Meowshi Boosts Yields for SUSHI Stakers In Run-up to V3

It’s shaping up to be a big month for Sushiswap.

The decentralized automated market maker (AMM) is slated to release its much-anticipated V3 upgrade, codenamed MIRIN, on July 20. A host of new features are expected including limit orders, improved support for multi-token yield farming, MEV protection, and an upgraded user interface.

xSUSHI Boost

A key difference between Sushiswap and Uniswap is that stakers of the former’s native SUSHI token are entitled to 0.05% of the 0.30% swap fee that Sushiswap charges on each trade. UNI holders currently do not get a piece of the action, although this could change in the future with a governance vote.

SUSHI holders can stake their tokens in exchange for xSUSHI, a yield-bearing version that accrues swap fees and is fully composable with other DeFi protocols. For example, xSUSHI can be used as collateral on AAVE or lent out on the native Bentobox lending platform for additional yield.

On July 6, Sushiswap unveiled Meowshi, a new yield-bearing token that allows xSUSHI holders to boost their yields by automatically lending out their tokens. One xSUSHI token can be exchanged for 100K MEOW tokens which “wrap xSUSHI into BentoBox for double yields and can be used to vote in special MEOW governor contracts”, according to the website.

MEOW holders will retain the same governance rights and claims on swap fees as before, Sushiswap core developer Ross Campbell said on Twitter.