Using the suite of SushiSwap products, Sushimi partnership hopes to slash gas costs, while making the minting of NFT’s better for collectors. Here what they plan.
NFT mints are fundamentally imperfect: crippling gas spikes, butchered launches, rugpulls, underwhelming reveals, pump and dumps, shady marketing tactics, opaque whitelists…the list goes on.
In this context, it’s hard for collectors to jump in with a clear mind.
Partnering with Sushimi, we’re aiming to set a new standard for transparent, gas-efficient and fair NFT mints by leveraging Sushi’s suite of products.
Here’s how things work.
Say goodbye to gas wars, whitelists and delirious mint prices
The issue when you’re trying to mint a hyped NFT project is that everyone is trying to do the same. Gas spikes and you end up paying a painful premium on top of the NFT cost. And that doesn’t even take into consideration the risk of the transaction failing…
Hype also means jacked-up prices. Having a strong following sometimes causes teams to fall prey to greed and set exorbitantly high prices. Hey, people buy right? Yes, but they also get burned, and quickly.
Then along came the whitelist — the supposed solution to hype and gas wars. But, despite being technically sound, whitelist spots lack transparency and there have been multiple documented instances of projects attributing them to themselves or leveraging them to create sterile engagement around the project.
Sushimi uses Sushi MISO to get rid of those pain points.
MISO’s Dutch auctions allow market participants to commit to the price they feel comfortable paying. The token price is then settled on once all tokens have been sold. No arbitrary pricing, and since the auction is live for a few days, no gas wars.
Whitelists no longer make sense since the auction is public and everyone is free to participate until all tokens are sold.
Liquidity is the name of the game.
Picture this: you participated in the Sushimi Dutch auction on MISO and you now have $SUSHIMI ERC-20 tokens in your wallet. Each token is redeemable for a Sushimi NFT on Sushimi.org.
But thanks to Onsen, you also have the option to deposit your $Sushimi into the SUSHIMI-ETH pool and generate yield. It creates pre-reveal liquidity and allows auction participants to swap ETH to collect the potential missing portions of $Sushimi to get a full token, or simply sell the surplus they might have.
What’s more: Transaction fees are eight times cheaper than on Opensea (0.3% vs 2.5%) and you don’t have to wait for a buyer to put down an offer.
Sharing the love…and the $.
Sushimi made the choice to plug itself into the Sushi ecosystem, but it goes one step further by connecting to the protocol’s community, and xSushi holders in particular.
Staked Sushi (or xSushi) holders already benefit from a share (0.05%) of every transaction made on the platform. But Sushimi is pushing the needle as far as giving 50% of Sushimi proceeds and 50% of royalties back to xSushi holders, no questions asked.
It’s a powerful way for us to celebrate an ecosystem that has been hit with hardship after hardship and never lost its drive and resilience.
So, to recap:
By bringing the full capacity of Sushi ecosystem to bear, Sushimi is able to make NFT launches:
- Fairer, by using MISO’s Dutch auction functionality
- More efficient, providing liquidity options to participants
- Cheaper, by minimizing minting fees
- Safer, by leveraging a tried and tested suite of products
The Sushimi mint will be our first case study for the power behind the Sushi ecosystem, and we’re confident it will set a new standard for fair launches.
If you have experience minting NFTs and want to contribute to ushering in a new minting era, give Sushimi a shot. If you’re new to DeFi or NFTs, take this as an opportunity to familiarize yourself with a suite of battle-tested, safe tools and get a cool NFT in return.