Weekly Round-up (October Week 3)
Optimism Incentives Vote Passes
Three token pairs on Sushi are now eligible for Optimism token rewards after Optimism’s governance vote passed with 96% in favor. The following token pairs will be eligible for Optimism token rewards:
- OP-ETH
- ETH-USDC
- ETH-USDT
Look for additional rewards on these pairs in the future!
Sushi’s Legal Structure Snapshot Passes
Sushi’s legal structure proposal has passed the snapshot vote. With 11M SUSHIPOWAH voting yes to the new legal structure and 178 voting no, the vote was nearly unanimous. The new legal structure will allow the Sushi protocol to carry out operations that previously would have been done by individuals on Sushi’s behalf. Sushi will now be its own entity – or rather three? Check-out the proposal for a full explanation of the details of the legal structure as described by Neil.
No more will Sushi be like a child, dependent on others to reach things from the top shelf; now, like an adult, Sushi can pay taxes, pay for its own servers, and engage in other privileges granted to legal entities. Go Sushi!
Neiltbe
Kenpai 100% Fees to Treasury Proposal Withdrawn For a Rework
Head Chef Jared Grey has withdrawn the proposal that would have seen all xSushi holder’s fees sent to the treasury for a 1-year term.
The idea behind this proposal was to secure a means to fund continued operations as there are few options available to bolster the treasury. The continued success of Sushi is dependent on funding a skilled team that will find new ways to bring value to the Sushi ecosystem. Without a method to secure additional funding, the treasury's depletion is inevitable.
After receiving feedback, Jared has decided to rework the proposal. As Sushi still has runway, there is time to consider alternatives. Look for future updates as Jared may recommend a modified version down the road.
Sushinomics: A New Era Proposal
Xulian has crafted a proposal that addresses many areas of Sushi that he thinks may be sore points with the current model. The proposal touches on the following areas:
Liquidity – The proposal recommends changing the Sushi model so that each pair on the Sushi DEX will be one token paired with Sushi. The theory here is that it will reduce the number of token-pairs and simplify swapping between tokens as each token will be paired to Sushi. This will mean any swap between two non-Sushi tokens will simply interact with two liquidity pools. This idea requires all liquidity providers to have exposure to the Sushi token, which may be undesirable to many liquidity providers. The proposal also discusses the idea of protocol owned liquidity and more!
Multichain – The proposal also discusses the idea of replacing the current Sushi token with an OFT (Omnichain Fungible Token). Rather than using the Stargate for cross-chain swaps, the new Sushi token’s presence as a token in each liquidity pair would become the cross-chain solution.
One interesting idea in the proposal suggests that when xSushi is created through the staking process, the underlying Sushi is added to the Sushi in all the liquidity pools. It is unclear if xSushi would always appreciate compared to Sushi since the underlying Sushi would be exposed to numerous liquidity positions.
The proposal also covers such topics as revenue sharing, and incentivizing users to hold xSushi for rewards that increase dependent on the length of time the xSushi is held. During the community call the idea that governance voting power could rise based on the duration xSushi is held was also discussed – an exciting idea to reward those who have strong convictions and diamond hands!
xulian