{"componentChunkName":"component---src-pages-sips-sip-markdown-remark-frontmatter-sip-tsx","path":"/sips/sip-143/","result":{"data":{"markdownRemark":{"fileAbsolutePath":"/vercel/path0/content/sips/sip-143.md","frontmatter":{"sip":143,"sccp":null,"title":"Ordering SUSHI","network":"Ethereum","author":"shoshin (@shoshinf)","type":"Governance","proposal":null,"implementor":null,"release":null,"created":"2020-05-18T00:00:00.000Z","updated":null,"status":"Rejected"},"html":"<h2 id=\"simple-summary\" style=\"position:relative;\"><a href=\"#simple-summary\" aria-label=\"simple summary permalink\" class=\"anchor before\"><svg aria-hidden=\"true\" focusable=\"false\" height=\"16\" version=\"1.1\" viewBox=\"0 0 16 16\" width=\"16\"><path fill-rule=\"evenodd\" d=\"M4 9h1v1H4c-1.5 0-3-1.69-3-3.5S2.55 3 4 3h4c1.45 0 3 1.69 3 3.5 0 1.41-.91 2.72-2 3.25V8.59c.58-.45 1-1.27 1-2.09C10 5.22 8.98 4 8 4H4c-.98 0-2 1.22-2 2.5S3 9 4 9zm9-3h-1v1h1c1 0 2 1.22 2 2.5S13.98 12 13 12H9c-.98 0-2-1.22-2-2.5 0-.83.42-1.64 1-2.09V6.25c-1.09.53-2 1.84-2 3.25C6 11.31 7.55 13 9 13h4c1.45 0 3-1.69 3-3.5S14.5 6 13 6z\"></path></svg></a>Simple Summary</h2>\n<!--\"If you can't explain it simply, you don't understand it well enough.\" Simply describe the outcome the proposed changes intends to achieve. This should be non-technical and accessible to a casual community member.-->\n<p>This SIP suggest to add sSUSHI to synthetix trading.</p>\n<h2 id=\"abstract\" style=\"position:relative;\"><a href=\"#abstract\" aria-label=\"abstract permalink\" class=\"anchor before\"><svg aria-hidden=\"true\" focusable=\"false\" height=\"16\" version=\"1.1\" viewBox=\"0 0 16 16\" width=\"16\"><path fill-rule=\"evenodd\" d=\"M4 9h1v1H4c-1.5 0-3-1.69-3-3.5S2.55 3 4 3h4c1.45 0 3 1.69 3 3.5 0 1.41-.91 2.72-2 3.25V8.59c.58-.45 1-1.27 1-2.09C10 5.22 8.98 4 8 4H4c-.98 0-2 1.22-2 2.5S3 9 4 9zm9-3h-1v1h1c1 0 2 1.22 2 2.5S13.98 12 13 12H9c-.98 0-2-1.22-2-2.5 0-.83.42-1.64 1-2.09V6.25c-1.09.53-2 1.84-2 3.25C6 11.31 7.55 13 9 13h4c1.45 0 3-1.69 3-3.5S14.5 6 13 6z\"></path></svg></a>Abstract</h2>\n<!--A short (~200 word) description of the proposed change, the abstract should clearly describe the proposed change. This is what *will* be done if the SIP is implemented, not *why* it should be done or *how* it will be done. If the SIP proposes deploying a new contract, write, \"we propose to deploy a new contract that will do x\".-->\n<p>The addition of sSUSHI is a request coming from some dhedge pool managers, it would help us stay competitive and allocate extra funds to dhedge pools.