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Ethereum

Following the “7/20” social media campaign, Sushi will unveil the all-in-one AMM “Trident” on July 20, 2021

July 20, 2021 - Around 6 mins mins to read

After months of confusion and boasting, the decentralized financial platform (DeFi) Sushi has finally unveiled its long-awaited project update “7/20” – but it remains to be seen whether the new product will get any hype or not.

Joseph Delong, CTO of Sushi, took the stage at the Ethereum Community Conference in Paris this morning and pulled the curtain back on a new hybrid automated marketplace maker called Trident.

Trident will have four AMM models, including constant product pools similar to the current SushiSwap, mixed pools similar to Curve, which allow an efficient exchange of assets similar to stablecoins, centralized liquidity pools similar to the functionality of Uniswap v3 and the same weighting of groups as via Balancer available.

Trading on the new platform is handled by Tines, a new order matching engine that tests all four pool types for the most efficient swaps. New and unusual tools include limit commands and the ability for team providers to save gas by turning off time-weighted averages instead of chainlink calls. In addition, all four AMMs are based on Sushi’s BentoBox fraction reserve platform, which means that the unused liquidity continues to benefit from the credit strategy.

Finally, following the introduction of Trident, Sushi has “franchise teams” on the roadmap – specialized groups designed to meet the KYC / AML needs of exchanges and other institutional users.

In an exclusive interview with Cointelegraph, Delong said that while there is no set date for Trident to launch, users can expect it to launch “more than 30 days after 07/20, but less”.

Although Sushi was the forerunner of Uniswap, the team did not lack confidence in its development steps. In the first drafts of Trident documents made available to Cointelegraph, the team stated that the most widely used post-fork product it has brought to market will be “the most capital-efficient AMM it launches gives”.

‘This is the place to do it’

While critics may point out that all of Trident’s AMM models were theorized and even preformed, Delong quickly realizes that Trident’s implementations are completely rewritten pieces of code.

The team started with Andre Cronje’s Deriswap as a “base to build” base, despite avoiding Cronje’s intention to use the pool’s untapped liquidity to write options in favor of safer strategies. Likewise, LevX brought early models to hybrid teams with his work on Mirin – two starting points that led to the four-model hybrid.

Where new and existing AMMs might hit the market that only offer one AMM model, Delong noted that building a platform that can accommodate multiple asset classes is key to attracting liquidity from all areas.

“The real design of this implementation is that certain tokens outperform certain types of AMMs. Long-term shitcoins outperform with a constant product pool. The same assets outperform the hybrid swaps. Blue chips work well with concentrated liquidity positions. That’s great, but what really holds it all together is our new routing engine, Tines. “

Tines takes into account both gas charges and liquidity and can go both “horizontally” and “vertically” during routing – what Delong calls “multiline and multi-hop”. Multipath is similar to 1-inch, where the routing engine moves through multiple buckets to minimize diminishing returns, and Multi-Step refers to switching between assets for equal profit.

In addition to creating an extensive network to attract traders, Trident will offer attractive incentives to liquidity providers. Trident is a “native application” for the base class BentoBox, a large pool of aggregates in which up to 80% of the stored tokens can be used in profitable instead of unused strategies. Delong points out that even the liquidity used for limit orders will be able to generate a profit if traders wait for the set price.

At the moment the team only has a compound deposit strategy but is looking for other options – and Delong has made it clear that it is open to recruiting on that front as it will have lost a total of 2 billion. was put to work.

Delong also noted that Trident’s user interface / UX to provide liquidity “will appear obvious” and that LP positions will be presented as ERC-1155 instead of ERC-721 to make it easier to trade in the secondary market.

When asked who Trident is most attractive to, Delong said “anyone with untapped capital” would benefit from Trident’s capital efficiency.

“Any application with dormant tokens, like Sablier – wouldn’t it be great if those tokens were in Sablier that could be used in strategies? If you’re looking to improve the capital efficiency of your operations, you’ve come to the right place. “

Forks and bases

Delong said Trident and Tines were names that were no coincidence and could indeed be seen as an attempt to usurp the “fork” label and turn it into something more powerful, Delong said.

“The name Trident comes from Cobie when we were talking about being a fork,” he told Cointelegraph. “That’s what most of them say about us. It’s an unwavering moniker … in a way, it’s like Graduation Day. “

He celebrates “taking the lead in AMM,” enjoying the challenges that force the team to make their own design decisions, compromise on gas performance, and lay the foundations for further growth in the future.

However, critics may point out that, despite all the optimizations, Trident is still a kind of mental fork – apart from a few features, nothing really new.

“That worries me,” he said. “I know what we built and I know we built the best system out there. But that worries me. “

He notes, however, that while the BentoBox and Trident are completely “unbuilt,” they are flexible enough to house them – but “we have to ship first,” he joked.

In addition, the previous fork contained similar competition. Rather than trying to protect their product by licensing questionable business sources, Sushi, Trident and Tines decided to open up via the GPL3, which Delong describes as one of the “very simple licenses” that is easily the gold standard in open source. “

The license, Delong said, was an invitation to challenge them.

“Our fork. Have fun. We do not care. It will be difficult to separate our community. “

.

