Welcome to the Sushi Incubator and it’s first project, Steer Finance!
Steer Finance shows incredible promise, as well as an ethos that aligns with Sushi’s primary objective of making DeFi accessible to a mass audience. The technical difficulty and seemingly high barrier of entry to DeFi often discourages earnest user-level interaction, and gives firepower to critics. Steer takes a leap forward in the race to simplify DeFi by creating a user-friendly experience of technical tools that were once thought to be the exclusive privilege of experts.
These tools include the deployment of strategies created and published on the blockchain by technical experts, but repurposed to allow any DeFi user to take advantage of lucrative yields like the pros.
Not only does Steer plan to lower the technical barrier of entry, they’re lowering the economic barrier of entry as well, by running the majority of their strategy updates off-chain, through a network of governance-approved miners. To broaden the scope even further, Steer will be chain agnostic — targeting support on Ethereum, Bitcoin, Optimism, Polygon (Matic), and BSC.
In sum, Steer gives users the ability to expertly manage their DeFi legos cost effectively and efficiently, without the need for expert-level savviness!
Steer’s characteristics embody the ethos of innovation and openness in DeFi that Sushi has cultivated since its inception, and we’re excited to support them in their upcoming campaign. Many aspects of Steer’s toolkit stand out as being synergistic with the Sushi ecosystem. For instance, Steer’s automated cross-chain strategies add value to the proposition of cross-chain DeFi at large, and Sushi’s advancements in it. In addition, Steer’s notion of transparency and composability in contract deployment, which will allow DeFi users to imitate and publish strategies created by experts they admire, lends further credence to the concept of bespoke contract deployment pioneered by MISO. As well, Steer’s use of off-chain miners to run its computation is an area of innovation that aligns with Sushi’s initiative to make DeFi palatable to a larger array of users while lowering costs across the board.
Sushi’s decision to welcome Steer into the incubator program is a vote of confidence in their future. By incubating Steer, similar to many TradFi incubators, Sushi has agreed on a stake of the Steer’s governance token for support during incubation, and as such, we consider Steer to be on par with our ecosystem. Steer will be supported by Sushi as part of its community, offering a hand through its network of connections.
Learn more about Steer Finance on their website, join their Discord, or follow them on Twitter.
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