwap users, allowing users not only to enjoy similar benefits to UniSwap, but also to enjoy the rights and interests of SUSHI tokens. So SushiSwap calls itself an upgraded version of UniSwap. When SushiSwap was hot, the lock-up amount was 1.27 billion US dollars. At the same time, the lock-up amount of UniSwap was 1.53 billion US dollars. *SushiSwap seized 83% of the liquidity. **Golden Morning News| A list of important overnight news on November 8: 21:00-7:00 Keywords: Biden wins, Ethereum 2.0, CEO of Messari, Wall Street Journal 1. The Associated Press has put Biden to win Recorded on the Ethereum blockchain. 2. The Ethereum 2.0 deposit contract has been launched for 3 days, and the completion rate is about 8%. 3. Analysis: Trump's refusal to recognize the election results has brought panic to the market, leading to a correction in cryptocurrency prices. 4. Messari CEO: Bitcoin will rise to $100,000 in the next six months due to the division of the US government. 5. Chief Strategy Officer of CoinShares: The U.S. government has caused difficulties for the encryption industry through privacy laws and other means. 6. Wall Street Journal: Biden is considering hiring encryption expert Gary Gensler as a financial advisor. 7. Co-founder of Morgan Creek: The real test is how to hold BTC and protect its security in the next 10 years. 8. Minister of Digital and Financial Services of Gibraltar: DLT technology is creating new sources of value and business methods. [2020/11/8 11:59:37] Why do you say "SushiSwap seized 83% of the liquidity", here we need to explain SushiSwap's show operation. The process of participating in SushiSwap is roughly like this: Create an asset pool in UniSwap and get LP tokens at SushiSwap Mortgage LP tokens to get SushiSwap income, that is to say, SushiSwap assets are all in UniSwap. The mortgage assets in SushiSwap almost reached the highest value, that is, on September 3, SushiSwap founder Chef Nomi initiated a proposal to migrate liquidity, that is, to transfer assets away from UniSwap. Golden Relativity | Wang Dong: For the long-term development of DeFi, we still need to rely on the blockchain to solve real economic problems: In the Golden Relativity held today, in response to the question "Are all the products in DeFi really needed?", Loopring founder and CEO Wang Dong said that at this stage DeFi is mainly about lending and leverage. That is, the introduction of risk to magnify the return. The overall idea is the same as traditional finance, except that the underlying assumptions of the product are no longer based on government endorsement or credit, but on smart contracts and price language machines. This is a narrow understanding of DeFi, and the public chain itself can also be said to be DeFi. In the future, defi will soon start homogeneous competition, and there will not be so many brand new products. Now there are so many types of financial products on Wall Street. The long-term development of DeFi still depends on the blockchain to solve real economic problems and bring about a significant increase in wealth on the chain. Relying on DeF alone to play the financial model cannot promote the progress of blockchain technology. [2020/5/9] Brief description of "SushiSwap Event". On September 5th, Chef Nomi, the founder of SushiSwap, quietly cashed out 17,971 ETH, with a total value of about 6.3 million US dollars. (According to theblockcrypto report, the cashout was 37,400 ETH, about $13 million). The news spread that the community exploded and caused panic among investors. Nearly 80%. When SushiSwap was preparing to migrate, the founder was preparing to cash out and leave, which made many people question whether Chef Nomi had "exited the scam". Later, Chef Nomi himself responded that he would continue to fulfill his promise and complete the multi-signing and contract migration work, but this result could not satisfy everyone. On September 6, Chef Nomi announced that he would hand over the private key of Sushiswap's control to SBF (SBF: Sam Bankman-Fried, CEO of crypto exchange FTX). The two protagonists on the stage, FTX founder SBF and SushiSwap founder Chef Nomi, only know that SBF is a real person, and SushiSwap founder Chef Nomi is just a fictitious name, and currently no one admits that he is Chef Nomi. Golden Morning News丨An overview of important overnight news on April 1: 21:00-7:00 Keywords: Xiongan blockchain, delay bill, Telegram 1. The market value of Bitcoin surpassed HSBC. 2. Xiongan Blockchain Laboratory was officially unveiled. 3. The CME Bitcoin futures April contract closed up 1.5%. 4. Russia once again postponed the introduction of the digital financial assets bill. 5. Shanxi Provincial Party Committee: Promote the organic integration of blockchain and traditional Chinese medicine. 6. Covantis, an agricultural blockchain initiative, established a legal entity in Geneva. 7. Ethereum 2.0 will soon release the latest version v0.11.1 of the phase 0 code specification. 