I wanted to start off this interview by telling you and the audience that your name, Sarang, actually means love in Korean! Did you know that?
No, not at all. Actually, the funny thing is that my name has another meaning in India as well. Sarang is the name of one of the Gods from Indian culture. You know India has many Gods, so I’m not sure it’s a very famous one for international people, but it was so funny when we decided to go with the name ‘Trident’ for our next generation AMM, because in the folk lore the God with my name wields a trident!
How did you first hear about Sushi and what led you to become a full-time contributor?
I heard about Sushi first from my friend who was heavily into farming last DeFi summer. At the time Sushi was still in its infancy as a protocol and its concept was relatively novel. My friend explained how SushiSwap gives back to the community and how important governance was to its operations. Last summer it was my first time really digging into a protocol that had an anonymous founder, other than Bitcoin, too, so it really intrigued me.
I had a pretty good hold around the concepts of Solidity and I had just graduated, so with the time I had on my hands I tried joining some hackathons. Last year, in October, I started working on building solutions for gasless swaps as part of the ETH Denver Hackathon. The hack required a team effort and part of that team was fellow soon-to-be Sushi core contributor, Gasper! We caught the attention of Joseph Delong with what we were building and Joe thought it would be a great idea to have us bring that solution over to Sushi, so here we are!
What is your role at Sushi? Give us the juicy details about your day-to-day activities and the major roles you had in some bigger projects.
I am a Core Developer at Sushi. I work mainly on the Solidity side of things in terms of my role. Currently, I’m quite occupied with Trident — Everyone is these days, to be fair. I helped design one of the various pool types that were announced as part of Sushi’s new AMM. Prior to this, I was heavily involved with the creation of the Sushi Limit Order system. What that entailed was: Building the contracts, writing tests for the system, making the SDK and testing the design for intuitiveness. To broaden my role to the simplest level, I’m here to help Sushi launch and build products.
Officially the Limit Order Tool was announced as Limit Orders V2. Can you tell us a bit more about what the upgrades are of this version?
The first point is that it’s gas-less! So users do not need to pay anything for these transaction types, apart from the access fee to permit your wallet to perform this type of order for the first time. We’re really excited to offer free trading in this mechanism. Technically you could also do gas-less swaps using this tool because if you perform a limit order at the market price, you are actually doing ‘gas-less swaps’ because you’re not paying any ETH from your wallet, as the fee is extracted from the order itself.
Another benefit that we get with V2, is that it’s built on top of BentoBox, kind of like a Dapp. BentoBox has this benefit as a token vault because of its applied strategies, where deposited assets automatically earn yield depending on if they feature in the currently used strategy. So, while you have USDC, for example, held in a limit order, waiting, it can automatically earn yield while it’s idle, thanks to BentoBox!
The Sushi method is very capital-efficient as well, because you can use the same underlying capital for multiple limit orders.
You could place limit orders at multiple price ranges and make it conditional. For example, if you are certain that a token would oscillate between a range, you can just put two orders to buy that token and sell it at a higher price, even though you don’t have that token yet, the sell would fulfill when the buy operation does, earning you a sweet profit while you sleep. (Assuming you don’t have any previous quantity of this token in this wallet).
A lot of people talk about how Uniswap V3 already has limit orders, which is partially correct. In Uniswap V3, however, the token can convert back to the older token if the price range changes, this is an undesirable effect. In our case, it works exactly how a limit order should work.
First of all, on behalf of CT, I want to welcome you to Twitter. Have you been enjoying it so far?
When I first got on there I realized the reason why I had been putting it off for so long was happening faster than I expected… It is so addictive! I have to already set limits for myself because I would never get any work done, cause of CT. Believe it or not, I’ve been just lurking around and reading what’s out there. I haven’t even done my first “Hello World” tweet yet.
Truly, as of this time… Sarang’s Twitter is still void of any genesis tweet: https://twitter.com/sarangparikh22 🙀
Speaking of Twitter, one of the more common $SUSHI tweets is how the Sushi token is one of the most under-valued token in DeFi. Why do you think so many people say that?
I think the biggest misconception driving this undervaluation is that the majority of people still think that Sushi is just this copy of Uniswap and that it hasn’t built anything unique. One thing that I think people could be slow to catch up to, as well, is the sheer amount of innovation that was built in such a short amount of time.
It’s tough to keep up with all the different products and tools that Sushi has deployed, so I think that once we pass this initial learning curve period we will see the token price catch up to reflect the project’s real value.
On a positive note, I think that most people are changing their attitudes toward Sushi and recognizing how innovative the team is and how much effort has been put into this platform at both a technical and an operational level.
You mentioned a lot of innovation getting lost due to the speed of it all. Was there any innovation of Trident’s that you wanted to highlight to show that it is a truly original product?
The most unique part of Trident is how it acts like an AMM lego. Until now, if you wanted to perform DeFi transactions with a new pool type, you’d have to go and build a whole new AMM and conform that platform around the new pool configuration, which is a giant, complex undertaking. With Trident, you have the ability to add on new pool types, so you’re building these functions on top of the infrastructure like you would add Lego blocks.
So, this Trident model could probably become the new de facto way of deploying AMMs, because it really removes the limitations you have with the current go-to method, which only supports complete rehauls.
