In simple terms, there’s a heated debate going on among SushiSwap’s community members about how the platform should be governed. The SushiSwap team has put forth an idea to revamp the treasury and token distribution system. Their proposed solution is called the “Labs model,” which they believe will streamline operations and speed up development by creating a more efficient structure.
The primary concern revolves around the proposed modifications to the token system. Specifically, this involves minting 25 million SUSHI tokens, valued at approximately $42.5 million, and transferring them to the newly established Sushi Labs entity. Additionally, Sushi Labs would acquire authority over all future airdrops originating from partnerships, effectively managing the protocol’s financial resources.
Starting on April 3rd and ending on April 10th, SUSHI token holders began casting their votes on the proposal. A quorum of approximately 29 million SUSHI tokens has been reached. Yet, the community is still debating fiercely as some express apprehension about the centralized control and potential discrepancies with the ethos of decentralized decision-making.
The ongoing controversy has been intensified by accusations of misconduct. Specifically, Naïm Boubziz, a previous contributor to SushiSwap, has alleged that the team illegitimately used the protocol’s multi-signature wallet for their own voting and obtained additional voting power by borrowing funds through liquidity provisioning.
Sushiswap used their multi-signature wallet to approve the transaction in a lighthearted manner (as indicated by “Lol” in the original message). Clearer version: Sushiswap approved the transaction using their multisig wallet with a playful tone.
— Naïm Boubziz (@BrutalTrade) April 8, 2024
Jared Grey, the leading chef at Sushi, spoke up in defense of the team’s recent moves, expressing worries about an impending hostile takeover. He revealed that they sought advice from legal professionals before making their decision. If the bid is successful, Sushi will benefit from a financially robust R&D division, which could help resolve past problems with their DAOs.
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2024-04-09 11:01