</p>\n<h2 id=\"motivation\" style=\"position:relative;\"><a href=\"#motivation\" aria-label=\"motivation permalink\" class=\"anchor before\"><svg aria-hidden=\"true\" focusable=\"false\" height=\"16\" version=\"1.1\" viewBox=\"0 0 16 16\" width=\"16\"><path fill-rule=\"evenodd\" d=\"M4 9h1v1H4c-1.5 0-3-1.69-3-3.5S2.55 3 4 3h4c1.45 0 3 1.69 3 3.5 0 1.41-.91 2.72-2 3.25V8.59c.58-.45 1-1.27 1-2.09C10 5.22 8.98 4 8 4H4c-.98 0-2 1.22-2 2.5S3 9 4 9zm9-3h-1v1h1c1 0 2 1.22 2 2.5S13.98 12 13 12H9c-.98 0-2-1.22-2-2.5 0-.83.42-1.64 1-2.09V6.25c-1.09.53-2 1.84-2 3.25C6 11.31 7.55 13 9 13h4c1.45 0 3-1.69 3-3.5S14.5 6 13 6z\"></path></svg></a>Motivation</h2>\n<!--This is the problem statement. This is the *why* of the SIP. It should clearly explain *why* the current state of the protocol is inadequate.  It is critical that you explain *why* the change is needed, if the SIP proposes changing how something is calculated, you must address *why* the current calculation is innaccurate or wrong. This is not the place to describe how the SIP will address the issue!-->\n<p>Based on initial informal survey among dhedge pool managers, there is a large demand for synthetic sushi exposure right now. SUSHI produces strong tx fee revenue, distributes cash-flow to token holders, making it a very attractive investment with objectively strong valuation.</p>\n<h2 id=\"specification\" style=\"position:relative;\"><a href=\"#specification\" aria-label=\"specification permalink\" class=\"anchor before\"><svg aria-hidden=\"true\" focusable=\"false\" height=\"16\" version=\"1.1\" viewBox=\"0 0 16 16\" width=\"16\"><path fill-rule=\"evenodd\" d=\"M4 9h1v1H4c-1.5 0-3-1.69-3-3.5S2.55 3 4 3h4c1.45 0 3 1.69 3 3.5 0 1.41-.91 2.72-2 3.25V8.59c.58-.45 1-1.27 1-2.09C10 5.22 8.98 4 8 4H4c-.98 0-2 1.22-2 2.5S3 9 4 9zm9-3h-1v1h1c1 0 2 1.22 2 2.5S13.98 12 13 12H9c-.98 0-2-1.22-2-2.5 0-.83.42-1.64 1-2.09V6.25c-1.09.53-2 1.84-2 3.25C6 11.31 7.55 13 9 13h4c1.45 0 3-1.69 3-3.5S14.5 6 13 6z\"></path></svg></a>Specification</h2>\n<!--The specification should describe the syntax and semantics of any new feature, there are five sections\n1. Overview\n2. Rationale\n3. Technical Specification\n4. Test Cases\n5. Configurable Values\n-->\n<h3 id=\"overview\" style=\"position:relative;\"><a href=\"#overview\" aria-label=\"overview permalink\" class=\"anchor before\"><svg aria-hidden=\"true\" focusable=\"false\" height=\"16\" version=\"1.1\" viewBox=\"0 0 16 16\" width=\"16\"><path fill-rule=\"evenodd\" d=\"M4 9h1v1H4c-1.5 0-3-1.69-3-3.5S2.55 3 4 3h4c1.45 0 3 1.69 3 3.5 0 1.41-.91 2.72-2 3.25V8.59c.58-.45 1-1.27 1-2.09C10 5.22 8.98 4 8 4H4c-.98 0-2 1.22-2 2.5S3 9 4 9zm9-3h-1v1h1c1 0 2 1.22 2 2.5S13.98 12 13 12H9c-.98 0-2-1.22-2-2.5 0-.83.42-1.64 1-2.09V6.25c-1.09.53-2 1.84-2 3.25C6 11.31 7.55 13 9 13h4c1.45 0 3-1.69 3-3.5S14.5 6 13 6z\"></path></svg></a>Overview</h3>\n<!--This is a high level overview of *how* the SIP will solve the problem. The overview should clearly describe how the new feature will be implemented.-->\n<p>The Synth will be implemented in the same way as other crypto Synths.