I'm trying to buy some SUSHI but I'm vegan. Any suggestions?
It's kind of strange to shop for a Sushi when you're a vegan. But sometimes you really need some. This world keeps inclining towards non-vegan stuff!
Initially it was totally plant-based like YAM but then dairy came in with CREAM and now this SUSHI!!!
If you haven't understood it by now, I'm obviously talking about all these recently launched DeFi tokens.
The one launched today by SushiSwap is called SUSHI.
If you have heard of Uniswap DEX on Ethereum Network then you probably would be interested in SushiSwap too. Sushiswap is trying to improve Liquidity Providers' reward sharing model of Uniswap.
Liquidity Providers on Uniswap proportionately earn 0.3% of the trading fee earned by the liquidity pool as long as they continue to provide liquidity. But as soon as you withdraw your liquidity, you lose the ownership of that liquidity pool and earn nothing anymore.
Sushiswap has some different thought process. It feels that earlier LP (liquidity providers) are important pillers in establishing the DEX and deserves some more rewards for some time even after they withdraw their liquidity.
So Sushiswap has introduced the concept of staking for continued rewards. When you provide liquidity to any pool, you earn SUSHI tokens. Only 0.25% of trading fee is shared by LP on Sushiswap against 0.3% on Uniswap. Remaining 0.05% fee is distributed to SUSHI stakers (after swapping it for SUSHI). So if you continue to hold and stake your SUSHI, you will keep earning 0.05% fee as staking rewards in proportion of your stake.
However, your stake continually dilutes with token emission. So when you discontinue providing liquidity, you won't get any more SUSHI tokens and your rewards will get diluted over time as your stake decreases with token emission.
For the perspective, I'm quoting some tweets by Adam Cochran though these may not be an accurate description:
However, I decided to put a small amount in it just to try it. But I ain't a brave hearted investor even at that. While I was trying to invest in it, SUSHI prices rallied from $2.5 to over $5. After $4 my fingers started shaking and I clicked REJECT on my Metamask at least 3 times. LOL!
And when I finally submitted a transaction, somehow it got rejected. I dunno why (Can you explain it to me?) but I thought probably it's not a good sign to buy at this moment.
While putting my money into it, I'm well aware of the fact that investing in this project involves some serious risks All it's smart contracts are still unaudited. So your funds in it can go anywhich way (remember YAM debacle?). There ain't enough reasons why Sushiswap will outdo Uniswap or even reach to that level. All these products are just an experiment and only time will tell if they suceed or even sustain.
If you're considering to try it, please do your own research. Check the project details here
Update:
High risks may mean high rewards too. While writing this piece, there was a little dip in prices and I successfully bought, added liquidity and staked my LP tokens this time. Now time to go to bed (I ain't planning to pull my liquidity any time soon).
I can only imagine the frustration... Some of my vegan friends say that vegan sushi sucks and they don't seem to have a viable solution.
Certainly terms and products like vegan sushi or mock meat seems weird to me too. Vegans really don't need to consume imitation products.Whatever I eat is real - totally plant-based (better if it's organixcally grown & raw) :)
Thanks for your comment!
One of the things that may have stopped me into all these is really the high gas fee of ETH. With small investment, the transaction fee may even be higher than our investment so it does not make sense for me to invest personally since I am not a big investor. I have seen quite a few swap systems that allow the providing of liquidity to earn but I have yet to try it. The need to balance with more than one tokens can be a bit confusing for beginners.
You might check Defibox on EOS where the gas fees are meaningless.
Thanks for the suggestion.
My pleasure.
You're right. When I provided liquidity as low as 1 ETH, Gas fee was about 5% (one way) and I dunno how much it will be when I withdraw back. That's why I don't do short term transactions and invest only if I feel I may get much higher profit than what I incur on Gas fee.
I'd like to use other cheap transaction systems like JustSwap on Tron or DefiBOX on EOS but I don't have pools for my preferred tokens there right now.
Let's hope Steemit wallet is integrated to Tron or JustSwap system soon!
Mastering fear and greed are fundamental when investing in any project, it is natural to fear fear the only thing you should do is not let it paralyze you.
Thanks for your wise words. Will try to incorporate that into practice.
Thanks for your wise words.
Will try to incorporate
That into practice.
- xyzashu
I'm a bot. I detect haiku.
Lols... This really sounds funny to me though but I think what really matter most is to eat healthy and always remember health is wealth 😊.
Thanks for sharing this great post with love from @hardaeborla and I hope you have a great day ahead 💓💓💕
Yes health is wealth and I consider it in holistic way. I mean, I feel totally healthy when everything around me is healthy too. Let the health prevail in whole of our ecosystem!
Dear @unpopular
I've noticed that you're posting within our PH community and you're transfering all rewards to account @unpopular.
Would you mind sharing with me what is this account about? Just curious.
Yours,Piotr
I'd assume this comment was addressed to me instead.
Well, honestly I didn't intend to break any rules here. Actually, I wasn't aware of all PH community rules. A friend had suggested me to post in this community. She did told me about your 20% beneficiary rule but somehow I thought it wasn't mandatory to make a post.
Sorry about that! I've already stopped now.
Thanks for politely indicating towards it!