Seigniorage Forex Market

We think the idea of creating a self stabilizing, decentralized, non-collateral backed, and censorship resistant stablecoin is a great idea, and credit ESD and DSD for the ideas for these types of projects. We based Sushi Set Dollar off of these projects and made a few improvements like a quicker epoch, dynamic epoch advance reward, and a market on Sushiswap. We have our eyes on a much larger market and idea though, and wanted to explain this in a bit more detail.

Up to this point there has be no project that has tackled the idea of creating a stablecoin pegged to the Yen, Euro, Yuan, Ruble, Aussie dollar, Fran, Peso, etc. The reason for this is because it is a bit difficult. Since there is no onchain stablecoin for Yen and these other currencies, we plan to create a usdc pair and peg it the Yen instead of $1 price point, using chainlink oracles as a service for peg information. Our trading pair will still use USDC, however, our Yen stable coin will target a Yen price ratio to maintain its Yen/Usd price target.
https://feeds.chain.link/jpy-usd

This mainly achieves the same thing as a Yen based onchain stablecoin, and it is how we plan to achieve and build the Sushi Set Yen.

Forex Market

We aim to create a fully decentralized, non-collateral backed, and censorship resistant forex market of many currencies. At the center of all of this will be Sushi Set Dollar which will be paired to all of these assets. SSD holders that are bonded in LP will receive airdrops of all said tokens, allowing them to be in each of these tokens from the beginning and able to set initial liquidity.

Pairs: This will grow as we grow the ecosystem and will start with the Yen, followed by the Euro.

Yen — SSY/SSD

Euro — SSE/SSD

Yuan- SSYU/SSD

Swiss Franc — SSF/SSD

etc…

Have all of these pairs of currencies will allow us to create a forex market within the ecosystem all based around SSD. You will go to the main Sushi Set Dollar home page, and click on the icon of the asset you want to interact with and immediately be taken to the portal for that asset, where you will be able to bond and provide lp, trade, claim rewards, etc.

Creating an ecosystem like this is time consuming and ambitious and it is likely why no one has tackled this yet, but we believe this is the next evolutionary step of these stablecoins, and we plan to pioneer this. All of these pairs and assets will have their own rewards, epoch advances, bonding, goveranance, etc. However every one of them will also be paired with SSD, which will allow large amounts of arbitrage between these assets as each of them fluctuate in their values around their pegs. So not only will there be arbitrage opportunities like current forex markets, since these tokens markets are also susceptible to fluctuate from their peg in their own market, this will allow of potential for even larger arbitrage opportunities.

Airdrop

SSD holders that are bonded in LP will be rewarded with an airdrop portion of each of these assets. To continue to earn airdrops of future assets, you will also have to be LPs in the SSD/USDC pair as well as the SSY/SSD pair. This assures constant liquidity coming into the ecosystem thus allowing it to grow and flourish.

Sushi Set Yen

The Yen will be our first token. SSY will have a short 3 day bootstrap period. Since as we have learned with SSD, liquidity is of utmost importance, we plan to adjust the DSD model of 60% to Dao and 40% to liquidity providers to a 80% share to liquidity providers and 20% to Dao. We believe since the liquidity providers are taking on the risk of IL as well as putting collateral and funds up in these pools, they should receive larger benefits than the Dao. SSY will have Dao bonding, lp bonding, and a coupon system just like SSD does, however the tweak will be to the 80/20 split in favor of lps. On top of this, as lp’s get rewards they can bond them in the dao so they also have a voting voice. We believe in focusing and incentiving lps heavilty is the most sustainable way to grow the ecosystem.

The Euro will likely follow release of the Yen, as we continue to build this exciting ecosystem. As we constantly introduce these new assets into the ecosystem, it will put pressure on SSD supply to expand to meet the liquidity demands of all of these pairs as well. More details on airdrop to SSD LPs, and future developments will come in the coming weeks.

Links

Contract https://etherscan.io/token/0x4a152f0ea704584c3a0fb7f01c0860c1b3a3a14d

Telegramhttps://t.me/sushisetdollar

Twitter- https://twitter.com/sushi_set

Sushiswap- https://sushiswap.fi/token/0x4a152f0ea704584c3a0fb7f01c0860c1b3a3a14d

Website-https://sushisetdollar.finance/#/

SSD is open sourced, decentralized, and fully a community led project.

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Decentralized Defi Stablecoin

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Sushisetdollar

Sushisetdollar

Decentralized Defi Stablecoin

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