List xSUSHI as Collateral Asset

Summary : Add xSushi to CREAM for Borrow and Lend

SUSHI

xSUSHI is the governance token of Sushiswap, a community-led DEX with a current TVL of more than US$1.9 billion.

xSushi is one of the two currently supported assets for Sushi governance (ETH/SUSHI SLP is the other). Sushi governance is not currently fully decentralized, but the members of the Ops multisig and Treasury multisig are expected to respect all of the governance votes. Sushi is planning for xSushi to eventually become a fully decentralized DAO most likely leveraging Aragon v2 in 6 to 12 months depending on the progress made by its community.

xSushi is receiving 0.05% of all the Sushiswap swaps and should also benefit from all other future revenues streams from new platforms like Bento, Miso, Gusoku, Deriswap, and more.

The current yield on this asset ranges between 10-40% APY with over US$450 million locked (at today's $Sushi price) in the Sushibar making xSushi an ideal productive asset for collateral.

Some additional data points can be found here:

• https://sushiswapanalytics.com/bar
• https://sushi.zippo.io/sushibar

Sushiswap's other token, $SUSHI is already supported on CREAM with a 60% collateral factor.

Given the short existence of SUSHI on the market and the volatility, we think these parameters should be considered (and voted on in a subsequent vote per CREAM new asset procedure that mandates all new assets begin with 0% collateral factor):

Collateral Factor - 40% Reserve Factor - 20%

We hope you will support this proposal

Useful Links : Official: https://sushiswap.fi/ https://lite.sushiswap.fi/ Sushi token : 0x6b3595068778dd592e39a122f4f5a5cf09c90fe2 xSushi token : 0x8798249c2E607446EfB7Ad49eC89dD1865Ff4272

Sushi Governance forum: forum.sushiswapclassic. org Help and FAQ: docs.sushiswap. fi

Audits/Security Reviews :

Peckshield & Quantstamp

Benefits for CREAM:

CREAM would be one of the first platforms to support xSushi a yield-bearing asset with over US$450 million currently sitting idle.

CREAM users could borrow against their existing xSushi.

This enhances the overall composability and value of the Yearn ecosystem.

Support community-led projects.

Risk Mitigation:

Sushiswap has been audited 2 times and is a community-led project.

The protocol currently has more than 26,100 Sushi guests.

While Sushi had one exploit that led to the incorrect distribution of rewards to xSushi holders, that issue was mitigated in 5 hours after discovery with only US$15,000 in lost profits. These lost profits were reimbursed directly by Sushi's treasury, so that no holders lost any assets.

Thanks for your consideration.

=====contents above are drafted by AlienWatts===== Discussion link: https://forum.cream.finance/t/add-xsushi-for-borrow-and-lend/588