Sushi to Sell Tokenized Sake on Initial Offering Launchpad
Sushi has created a platform called MISO for new projects to list tokens on SushiSwap.
MISO is a suite of smart contracts that allows for the creation of tokens to be sold in crowdsale or auction formats.
The first sale on MISO will feature 888 tokenized bottles of sake listed in a Dutch auction format.
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Sushi is releasing a rare bottle of tokenized sake with an eye-watering price tag on its new launchpad.
Sushi Launches New Launchpad
Sushi has created a launchpad for new projects to sell their tokens.
The Minimal Initial SushiSwap Offering, abbreviated to MISO, is a suite of smart contracts that will allow projects to launch ERC-20 tokens on the SushiSwap exchange. In addition to listing on the popular DEX, MISO projects will gain access to Onsen, Sushi’s popular liquidity mining rewards program. Tokens that can be created fall under three categories: fixed supply, mintable, and governance token. MISO will let projects choose between a crowdsale, Dutch auction, and batch auction to sell their tokens.
The Sushi team is best known for creating SushiSwap, one of Ethereum’s most popular automated market makers. The decentralized exchange launched in chaotic fashion during the height of DeFi summer last year and has since become one of DeFi’s favorite platforms, holding about $4.65 billion in liquidity today. Sushi, whose team is mostly made up of a group of pseudonymous developers, has since expanded its offering, launching products like lending and margin trading and heading to other Layer 1 chains.
The MISO platform will launch with the sale of SAK3, an ERC-20 token that can be redeemed for a physical bottle of sake. SAK3 is a rare style of sake called Junmai Daiginjo, which is reflected in the supply: only 888 will be available, with an initial 200 to launch on Ethereum. It will go on sale this Thursday in a Dutch auction format, with bidding starting at 88,000 SUSHI—the equivalent of around $1.73 million at today’s prices. Billed as the world’s first tokenized sake, the token is reminiscent of another that was released by SushiSwap’s biggest rival, Uniswap. The Ethereum-native exchange launched a pair of tokenized socks called SOCKS in 2019, sold on a bonding curve and limited to a supply of 500. One pair goes for $72,149 today.
Disclosure: At the time of writing, the author of this feature had exposure to ETH, ETH2X-FLI, and several other cryptocurrencies. They also had exposure to UNI and SUSHI in a cryptocurrency index.
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