2024

SushiSwap

April

Ethena

SushiSwap is currently experiencing an intense discussion about governance in its community.<a href="https://www.cryptotimes.io/2024/04/06/sushiswap-governance-proposes-to-restructure-treasury/" data-wpel-link="internal"> </a>The SushiSwap team has<a href="https://www.cryptotimes.io/2024/04/06/sushiswap-governance-proposes-to-restructure-treasury/" data-wpel-link="internal"> </a>proposed <a href="https://www.cryptotimes.io/2024/04/06/sushiswap-governance-proposes-to-restructure-treasury/" data-wpel-link="internal">restructuring the protocol’s treasury and tokenomics</a>. The proposal aims to establish a “Labs model” to enhance operational efficiency and accelerate development. 
The main issue centers on the proposed changes to the token system, which include minting 25 million SUSHI tokens, worth approximately $42.5 million, to be granted to the newly formed Sushi Labs entity. Also, Sushi Labs would get all future airdrops from partners, gaining full control of the protocol’s funds. 
Voting on the proposal commenced on April 3rd and is set to conclude on April 10th. With around 29 million SUSHI tokens pledged, the required quorum has been surpassed. However, the community remains deeply divided, with concerns raised over centralized power and potential misalignment with the principles of decentralized governance. 
Allegations of impropriety have further<a href="https://x.com/EverywhereFi/status/1777370634223312962" target="_blank" data-wpel-link="external"> fueled </a>the controversy, with former SushiSwap contributor Naïm Boubziz claiming that the team voted for themselves using the protocol’s multi-signature wallet and borrowed funds to increase their voting power through liquidity provisioning. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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 <a href="https://twitter.com/hashtag/Sushsiwap?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener" data-wpel-link="external">#Sushsiwap</a> : Lol . Sushiswap voted for themselves with the Ops multisig wallet. Does this seem clearer to you now? <a href="https://t.co/NHtOQOXtt9" target="_blank" data-wpel-link="external">https://t.co/NHtOQOXtt9</a> <a href="https://t.co/OlDPSJ0BfN" target="_blank" data-wpel-link="external">pic.twitter.com/OlDPSJ0BfN</a>— Naïm Boubziz (@BrutalTrade) <a href="https://twitter.com/BrutalTrade/status/1777254747889602831?ref_src=twsrc%5Etfw" target="_blank" rel="noopener" data-wpel-link="external">April 8, 2024</a>
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Head Chef Jared Grey of Sushi defended the team’s recent actions, citing concerns over a potential hostile takeover. He <a href="https://x.com/jaredgrey/status/1777358596356927963" target="_blank" data-wpel-link="external">explained</a> that the decision was made after consulting legal experts. If the proposal succeeds, Sushi stands to gain a well-funded R&amp;D arm, which could address past product issues within the DAOs. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also read: <a href="https://www.cryptotimes.io/2024/04/09/ethena-labs-approved-for-250m-usdefrax-pool-on-curve/" data-wpel-link="internal">Ethena Labs Approved for $250M USDeFRAX Pool on Curve</a>. 
</blockquote>

SushiSwap Community Divided Over Proposed Treasury Changes

The Crypto Times

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