Weekly Round-Up (July 1st Week)
Introducing Toshokan, a community-first blog for Sushi

Introducing Toshokan, a community-first blog for Sushi

Today we're excited to introduce Toshokan (図書館 Japanese word for library), our new blog that will help keep our community informed about the latest happenings at Sushi.

6 min read

Weekly Round-Up (July 1st Week)

This is a weekly update covering interesting news happening in the Sushi community. If you’ve missed the latest forum call, or haven’t had a chance to browse the forum then read on!
Weekly Round-Up (July 1st Week)

KlimaDAO’s Carbon Offsetting Snapshot:

KlimaDAO’s proposal to introduce an opt-in carbon offsetting option to swaps has passed on Snapshot. The Snapshot received 99.38% "yay" votes. Yay!

The Sushi Team will be looking to implement this on the Polygon network. Look for the option to opt-in to carbon offset your transaction’s calculated carbon footprint soon! Since this will be on Polygon, the carbon emissions related to transactions are incredibly small, to begin with, but if many choose to opt-in, the offsetting of emissions will be measurable!

KlimaDAO x Sushi Swap Carbon Offset Integration
Background KlimaDAO’s vision is to embed the cost of carbon emissions into our economic system through the creation and governance of a carbon-backed currency, aligning incentives between investors, civil society, and organizations. KlimaDAO wants to change the narrative that blockchain technology…

SushiHouse Funds are Going to the Treasury:

The two Snapshots related to SushiHouse funds have closed. The result for part one of the proposal is 99.94% in favor of redeeming the tokens from SushiHouse and placing them in the Treasury. From the second part of the proposal, 58.65% voted in favor of keeping the tokens instead of swapping them for stablecoins. Most of the value consists of ETH, BTC, SUSHI, and DAI – which the community appears to feel are worth holding.

SushiHouse Funds Redemption
Background SushiHouse is a SetToken that was setup by Yam’s treasury management team to diversify into assets for bear market protection. Unfortunately, the management team that was suppose to manage these funds are no longer in place and the tokens haven’t been actively managed since the start of…

Snapshot Quorum & Threshold Proposal:

Tangle has introduced a proposal to address Sushi’s Snapshot quorum and threshold. Discussions within the community – and likely internally – have often arisen about the requirements for a Snapshot to pass and become binding. It is laid out within the Sushi documentation that a quorum of no less than 5 million SUSHIPOWAH take part for a vote to pass and become binding. Some would argue this is very clear as the meaning of quorum leaves little room for confusion. A quorum, by definition, states that X (members/hamsters/stakers – as outlined in what makes up the quorum) be present at a meeting to ensure it is a valid meeting. And so, this proposal is a chance for the community to explore whether this is still the best way for Sushi to conduct its votes or if the requirements should be changed.

Currently, for a vote to pass and be considered legitimate, 5 million SUSHIPOWAH must participate in the vote. The passing outcome is the one that receives greater than 50% of the voting SUSHIPOWAH.

Also addressed in this proposal is whether the minimum amount of SUSHIPOWAH required for a vote to pass should be kept at anything greater than 50% or if it should be increased to either 66% or 75%. The rationale? It may be worth exploring if we as a community consider a vote to legitimately represent the communities’ wishes if it has nearly half of the quorum voting “nay” or abstaining. Some argue this shows considerable opposition/ indecisiveness, and perhaps a larger majority should be required to pass new proposals.

Take part in the discussion on the forum!

Snapshot Quorum & Threshold
Summary The current Quorum Value for required SUSHIPOWAH is slightly unclear as it has been stated in the docs: For a vote to pass and become binding, it must gain a quorum of at least 5 million SUSHIPOWAH. There is confusion on if this means 5 million in favour, or 5 mil total vote, as is a tradi…

MultiSig Rotation Snapshot Signal Vote Has Passed!

The proposal to update the MultiSig to include fresh members has passed with 99.96% of votes in favor. Sushi will now be looking for willing, reputable, and reliable members of the community to take on MultiSig responsibilities. The proposal indicates that 3 to 4 of the MultiSig members will be replaced. This suggests that the members of the MultiSig that are actively signing, allowing the Treasury to operate, will stay while those less involved – or not at all – will be removed and replaced. This will help Sushi carry out required transactions more efficiently!

Look for more news with regards to – the seeking out and vetting of – new signers in the weeks to come. The proposal can be found on the Sushi Forum:

Treasury Multisig Member Rotation
Background The Sushi Treasury is currently behind a 8 member Gnosis Multisig. The original members of this multisig were elected through publicly nominated elections / snapshot votes in the beginning days of Sushi. Overtime, the members of the multisig haven’t been 100% clear (due to stepping down…

The SushiGaurd Snapshot is Live!

The formal Snapshot vote to implement SushiGaurd is on Snapshot. SushiGaurd has been much-anticipated for its potential to protect Sushi users from front-running and sandwiching of their swaps. SushiGaurd is a solution put together by Manifold Finance that is intended to protect the Sushi DEX from arbitrage bots and MEV. The projected amounts SushiGaurd may yield in monthly earnings is indicated to be between $420k and $1.84m. Sam Bacha of Manifold suggests swaps will be more cost-efficient to users of SushiGaurd than the previous routers. The profits obtained by Manifold and Sushi are intended to be used in part to benefit their two communities/users. If you have any clever ways that you think these funds could best provide value, please feel free to reach out to Sam Bacha and the Sushi Team as they are looking for well-thought-out proposals. Currently, SushiGaurd will be available on the Ethereum network, but Sam says they hope to have it available on Optimism and Arbitrum soon.

The Snapshot vote can be found here.

To review all the documents Sam Bacha has put together, and the proposal itself, head over to the Sushi Forum!

SushiGuardRouterV01: Formal Proposal
SushiGuardRouterV01 The SushiGuardRouterV01 implements MEV Protection at the protocol level for Sushi users. Profits from arbitrage (via backrunning) are collected on chain in a transparent manner. This will enable Sushi to generate and capture profits normally realized by arbitrage bots, in protoco…

Migrator “Deathtrap”

The migrator “deathtrap” is being overhauled. While it is not as scary as the proposal makes it sound, the issue with tokens being arbitraged did not exist at the time of the contract’s creation. The team is working to fix this and make it safer for everybody!

Nabe – Sushiswap Metaverse Proposal.

The Nabe metaverse proposal was discussed in the community call. Party.Space – the team behind the proposal – has indicated that the Nabe metaverse is ready-to-go and would be available to Sushi if it is willing to pay 120k USD in stables. This fee is said to cover maintenance and services. This allots to 10k USD per month for Sushi to have a browser-based micro-verse. Whether this is a cost worth paying for such a service is currently being debated in the Sushi forum.Check out the screenshots and read more details on what Party.Space has to offer on the Sushi Forum:

Nabe (Sushiswap Community Metaverse)
Title: Nabe (Sushiswap Community Metaverse) Authors: cryptoshalom.eth, kostofan.eth Date: June 29th, 2022 BACKGROUND The last few months were difficult for Sushiswap - each month we face yearly low trading volume, resulting from decreased liquidity effect of the bearish market trend. The DEX re…

That's all for this week.

Be sure to come back for the next weekly round-up to catch up on any Sushi related topics you may have missed!