Going forward, for anyone that has a new pool type in mind, they can just conform it to cooperate with the Trident IPOOL standard and deploy it. It can certainly take off and start accumulating liquidity and potentially become a really popular swap option. Sushi is actually trying to include everybody in the ecosystem and is very open to any new pool type. So I encourage you, if you are interested, to bring your pool type to try out onto Trident when it launches.
This is just the tip of the feature set that Trident offers. I, personally, really like that it is built on top of BentoBox, and our routing engine, Tines, is extremely proficient and probably the best in the market. Kudos to all the hard work of the entire Sushi team!
Are there any projects or initiatives you would personally like to work on once Trident stuff is finished?
I’m very enthusiastic about building out BentoBox and really seeing the Dapp list there expand out. It’s such an innovative product that I’m making it my mission to help people see all the ways they can be creative with how new Dapps can take advantage of this tech.
Another area I’m passionate about is gas-less transactions. I want to be able to offer that more across the board and really help to tweak the UI to add that function in as often and as seamlessly as we can. I feel this would drive more adoption to the ecosystem.
We’ve done a few hackathons these days around BentoBox. Has there been anything that has caught your attention?
Recently with our sponsorship of the Encode Hack Africa event, I had a hacker tell us that he’s trying to build a set of indices on BentoBox, which is really cool. Any capital that you park in this indices protocol can be used in strategies, making it a more capital-efficient indices protocol, providing better yield for its users. I think this is a very interesting idea to explore.
Another cool one is something similar to Sablier. Sablier Finance is a tool that holds salaries or a large quantity of money in its vault and lets it trickle out to the wallet it is assigned to block by block. If we built this on BentoBox, people could still receive their salaries or payments, but while earning an extra yield on the funds that have not been released just yet.
So then if you could build something for Bento Box, what would it be?
I would love to show how simply we can upgrade currently available Dapps with the use of BentoBox. For example, I would love to just copy and paste the Sablier code on top of Bento. I would hope to highlight the strategy usage in a creative way since that is the most novel capability of Bento.
I know these interviews are known for dropping loads of Alpha, but I’d rather build something and have something to show for it before even talking about the ideas I have.
What do you think Sushi could do to grow their community in India and what is the overall sentiment there about DeFi?
Unfortunately, there are not a lot of people who use decentralized finance in India. The good news is, the people that do are already very into Sushi, that I’ve spoken to. There are a lot of crypto communities in India, so, it would be cool to hold some talks there with them. I held some presentations while I was in college about contract security. Speaking in these more intimate, community-based groups is the perfect way to organically grow in India.
The most successful method to reach a larger Indian audience, however, is through hackathons. There is this one company that does most of the famous hackathons out here, Devfolio, and you may be surprised to find out that their biggest sponsor, pretty much forever, has been Polygon (Matic). If you look at their portfolio page, you see how they organize tonnes of college hackathons across India. I think it would be a great idea to be a small partner there so that we can have more hands building a more differentiated toolset on top of Sushi. Even having hackers use the Sushi products and getting feedback from them or new suggestions is really valuable.
I should admit that I am a self-proclaimed “Hackathon-holic.” During my 4 years in college, I participated in over 30 hackathons. The hackathon culture is really prominent in India.
In terms of regulation, which is always a hot topic when discussing crypto + India, the Indian government is still deciding on how to regulate crypto. We have so much talent coming out of the country. In fact, one of our core dev Mudit Gupta is a recent join from India.
Otherwise, I think the general public knows that Bitcoin is a currency, but that’s pretty much the extent of it. Because it’s so easy to send money or make payments in India, using UPI, all you need is a bank account and a phone number.
On the other hand, with the complete rehaul of the financial system in India, demonetization, it did create a lot of public tension, because people are realizing how much control the government has over their money and this has started a push into a more nationwide interest in cryptocurrencies.
What are your hobbies outside of work?
I think everyone answers this way, but I really don’t have too much time for hobbies outside of work these days. In general, though, I do like sports, such as cricket and table tennis. I have a new hobby these days, where I started growing my own bonsai tree. I’m only just learning the basics and I have no clue where I even got the idea, but I’m really enjoying it and it ties back to programming in so many ways.
One thing I’ve learned about how to care for bonsai trees is that you have to be very patient and you have to be very cautious. So this has helped me apply this mindset to my work, in that problem solving requires patience and, since we’re dealing with finance, we have to be very cautious with what we put out there.
In your opinion, where should the Sushi team go for the big Sushi vacation?
Japan, of course!! I don’t know much about Japan, which is why I want to go there and explore much further. I want to explore Okinawa, because of the bonsai tree nursery there.
Bonsai Tree Nursery – Okinawa Hai
CONTRIBUTED BY IVAN I was cruising down the street in my ’64-actually it’s my ’98, but the year of my whip is not what…
What is your favourite sushi?
I’ve actually never had sushi in my life because I’m a vegetarian. It’s funny because there actually are quite a few sushi shops in India, but I didn’t go to them since I assumed there were no vegetarian sushi rolls. If I had to choose a favourite, though, it would have to be vegetarian sushi.
The list of Sushi Core Contributors that have not tried sushi is growing, guys. Poor some shoyu out for those who don’t know what they’re missing.
Keep on the lookout for more weekly Sushi core team interviews!
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