</p>\n<h3 id=\"rationale\" style=\"position:relative;\"><a href=\"#rationale\" aria-label=\"rationale permalink\" class=\"anchor before\"><svg aria-hidden=\"true\" focusable=\"false\" height=\"16\" version=\"1.1\" viewBox=\"0 0 16 16\" width=\"16\"><path fill-rule=\"evenodd\" d=\"M4 9h1v1H4c-1.5 0-3-1.69-3-3.5S2.55 3 4 3h4c1.45 0 3 1.69 3 3.5 0 1.41-.91 2.72-2 3.25V8.59c.58-.45 1-1.27 1-2.09C10 5.22 8.98 4 8 4H4c-.98 0-2 1.22-2 2.5S3 9 4 9zm9-3h-1v1h1c1 0 2 1.22 2 2.5S13.98 12 13 12H9c-.98 0-2-1.22-2-2.5 0-.83.42-1.64 1-2.09V6.25c-1.09.53-2 1.84-2 3.25C6 11.31 7.55 13 9 13h4c1.45 0 3-1.69 3-3.5S14.5 6 13 6z\"></path></svg></a>Rationale</h3>\n<!--This is where you explain the reasoning behind how you propose to solve the problem. Why did you propose to implement the change in this way, what were the considerations and trade-offs. The rationale fleshes out what motivated the design and why particular design decisions were made. It should describe alternate designs that were considered and related work. The rationale may also provide evidence of consensus within the community, and should discuss important objections or concerns raised during discussion.-->\n<h3 id=\"liquidity-analysis\" style=\"position:relative;\"><a href=\"#liquidity-analysis\" aria-label=\"liquidity analysis permalink\" class=\"anchor before\"><svg aria-hidden=\"true\" focusable=\"false\" height=\"16\" version=\"1.1\" viewBox=\"0 0 16 16\" width=\"16\"><path fill-rule=\"evenodd\" d=\"M4 9h1v1H4c-1.5 0-3-1.69-3-3.5S2.55 3 4 3h4c1.45 0 3 1.69 3 3.5 0 1.41-.91 2.72-2 3.25V8.59c.58-.45 1-1.27 1-2.09C10 5.22 8.98 4 8 4H4c-.98 0-2 1.22-2 2.5S3 9 4 9zm9-3h-1v1h1c1 0 2 1.22 2 2.5S13.98 12 13 12H9c-.98 0-2-1.22-2-2.5 0-.83.42-1.64 1-2.09V6.25c-1.09.53-2 1.84-2 3.25C6 11.31 7.55 13 9 13h4c1.45 0 3-1.69 3-3.5S14.5 6 13 6z\"></path></svg></a>Liquidity Analysis</h3>\n<p>The tables below showcase statistics on the cost of pushing the price of SUSHI on binance (on the SUSHIUSDT pair) by the percentage mentioned in the header (denoted in bp):</p>\n<table>\n<thead>\n<tr>\n<th align=\"center\">PUMP</th>\n<th>25 bp</th>\n<th>50 bp</th>\n<th>75 bp</th>\n<th>100 bp</th>\n<th>150 bp</th>\n<th>200 bp</th>\n<th>400 bp</th>\n<th>600 bp</th>\n<th>800 bp</th>\n<th>1000 bp</th>\n</tr>\n</thead>\n<tbody>\n<tr>\n<td align=\"center\">mean</td>\n<td>$94,843</td>\n<td>$142,283</td>\n<td>$174,272</td>\n<td>$208,541</td>\n<td>$298,783</td>\n<td>$354,616</td>\n<td>$490,932</td>\n<td>$666,195</td>\n<td>$909,380</td>\n<td>$1,165,911</td>\n</tr>\n<tr>\n<td align=\"center\">median</td>\n<td>$53,113</td>\n<td>$101,699</td>\n<td>$130,931</td>\n<td>$161,625</td>\n<td>$241,659</td>\n<td>$302,828</td>\n<td>$432,423</td>\n<td>$634,710</td>\n<td>$876,232</td>\n<td>$1,167,407</td>\n</tr>\n<tr>\n<td