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SashimiSwap

SashimiSwap is a DeFi (Decentralized Finance) protocol by Aelf dedicated to increasing the income for liquidity providers.  In January 2021, Sashimi Investment was connected with Sashimi Lending, allowing triple returns with lending, yield farming, and financial management.  [1]

Overview

SashimiSwap is a Uniswap-inspired investment platform dedicated to increasing the income of liquidity providers. SashimiSwap has significant investment returns by optimally and automatically investing a part of the idle liquidity in the most profitable platform(s), automatically adjusted every day. If likened to foreign exchange, then SashimiSwap is depositing part of its assets into the bank to earn interest. [2]

The transaction fee for swapping on SashimiSwap is 0.3% of the transaction value. Then, 5/6 of the transaction fees is distributed to liquidity providers, the remaining 1/6 is sent to Sashimi Bar. The Investment platform invests part of the assets added by users in the liquidity pool. After the profits are used to buy back SASHIMI, 25% of the SASHIMI enter the Sashimi Bar, and 75% are used to buy back WETH and sent to Timelock address.  At the same time, users can stake the SALP token for farming and get the SASHIMI reward. Users who hold LP tokens of other platforms such as Uniswap can also stake them into LP Token Bar for double farming and earn double rewards. [3][4]

Core Components

  • SashimiSwap Exchange: a decentralized trading platform using Automated Market Maker transactions.[5]
  • SashimiSwap Investment: a built-in asset management platform on SashimiSwap Exchange. Some assets in the transaction pool are managed through SashimiSwap Investment and some assets are invested in SashimiSwap Vaults.The profits obtained from financial management are used to buy back SASHIMI. Users can obtain bought-back SASHIMI by staking SASHIMI (staking SASHIMI will obtain a certain amount of xSASHIMI as redemption voucher), allowing users to redeem the staked SASHIMI at any time.
  • SashimiSwap Farms: SashimiSwap's liquidity mining platform. Users can stake LP token to get SASHIMI rewards.
  • SashimiSwap Vault: SashimiSwap's aggregate financial platform. Vaults invest the assets staked by users through other DeFi products. According to annual percentage yield, safety factor, financing cycle, and other factors, SashimiSwap Vaults automatically make the optimal investment. This can help users to get the highest yield without any contract operation. Farming profits are used to buy back SASHIMI, which is then distributed to stakers on a pro-rata basis.  SashimiSwap Vault was launched in October 2020.
  • Sashimi Lending: a decentralized lending service released in December 2020. The lending market participants can get SASHIMI from their yield farming and achieve double returns. In the future, the triple returns will be realized in the interaction between Sashimi Lending and Investment.
  •  SashimiSwap Proposals : The SashimiSwap community decides about the developments and governance of the platform.

Tokenomics

$SASHIMI

SASHIMI is the token on the SashimiSwap platform, which is distributed 100% through liquidity mining, without any pre-sale, pre-mining, and team shares. Holders of SASHIMI token are able to participate in platform governance and receive SashimiSwap dividends through staking. Platform income now includes transaction fees, income from liquidity investment, and service fees from Vaults, with more sources of income under development.

SALP Token

SALP token is a voucher for adding liquidity to the exchange. Each liquidity pool has its unique SALP token, and withdrawal of liquidity will burn SALP. Currently, SALP can be staked in Farms for liquidity mining.

svToken

svToken is the voucher for staked assets in Vaults. Each transaction pool has its unique svToken, which will be burnt after staked assets are withdrawn. svToken supports staking in Farms for liquidity mining.

xSASHIMI

xSASHIMI is the voucher for staking SASHIMI in Sashimi Bar, and withdrawal of staked SASHIMI will burn xSASHIMI. The higher the income, the higher the value of xSASHIMI, the more SASHIMI will be withdrawn.

xLP Token

xLP token is the voucher for staking LP Token in LP Token Bar in Double Farming. xLP Token will be automatically staked in Farms for liquidity mining and will not enter the user’s wallet.