.

Ethereum

Following the “7/20” social media campaign, Sushi will unveil the all-in-one AMM “Trident” on July 20, 2021

After months of confusion and boasting, the decentralized financial platform (DeFi) Sushi has finally unveiled its long-awaited project update “7/20” – but it remains to be seen whether the new product will get any hype or not.

Joseph Delong, CTO of Sushi, took the stage at the Ethereum Community Conference in Paris this morning and pulled the curtain back on a new hybrid automated marketplace maker called Trident.

Trident will have four AMM models, including constant product pools similar to the current SushiSwap, mixed pools similar to Curve, which allow an efficient exchange of assets similar to stablecoins, centralized liquidity pools similar to the functionality of Uniswap v3 and the same weighting of groups as via Balancer available.

Trading on the new platform is handled by Tines, a new order matching engine that tests all four pool types for the most efficient swaps. New and unusual tools include limit commands and the ability for team providers to save gas by turning off time-weighted averages instead of chainlink calls. In addition, all four AMMs are based on Sushi’s BentoBox fraction reserve platform, which means that the unused liquidity continues to benefit from the credit strategy.

Finally, following the introduction of Trident, Sushi has “franchise teams” on the roadmap – specialized groups designed to meet the KYC / AML needs of exchanges and other institutional users.

In an exclusive interview with Cointelegraph, Delong said that while there is no set date for Trident to launch, users can expect it to launch “more than 30 days after 07/20, but less”.

Although Sushi was the forerunner of Uniswap, the team did not lack confidence in its development steps. In the first drafts of Trident documents made available to Cointelegraph, the team stated that the most widely used post-fork product it has brought to market will be “the most capital-efficient AMM it launches gives”.

‘This is the place to do it’

While critics may point out that all of Trident’s AMM models were theorized and even preformed, Delong quickly realizes that Trident’s implementations are completely rewritten pieces of code.

The team started with Andre Cronje’s Deriswap as a “base to build” base, despite avoiding Cronje’s intention to use the pool’s untapped liquidity to write options in favor of safer strategies. Likewise, LevX brought early models to hybrid teams with his work on Mirin – two starting points that led to the four-model hybrid.

Where new and existing AMMs might hit the market that only offer one AMM model, Delong noted that building a platform that can accommodate multiple asset classes is key to attracting liquidity from all areas.

“The real design of this implementation is that certain tokens outperform certain types of AMMs. Long-term shitcoins outperform with a constant product pool. The same assets outperform the hybrid swaps. Blue chips work well with concentrated liquidity positions. That’s great, but what really holds it all together is our new routing engine, Tines. “

Tines takes into account both gas charges and liquidity and can go both “horizontally” and “vertically” during routing – what Delong calls “multiline and multi-hop”. Multipath is similar to 1-inch, where the routing engine moves through multiple buckets to minimize diminishing returns, and Multi-Step refers to switching between assets for equal profit.

In addition to creating an extensive network to attract traders, Trident will offer attractive incentives to liquidity providers. Trident is a “native application” for the base class BentoBox, a large pool of aggregates in which up to 80% of the stored tokens can be used in profitable instead of unused strategies. Delong points out that even the liquidity used for limit orders will be able to generate a profit if traders wait for the set price.

At the moment the team only has a compound deposit strategy but is looking for other options – and Delong has made it clear that it is open to recruiting on that front as it will have lost a total of 2 billion. was put to work.

Delong also noted that Trident’s user interface / UX to provide liquidity “will appear obvious” and that LP positions will be presented as ERC-1155 instead of ERC-721 to make it easier to trade in the secondary market.

When asked who Trident is most attractive to, Delong said “anyone with untapped capital” would benefit from Trident’s capital efficiency.

“Any application with dormant tokens, like Sablier – wouldn’t it be great if those tokens were in Sablier that could be used in strategies? If you’re looking to improve the capital efficiency of your operations, you’ve come to the right place. “

Forks and bases

Delong said Trident and Tines were names that were no coincidence and could indeed be seen as an attempt to usurp the “fork” label and turn it into something more powerful, Delong said.

“The name Trident comes from Cobie when we were talking about being a fork,” he told Cointelegraph. “That’s what most of them say about us. It’s an unwavering moniker … in a way, it’s like Graduation Day. “

He celebrates “taking the lead in AMM,” enjoying the challenges that force the team to make their own design decisions, compromise on gas performance, and lay the foundations for further growth in the future.

However, critics may point out that, despite all the optimizations, Trident is still a kind of mental fork – apart from a few features, nothing really new.

“That worries me,” he said. “I know what we built and I know we built the best system out there. But that worries me. “

He notes, however, that while the BentoBox and Trident are completely “unbuilt,” they are flexible enough to house them – but “we have to ship first,” he joked.

In addition, the previous fork contained similar competition. Rather than trying to protect their product by licensing questionable business sources, Sushi, Trident and Tines decided to open up via the GPL3, which Delong describes as one of the “very simple licenses” that is easily the gold standard in open source. “

The license, Delong said, was an invitation to challenge them.

“Our fork. Have fun. We do not care. It will be difficult to separate our community. “

.

.

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