Onsen
Sushiswap have launched their new liquidity mining incentivisation programme Onsen.
Onsen replaces Menu of the Week and sees 44 pairs incentivised with SUSHI.
The new pairs are now in timelock with rewards beginning 25th Dec 12pm UTC.
Soon each project will be able to initiate a joint liquidity programme, allowing providers to earn double yield.
Onsen will run for 90 days before the pairs are re-evaluated, giving an opportunity to switch things up.
The Pairs
Sushiswap have implemented a novel method for selecting pairs. Onsen has 2000 allocation points (AP) available for each 90 day period. These points are distributed to pairs based on market cap, with three categories: Midcap (25m-100m), Lowcap (25m-5m), and Gems (5m-1m). Tokens for each category will need 100 AP, 20 AP, and 10 AP respectively.
Onsen will launch with a wide range of pairs initially, including tokens from the emerging Yearn ecosystem (PICKLE, AKRO, CREAM). There’s also MKR, BADGER, and interestingly Catnip’s nTRUMP.
I’m stoked to see a delicious range of pies from PieDAO included too: DEFI+L, BCP, YPIE and the DAO’s governance and revenue token DOUGH.
Conclusion
Sushiswap are one of the top DeFi narratives in 2020 in my opinion. The redemption arc has been something spectacular to watch, and the new features are pushing the whole ecosystem forwards. Within the next few weeks Sushiswap will feature lending, limit orders and up to 4x leverage (both long and short). Eagerly anticipated Bentobox is transitioning from elastic rate lending to something much bigger.
A large part of the story’s success falls on the shoulders of 0xMaki, who has stepped up and turned the project around. Check out the interview he did with Decentralise recently.
Decentralise is sponsored by PieDAO, community-governed tokenised portfolios.