Fans of Shushiswap and decentralized finance may be close to sharing hobbies with NFT collectors thanks to the increasingly imminent Shoyu release.
According to a post by user LevX on the official Shushiswap forum, Shoyu, a full-fledged NFT Exchange could be nearly complete from the backend.
Now that contracts are complete 27, it’s time to develop the frontend, caching layer(subgraph), and infrastructure for artworks storage.
LevX is a former core dev & now a contributor at Sushiswap and is listed on the official project page along with big players like 0xNori, 0xKeno, and OxMaki, who worked hand in hand with the legendary Chef Nomi during the development of Sushiswap.
Giving Life to a Good Idea
On March 25, 2021, LevX introduced a proposal to the community to create an NFT Exchange on Ethereum with the name Natto.
The proposal was approved by the majority, and LevX, along with a team of developers, got to work with a slight change from user Umetaku, who proposed the name Shoyu instead.
Yesterday, LevX shared the project’s latest progress and assured that if everything goes according to plan, Shoyu V0 will be released in August this year.
LevX commented that the release would be staggered and guaranteed that v1 and v2 stages would be released over the next year.
🍣 Here’s a sneak peek of Shoyu: @SushiSwap‘s NFT Platform
– Immersive Gallery & 3D Metaverse
– Social Token
– On-chain & off-chain exchange
– Bidding strategies
– Royalties distribution
– Fractional ownership
– Multi-chain supporthttps://t.co/decVPlEKRz
— LΞVX (@LevxApp) July 8, 2021
Shoyu is a complete product that goes beyond being a simple marketplace. It has yield farming features and is expected to evolve into a 3D metaverse of sorts in the near future.
With Shoyu, there are several ways to monetize. According to a brief project briefing, creators can choose to monetize their work as an NFT or through social tokens. These social tokens come with certain benefits, among them the possibility to farm or burn them depending on their intended uses.
Also, they explain that the orders will be kept off-chain in order to reduce commissions and make the platform more efficient, although it will also be possible to make on-chain offers thanks to Polygon, a scalability solution for Ethereum-compatible blockchains.
We’ll use off-chain order book for Ethereum and on-chain one for Polygon, initially.
Shoyu Failed to Relive Sushi… For Now
Sushi, the native token of Sushiswap, has not shown much reaction to the news. Its price sits just above $8, maintaining a downtrend since its peak in late May. The price trend has already gone through the scary death cross, and the threshold for $10 still looks distant.
However, a strong recovery cannot be ruled out either. Sushi is no stranger to big price movements, and good news like this could move the community a bit.