In early June 2021 there was a significant surge of interest in animal coins, as Twitter personalities such as, Elon Musk, seemingly got behind tokens like DOGE after, also seemingly, denouncing Bitcoin. Catapulted into the limelight was the most popular of the animal tokens, DOGE. This popularity brought on a ripple of copycats, which used iterations of token names that slipped ‘DOGE’ in them or used a dog as a logo/mascot.
A lot of the energy behind the popularity of these animal coins was that you could buy a lot of them for cheap. Quantity over quality, that’s how the saying goes, right? The OG crypto community was confused by this logic, and that’s when we saw responses to this phenomena by the YFi (Yearn Finance) crew with their Woofy token (WOOFY) and 88mph with their dog token, Einstein (EIN).
As there seemed no end in sight to the popularity of these animal tokens, the Sushi community starting chatting about creating a SUSHI mascot token themselves. Many offered suggestions to what the token name would be, such as: $NYAN, $NEKO (Japanese word for cat) and even that other word for kitties showed up, $PUSSY. Given that the original SushiSwap logo had similarities to the Nyan cat, it was fairly easily agreed upon that the animal had to be a cat as a nod to that era.
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.
Sushi is building a comprehensive DeFi ecosystem with AMM, leverage & margin trading platform, token launchpad and NFT artist platform. Follow our socials to keep up with our product launches and find out more on how you can make the most of your cryptocurrency assets with Sushi’s secure and powerful DeFi tools!
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