Although the sentiment around animal tokens is very lighthearted and Sushi’s MEOW token was made in good fun, the Sushi developers wanted to make this new token count and make it useful for Sushi’s suite of products. Additionally, after the launch of BentoBox, many Sushi community members were still unclear on the benefits of migrating their assets to the token vault.
As a reminder, any asset deposited into BentoBox right now, can earn yields through flash lending and is placed into strategies to earn even more! One strategy is the Sushi Strategy, where deposited $SUSHI tokens are automatically staked into the the SushiBar and earn you a piece of platform transaction fees, no extra steps or gas costs required.
Meowshi is a tool that takes advantage of the power of BentoBox, by providing instant value to the vault, the various products that use the vault and to people who want to flash loan xSUSHI. Each xSUSHI BentoBox “share,” which adjusts based on yield, is represented by 100,000 MEOW tokens.
As outlined by Omakase in this introductory Meowshi tweet, the MEOW token wraps xSUSHI into BentoBox for double yields, where flash lending and activated strategies within BentoBox accrue to MEOW tokens.
So, if you’re already staked in the SushiBar, why not give Meowshi a try? It’s a fun way to earn slightly more yield than what’s on offer at the Bar.
In addition to yield benefits and joining a new kind of defi-charged ‘mascot’ token for Sushi, MEOW holders can vote their underlying xSUSHI weight on Sushi snapshot polls, and these tokens further support delegation-style on-chain voting, similar to Compound governance. These governor contracts include ‘GovernorMeow’ and ‘Timelock’ on mainnet.
Great News: MEOW tokens work for SushiPowah weight for Snapshot proposals automatically!
The vision for future Sushi-related memes is to take advantage of the Sushi.com ecosystem as a whole. We can tokenize them for the AMM, then create NFTs and trade them on Shoyu, lend them in Kashi and earn yield on holding them in Onsen. We know that the learning curve for each DeFi platform is high, so we want to provide you with all your decentralized financial needs in one place, so you can spend more time earning, and less time learning.
For starters you can find the Meowshi tool by following these steps:
Step 1: Go to app.sushi.com
Step 2: Click the 3 dots in the top right-hand corner
Step 3: Click the “Tools” button
Step 4: Click “Meowshi” or click here
We hope you take a deeper look into the benefits of Meowshi, which can be found here and look forward to providing you with more exciting tools in the near future!
Fun fact: Sushi team member, Chester LaCroix, made a Meowshi NFT. You can see the item here.
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