align=\"center\">std</td>\n<td>$157,446</td>\n<td>$153,860</td>\n<td>$157,509</td>\n<td>$164,904</td>\n<td>$183,956</td>\n<td>$187,374</td>\n<td>$190,453</td>\n<td>$220,173</td>\n<td>$204,618</td>\n<td>$246,736</td>\n</tr>\n</tbody>\n</table>\n<table>\n<thead>\n<tr>\n<th align=\"center\">DUMP</th>\n<th align=\"center\">25 bp</th>\n<th align=\"center\">50 bp</th>\n<th align=\"center\">75 bp</th>\n<th align=\"center\">100 bp</th>\n<th align=\"center\">150 bp</th>\n<th align=\"center\">200 bp</th>\n<th align=\"center\">400 bp</th>\n<th align=\"center\">600 bp</th>\n<th align=\"center\">800 bp</th>\n<th align=\"center\">1000 bp</th>\n</tr>\n</thead>\n<tbody>\n<tr>\n<td align=\"center\">mean</td>\n<td align=\"center\">$87,682</td>\n<td align=\"center\">$181,439</td>\n<td align=\"center\">$292,412</td>\n<td align=\"center\">$377,534</td>\n<td align=\"center\">$505,723</td>\n<td align=\"center\">$592,309</td>\n<td align=\"center\">$760,832</td>\n<td align=\"center\">$1,063,896</td>\n<td align=\"center\">$1,276,375</td>\n<td align=\"center\">$1,502,712</td>\n</tr>\n<tr>\n<td align=\"center\">median</td>\n<td align=\"center\">$62,261</td>\n<td align=\"center\">$160,713</td>\n<td align=\"center\">$256,827</td>\n<td align=\"center\">$340,103</td>\n<td align=\"center\">$503,269</td>\n<td align=\"center\">$581,310</td>\n<td align=\"center\">$832,143</td>\n<td align=\"center\">$1,033,931</td>\n<td align=\"center\">$1,202,532</td>\n<td align=\"center\">$1,407,977</td>\n</tr>\n<tr>\n<td align=\"center\">std</td>\n<td align=\"center\">$95,940</td>\n<td align=\"center\">$102,193</td>\n<td align=\"center\">$118,842</td>\n<td align=\"center\">$124,870</td>\n<td align=\"center\">$109,975</td>\n<td align=\"center\">$128,473</td>\n<td align=\"center\">$158,220</td>\n<td align=\"center\">$205,092</td>\n<td align=\"center\">$302,908</td>\n<td align=\"center\">$335,078</td>\n</tr>\n</tbody>\n</table>\n<p>Bad actors in the space would need a significant amount of capital in order to have a substantial impact on the price, therefore from a liquidity standpoint, SUSHI appears to maintain reasonable amounts of liquidity on CEX. In addition, the average bid/ask spread is 8 bp and the average daily trading volume of USDT 80 million.</p>\n<h3 id=\"technical-specification\" style=\"position:relative;\"><a href=\"#technical-specification\" aria-label=\"technical specification permalink\" class=\"anchor before\"><svg aria-hidden=\"true\" focusable=\"false\" height=\"16\" version=\"1.1\" viewBox=\"0 0 16 16\" width=\"16\"><path fill-rule=\"evenodd\" d=\"M4 9h1v1H4c-1.5 0-3-1.69-3-3.5S2.55 3 4 3h4c1.45 0 3 1.69 3 3.5 0 1.41-.91 2.72-2 3.25V8.59c.58-.45 1-1.27 1-2.09C10 5.22 8.98 4 8 4H4c-.98 0-2 1.22-2 2.5S3 9 4 9zm9-3h-1v1h1c1 0 2 1.22 2 2.5S13.98 12 13 12H9c-.98 0-2-1.22-2-2.5 0-.83.42-1.64 1-2.09V6.25c-1.09.53-2 1.84-2 3.25C6 11.31 7.55 13 9 13h4c1.45 0 3-1.69 3-3.5S14.5 6 13 6z\"></path></svg></a>Technical Specification</h3>\n<!