In a blog post from 14 May, the development team of SushiSwap detailed the mechanics behind its new token launchpad, named MISO, which is supposed to go live on 17 May.
According to the post, MISO’s contracts will be split into two separate groups—tokens and markets. Some of the smart contract functionalities in each group were made specifically for MISO, while others were borrowed from other protocols.
All token minting on the MISO platform will take place in the Token contract. At launch, MISO will offer token creation for three token types, but the team noted that the contracts will work with any custom ERC-20 token “if needed.” The three token types will be mintable, fixed, and SushiTokens.
The mintable type is an ERC-20 token without a fixed supply that enables users to create further tokens. Fixed tokens represent standard ERC-20 tokens with a fixed supply, while SushiTokens take on the Mintable ERC-20 token, but with additional functions that enable governance, farming, and administration.
When it comes to the Markets contract, SushiSwap wanted to enable projects on MISO to control and define the parameters surrounding their token launch. The Markets option essentially enables projects to create different incentives and utilize different price discovery methods before launching their liquidity onto SushiSwap.
There will be three Market types available on MISO—Crowdsale, Dutch Auction, and Batch. While the classic crowd sale provides projects with direct control over the token price, Dutch Auctions lets the market decide the price of the token. Also called “inverted” auctions, they begin with a high starting price which then descends as time progresses. This style of auction enables users to enter token sales at a price they’re comfortable with, with the final token price set only when all tokens have been allocated. On the other hand, Batch token sales distribute tokens to users proportional to their share of the contribution pool. The token price is determined at the end of the auction, depending on how much money was raised.
In the blog post, SushiSwap noted that other features will be added to the MISO platform. The above-mentioned features and the company’s upcoming liquidity launcher will initially be supported only on Ethereum. Multi-chain support is currently in development and should be enabled in the future.