Staking

SashimiSwap users can stake their tokens at any time without time locks. When staking SASHIMI tokens, the tokens are converted into xSASHIMI as a redemption voucher. The amount of xSASHIMI at the time of initial conversion will be the same as the amount of the staked SASHIMI tokens. xSASHIMI will value as the returns in Sashimi Bar increase; the higher the returns, the more valuable the xSASHIMI, the more SASHIMI tokens users can withdraw. Over time, SASHIMI tokens are bought back from the platform via multiple means, such as income from Investment and Exchange. Bought back tokens are made available to the stakers on the SashimiSwap platform. Over time, the amount of available bought back SASHIMI will increase. The amount of xSASHIMI will stay the same in a user's account and it makes xSASHIMI worth more over time. When the user decides to withdraw his/her tokens from staking, the available xSASHIMI will yield more SASHIMI tokens than initially staked.

Double Farming

SashimiSwap Farms can realize double farming, meaning that users can obtain a double income by staking one asset or direct stake in SashimiSwap farms for mining to obtain SASHIMI reward. The LP token staked by the user in another platform will generate xLP token through the LP Token Bar, which will be mined in SashimiSwap Farms platform to obtain the SASHIMI. The original LP token will return to Uniswap Farms, SushiSwap Farms, and other platforms for mining under the highest yield, and the mining income will be used to buy back SASHIMI, which will be distributed to LP token stakers.

Governance

Sashimiswap Proposals is the governance platform in the SashimiSwap ecosystem. Currently, users who stake SASHIMI-ETH UNI-V2 in SashimiSwap Farms can participate in the governance by adding proposals and voting.

Sashimi Lending

Sashimi Lending is a decentralized money market protocol based on an interest rate algorithm. Initially, Sashimi Lending launched the Supply Market and the Borrow Market of eight tokens, including DAI, USDC, USDT, ETH, WBTC, YFI, ELF, SASHIMI. Lenders and borrowers deposit tokens into Sashimi Lending’s smart contract as the underlying assets. After the user deposits these assets, the system will return a certain amount of slToken to the user according to the exchange rate. If the user deposits ETH, he will get slETH. The withdrawal of underlying assets also needs slToken.

For depositors, users can select the asset category to be deposited in the Supply Market asset list and then enter the deposit amount to complete the deposit. Subsequently, interest will be accumulated over time according to Supply APY. The depositor can withdraw principal and interest at any time, but the assets that have been used for stake lending cannot be withdrawn.

For borrowers, users can borrow money in the market after overstaking. Sashimi Lending determines how many assets a user can borrow based on the amount of collaterals. In the Borrow Market asset list, the user can select the asset category to be borrowed, and then enter the loan amount to complete the loan. Subsequently, interest will be accumulated over time according to Borrow APY. After authorization, the borrower can repay the loan at any time, and the principal and interest should be repaid.

The lending rate determines the annualized income of the depositor or the annualized interest of the borrower. When the assets in circulation are sufficient, the interest rate will decrease; when the assets in circulation decrease, the interest rate will rise, which stimulates users to borrow and deposit to a certain extent.

Sashimi Lending has a liquidation mechanism. When the staked assets of the borrower are insufficient to pay the outstanding loan due to price fluctuations, account liquidation will be triggered. The staked assets will be sold by the liquidator at an agreed discount price to repay the loan. The price discount is an incentive for the liquidator. The liquidation incentive is a constant in the smart contract.

In January 2021, the SashimiSwap developers' team upgraded Sashimi Lending to enable the interaction between Sashimi Lending and Investment. The access to Investment means that the use of liquid assets will further improve. Participants in the lending market for 7 types of tokens can earn triple returns. The third type of income is the additional earnings from SashimiSwap Investment. SashimiSwap Investment added 7 new Investment pools, including DAI, USDC, USDT, ETH, WBTC, YFI, ELF, which correspond to 7 types of assets in the Sashimi Lending market.

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