--The technical specification should outline the public API of the changes proposed. That is, changes to any of the interfaces Synthetix currently exposes or the creations of new ones.-->\n<p>N/A</p>\n<h3 id=\"test-cases\" style=\"position:relative;\"><a href=\"#test-cases\" aria-label=\"test cases permalink\" class=\"anchor before\"><svg aria-hidden=\"true\" focusable=\"false\" height=\"16\" version=\"1.1\" viewBox=\"0 0 16 16\" width=\"16\"><path fill-rule=\"evenodd\" d=\"M4 9h1v1H4c-1.5 0-3-1.69-3-3.5S2.55 3 4 3h4c1.45 0 3 1.69 3 3.5 0 1.41-.91 2.72-2 3.25V8.59c.58-.45 1-1.27 1-2.09C10 5.22 8.98 4 8 4H4c-.98 0-2 1.22-2 2.5S3 9 4 9zm9-3h-1v1h1c1 0 2 1.22 2 2.5S13.98 12 13 12H9c-.98 0-2-1.22-2-2.5 0-.83.42-1.64 1-2.09V6.25c-1.09.53-2 1.84-2 3.25C6 11.31 7.55 13 9 13h4c1.45 0 3-1.69 3-3.5S14.5 6 13 6z\"></path></svg></a>Test Cases</h3>\n<!--Test cases for an implementation are mandatory for SIPs but can be included with the implementation..-->\n<p>N/A</p>\n<h3 id=\"configurable-values-via-sccp\" style=\"position:relative;\"><a href=\"#configurable-values-via-sccp\" aria-label=\"configurable values via sccp permalink\" class=\"anchor before\"><svg aria-hidden=\"true\" focusable=\"false\" height=\"16\" version=\"1.1\" viewBox=\"0 0 16 16\" width=\"16\"><path fill-rule=\"evenodd\" d=\"M4 9h1v1H4c-1.5 0-3-1.69-3-3.5S2.55 3 4 3h4c1.45 0 3 1.69 3 3.5 0 1.41-.91 2.72-2 3.25V8.59c.58-.45 1-1.27 1-2.09C10 5.22 8.98 4 8 4H4c-.98 0-2 1.22-2 2.5S3 9 4 9zm9-3h-1v1h1c1 0 2 1.22 2 2.5S13.98 12 13 12H9c-.98 0-2-1.22-2-2.5 0-.83.42-1.64 1-2.09V6.25c-1.09.53-2 1.84-2 3.25C6 11.31 7.55 13 9 13h4c1.45 0 3-1.69 3-3.5S14.5 6 13 6z\"></path></svg></a>Configurable Values (Via SCCP)</h3>\n<!--Please list all values configurable via SCCP under this implementation.-->\n<p>N/A</p>\n<h2 id=\"copyright\" style=\"position:relative;\"><a href=\"#copyright\" aria-label=\"copyright permalink\" class=\"anchor before\"><svg aria-hidden=\"true\" focusable=\"false\" height=\"16\" version=\"1.1\" viewBox=\"0 0 16 16\" width=\"16\"><path fill-rule=\"evenodd\" d=\"M4 9h1v1H4c-1.5 0-3-1.69-3-3.5S2.55 3 4 3h4c1.45 0 3 1.69 3 3.5 0 1.41-.91 2.72-2 3.25V8.59c.58-.45 1-1.27 1-2.09C10 5.22 8.98 4 8 4H4c-.98 0-2 1.22-2 2.5S3 9 4 9zm9-3h-1v1h1c1 0 2 1.22 2 2.5S13.98 12 13 12H9c-.98 0-2-1.22-2-2.5 0-.83.42-1.64 1-2.09V6.25c-1.09.53-2 1.84-2 3.25C6 11.31 7.55 13 9 13h4c1.45 0 3-1.69 3-3.5S14.5 6 13 6z\"></path></svg></a>Copyright</h2>\n<p>Copyright and related rights waived via <a href=\"https://creativecommons.org/publicdomain/zero/1.0/\">CC0</a>.</p>"}},"pageContext":{"id":"2f91769d-ef25-5de7-8e3e-ad44f4e4a379","frontmatter__sip":143,"__params":{"frontmatter__sip":"143"}}},"staticQueryHashes":[]}