8. Telegram asked the federal court to deny the SEC's motion to implement a comprehensive ban. 9. Bitcoin fluctuated within a narrow range at night, with the lowest price at $6,400 and the highest price at $6,494.95. [2020/4/1] In short, it is a dog blood plot, and most investors are contributors to the dog blood. Such a bloody plot has aroused the interest of our analysts. Let's try to explore the story behind it with various official information and data. Lock-up comparison Time is the most objective and unchangeable thing at present. We first establish a time series as the starting point for analysis. Golden Theory of Relativity | Chu Xiahu: The basic technology and application of domestic blockchains have an advantage: In today’s Golden Theory of Relativity, Chu Xiahu, the founder of Metaverse, pointed out that the atmosphere overseas and domestic are very different. In fact, the basic block chains in China Chain technology is not lost to overseas, such as cryptography technology. When the blockchain application is implemented, our country is ahead of the overseas. Just like the Internet, our domestic application scenarios are very rich and the number of users is very large. It is easier to cultivate user habits than overseas users, and the funds are also very sufficient. Therefore, our blockchain Landing applications will be much easier than overseas. However, DEFI, distributed financial research and projects, has a tendency to replace traditional finance overseas, and I hope that domestic blockchain researchers can quickly catch up. [2020/1/22] August 28th: SushiSwap was launched, and the amount locked that day was nearly 300 million U.S. dollars September 1st: SUSHI tokens were simultaneously listed on the first-tier ++centralized exchanges++ These typical transactions Actions: OKEx, Huobi, Binance, FTX September 3: SushiSwap founder Chef Nomi initiated a proposal for liquidity migration September 4: FTX founder SBF initiated a proposal: SushiSwap integrates liquidity into Serum, and SRM will be provided as a reward September 5: Chef Nomi, the founder of SushiSwap, posted that the migration is very important and sold SUSHI tokens to cash out 17,971 ETH, with a total value of about 6.3 million US dollars. (According to theblockcrypto report, the cash out is 37,400 ETH, about 13 million U.S. dollars) Jinse Finance live report Liu Yang, CTO of Zhonggong Software Blockchain Division: Issues such as lack of consistency in cross-chain technology: Jinse Finance live report on June 3, on today At the Ethereum Technology and Application Conference, Liu Yang, CTO of Blockchain Business Unit of China Engineering Software, gave a keynote speech entitled "Application of Cross-chain Technology in Digital Economy". The existing problems in the current cross-chain include: lack of consistency, response delay, inability to cope with practical applications, lack of foresight, etc.; in the field of data assets, the main scenarios are: asset transactions and transfers, asset management and confirmation , complex financial services, etc., but the implementation of the above fields is still relatively vague; based on the existing cross-chain technology, the main problems are: unguaranteed performance; difficult logic implementation; high transaction/interaction costs; lack of application support. [2018/6/3] September 6: SBF, the founder of FTX, scolded SushiSwap founder Chef Nomi on Twitter and obtained the private key of SushiSwap founder Chef Nomi, SushiSwap changed hands September 6: FTX founder SBF Initiate a new liquidity migration proposal September 7: Band protocol project denies that Band’s CTO is the founder of SushiSwap, Chef Nomi. According to the above timeline, he asked a few very natural questions: Why SUSHI will be on the front line at the same time. exchange? The key words here are "first-tier centralized exchanges" and "simultaneously". Think about what kind of benefits can make these exchanges list coins at the same time, and inquire about the past listing fees, processes, etc. Why is FTX founder SBF so enthusiastic about this matter? FTX itself is a centralized exchange mainly engaged in derivatives trading, and has so many origins with a newly established decentralized exchange? Why does SushiSwap do liquidity transfer? Why did SBF, the founder of FTX, and Chef Nomi, the founder of SushiSwap, both propose a liquidity transfer, and after Chef Nomi, the founder of SushiSwap, ran away, SBF, the founder of FTX, still continued this liquidity transfer immediately? Are FTX founder SBF and SushiSwap founder Chef Nomi familiar? Do these centralized exchanges really not know who SushiSwap founder Chef Nomi is? Are you comfortable doing a billion-dollar business with a fictitious name? Looking at the timeline, the names of some projects that may be related to this incident have emerged. Then take a look at what those projects are like. What are Serums? Serum is the world's first cryptocurrency ecosystem that operates entirely on the chain, and is capable of completely trustless cross-chain transactions. Serum was founded by the Project Serum team and has reached strategic cooperation with other top crypto asset traders and experts in the DeFi field. Serum is built on the Solana public chain, enabling Serum to conduct fast and efficient transactions. It turns out that Serum is also playing DeFi. Then look at who did it and who is closely related to it. On September 1st, the first-line exchanges where SUSHI was listed seemed to be here, and there were also various famous DeFi projects. What is Band protocol? Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. It is an oracle machine. Then look at who did it and who is closely related to it. The above is the first level survey of the project that appears directly on the timeline. What is more interesting is that there are shadows of first-line centralized exchanges and traditionally well-known DeFi projects. Before starting the second-tier investigation, let’s take a look at the situation of UniSwap, the first supporting role in this incident. What is UniSwap? Uniswap is a protocol for exchanging ERC-20 tokens on Ethereum. It eliminates trusted intermediaries and unnecessary forms of rent extraction, allowing for fast, efficient trading. Where it makes tradeoffs decentralization, censorship resistance, and security are prioritized. software licensed under GPL. It is a decentralized exchange on Ethereum.


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