Proposal: MISO - Minimal Initial Sushi Offering

[gonpachi]

Summary

Increase the appetite of listing new tokens on Sushiswap by starting with a nice hot MISO.

Minimal Initial Sushi Offering (MISO) will be a token launchpad, designed to drive new projects towards launching on SushiSwap. It will include crowdsale options and functionality aimed at easing new tokens through their launch and migrating new liquidity into SushiSwap.

Abstract

The proposal to create MISO includes the development and release of a launchpad, token factory and most importantly, the initial dex offering contracts.
This suite of contracts includes, but isn’t limited to:

• A Factory to create basic fixed supply tokens, mintable tokens, or bring your own ERC20 tokens for presale.
• Crowdsale contracts for initial offerings; Both traditional fixed price crowdsale and Dutch auction/ Fair launch options.
• Smart contract option to lock up liquidity tokens in Unicrypt vault or similar.
• Team vault to give the option to lock up funds for a set period of time
• Easy liquidity migrations; incl. ability to set a portion of raised funds to create a new SushiSwap pool, and migrate trustlessly.

Motivation

Create a financial advantage and a out-of-the-box solution for non-technical founders to choose over more traditional and code-oriented competitors.

Offering a range of options for token creation, presale price discovery, token vaults and vesting, MISO sets up any project to launch on SushiSwap.

What we want is to stop tokens listing on our competitors first. By making initial offerings in SushiSwap more trusted (with vaults & standardized crowdsale contracts), retail and traders will be able to confidently raise new capital, trade on SushiSwap and ultimately generate more fees.

Proposal

Proposal would be to build the family of smart contracts described above. The success fee for this project is 15k USD initially and an additional 25k at final delivery.
Any costs of freelancers I may use for things such as creating unit tests, etc and any other expenses I have will be mine. The core smart contract code will of course be written by me. Slight changes may occur due to technical feasibility, but will be clearly communicated when encountered. For the purpose showcasing we will provide an IP UI without any ties to the deadline. Delivery deadline for a beta release will be 4 weeks from the time the funds are approved. Final delivery will be within 8 weeks. Every day delayed after that will reduce success fee by 5%.

Revenue Generation

There will be a competitive pricing TBD for using MISO, but will be much cheaper and easier than any Launchpad, likely that any fees generated will be a small percentage from token listing fees and 70% would go directly to sushi holders, 20% as UI incentive for launchpads to use MISO / integrate with other projects, and 10% as dev fee.

For

MISO will be created, driving new tokens and liquidity to SushiSwap!

Against

MISO will not be served.

Poll

Who wants MISO?

• Yes, please!!
• Yes with extra tofu (diff token types)
• I want MISO Ramen (all the things!)
• No, I hate miso.

[Yikai]

This is a great initiative to attract users and volume, just a few thoughts:

• would be great if we could combine the crowdsale and the liquidity pool parts, which means using the pool to do the token sale and distribution, this way once a sale is done sushiswap could continue to be the main market for the token. i think balancer smart pool does something similar

• making it easy to do an initial dex offering is good, but it could also attract scammers who don’t even know how to code. If sushiswap is the frontend for all MISO launchpad token sales, it could cause damage to the reputation, so MISO works at the backend, and powers various UIs is a good idea

• not sure about the listing fee, I feel like it adds more complexity. if we could making the token sale volume through the sushiswap pools, it’s already generating tx fee - so it follows the same mechanism and gets distributed to the sushi holders. maybe it makes sense for UI providers to charge some fee, but it will not be relevant to sushiswap if we position MISO as a backend tool

[Halfgood]

Great initiative, and i like the idea. I do have some of the same worries as Yikai though. How do we prevent scammers and “dead at arrival” products to use the launchpad? - We already have a less than stellar reputation, so being the launch platform for a scam would hurt us really bad.

[extropiia]

the price must come a bit lower … too expensive.

[zafalijadev]

@gonpachi

The success fee for this project is 15k USD initially

I think we shouldn’t use our dev fund for upfront payments
I’d like to see at least a beta version or something before paying 15k

[Clearwood]

Will the funds allocated to the project fund an audit? Will the proposed developer fee go to the common dev fund?

[gonpachi]

Great feedback!
Initial listings will be crucial to any exchange and compared to others, we’re just not winning new listings, that’s the hope for MISO. And Yes, there is the very real risk that memecoins will be minted. A listing fee does prevent this, partially. I guess people trust if you pay $500k for Binance Launchpad, then low probability copy pasta scam. One potential idea with no fee would be to have a voting/signaling mechanism for vetting good projects, but I see that as a secondary thing to build. First MISO, then vetting/signalling tool.

The idea for the UI reward at the contract level was that the factory would build a list of launched projects, and anyone can build a UI and add their point of difference, and not have a solidity dev to write new contracts to mint, sell, list tokens, vest and migrate liquidity.

It is a good chunk of work, work that will continue past the Minimal, into a full Initial Dex Offering. I put multiple options, mostly cause I priced it as such, but would love to know if people wanted more features like lockups and vesting to add trust in the projects or would you prefer a MISO with more token types such as a bonding curve factory with IBCO, its up to you how I should spend my time, and would love more suggestions.

Adding the fees is trivial, have done it with other projects, as it is a crowdsale, you’ll get to route the payments, including fees. I’ll keep it parameterized so it can be set for each, or turned off by being set to 0. A platform like ICODrops might not want a fee to use MISO, where a small site which helps launches tokens for digital fashion, might only be possible with a revenue stream.

Balancer smart pool is dope, thanks for the link and I’ll give it some consideration.

[ripebanana]

Very excited about this. MISO sounds like critical building blocks the broader community needs. Sushiswap is the perfect home for it. Bravo.

[Ngardi21]

I mentioned this in the youtube AMA and also posting here. Another possible feature in MISO that could be added is ‘presale’ allocations for xsushi/sushi holders. Similar launchpad projects have gotten lots of attention lately, trustswap, polkastarter, duckdao. Basically you hold those tokens and you get access to an optional presale amount of the token being launched. This would increase demand for sushi and further reward holders/stakers. Could possibly also incentivize teams to launch on sushi as the tokens getting launched on these platforms have had a lot of hype around them/price increase.

[gonpachi]

Yeah really good suggestion. Currently the MISO framework will allow users to choose from more than one type of sale templates (MISOMarkets) and there is no reason why a whitelisted sale or Sushi holder sale/allocation is not possible to be added later as one of the templates, I dare say likely. My focus was on a family of contracts that can grow in time, and a set of recipes that combine all the ingredients. A potential recipe could deploy two markets (ie: a standard sale and whitelist sale) splits the token allocation, all in one transaction.

[gonpachi]

UPDATE:
There has been a number of good updates over the last few weeks regarding MISO thought I post a summary here. Firstly we’re at the part where what was promised has been mostly turned into code, plus a few extra things that just had to go in, like MISOFarmFactory, which was a great suggestion which got added and the newly cooked MISORecipes which are shaping up nicely.

This suite of contracts includes, but isn’t limited to the following ingredients:

• MISOTokenFactory - A Factory to create basic fixed supply tokens, mintable tokens, SushiTokens or bring your own ERC20 tokens for presale.

• MISOFermenter - Token Escrow for locking up tokens over time

• MISOMarket - Fund raising contracts for initial offerings; Fixed price crowdsale and Dutch auction initially.

• MISOFarmFactory - Fresh tokens can be farmed for rewards by users

• MISOLiquidty - Easy liquidity migrations; incl. ability to set a portion of raised funds to create a new SushiSwap pool, and migrate trustlessly.

• MISORecipes - Recipes that combine one or many MISO ingredients.

Bonus features include all factory contracts are using the CloneFactory minimal proxy. aka super low gas contract copies, great for users as will pay much less gas.
Tokens: we have 3 token types, Fixed, Mintable and of course, the SushiToken with its governance capabilities. Also important, an engineering effort to have token templates so that many more tokens can be added to the same factory in future and it will just work.
Liquidity: two types of launchers, one for a team pre-commiting tokens to be converted to liquidty with crowd sale funds, trustlessly, the second for users who already own both tokens.
Basic token escrow factory is also inplace, might need some extra love.
Fees - I have not spent too much time of fees. I have put them in the farm factory deployer
MISORecipes - this one has been tough but really interesting, originally I proposed a collection of contracts that users can use to mint tokens tokens and service themselves. I have since converted some deployment scripts which do a number of steps/ingredients into what I’m calling Recipes. Now to deploy tokens, liquidity pool, farm contracts and all the settings, in only ONE transaction is tough, it needs more than the 16 variables that Solidity allows, so I’ve also written some of the recipe contracts in Vyper to get around this limitation. So recipe templates are now available in both Ethereum languages.
I’m currently refactoring the code to better handle permissions and access controls in light of Recipes. Below is an example of a MISORecipe

Recipe02 - MISO Ramen - All the things

• Creates a fixed supply token
• Deploys a crowdsale contract
• Funds crowdsale contract with new tokens
• Creates a liquidity launcher
• Funds liquidity launcher with some tokens
• Deploys SushiSwap pool
• Create a new MasterChef farm
• Funds farm with tokens for rewards
• Adds SLP token address in the new farm
• Sends remaining tokens to wallet/multisig

Next Steps
My question is what should I focus on next? Once I refactor the codebase, there will be unlimited scope to add new types of tokens, farms, market types, different sales, but also the combinations of these ingredient and their recipes. So, do we want more ingredients? Or more recipes with what we have? Please join the discord and let me know.