Weekly Round-up (July 4th 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.

5 min read

Weekly Round-up (July 4th 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 4th Week)

Election of Jonathan Howard as Head Chef Proposal

The team has put forward a proposal to elect Jonathan Howard as Head Chef. This proposal indicates that Jon has the support of the team. The team’s proposal on this matter includes details regarding the Head Chef’s responsibilities, compensation, as well as Jon’s vision for Sushi. Much is expressed in this proposal as it acts as an introduction to Jon as well as a temperature check to see if the community will accept him.

The community has met the proposal with a mixed response on the forum. Votes on the temperature check have been split, sitting slightly in favor of Jon. Some have argued that the votes are manipulated based on new forum sign-ups that have occurred just prior to the voting process. Whether this is just a case of more interested parties from the Sushi community joining the forum to participate or active manipulation is uncertain. Historically, Sushi proposals have drawn external voices that are willing to offer enthusiastic support. Hopefully, some will stay and continue to engage with the Sushi community as it is always looking to expand.

Summary of the Head Chef Proposal:

Just kidding. Obviously, if you’re here you’ve read the proposal. If not, go read it! This proposal is clearly worth reading from the horse’s mouth. Many important community voices have also responded. Such an important matter needs to be followed from the source.

Election of Jonathan Howard as Head Chef
Background: The community overwhelmingly passed the Sushi 2.0 Restructure for the Road Ahead on May 11, 2022 with a total of 9.6M in favor. The Sushi 2.0 proposal included a mandate by the community for SUSHI to source a Head Chef. Sushi team immediately orchestrated a leadership search process. Can…

A Response to the Proposal with a Proposal by LevX:

LevX has expressed his vision for Sushi by creating a proposal of his own. LevX’s proposal addresses concerns regarding Sushi losing TVL, team structuring, and tokenomics. LevX also suggests doing away with the core team and having all contributors be considered equal but with funding being decided by governance. The VE tokenomics model is also suggested as a better solution to Sushi’s current token model.

Make SushiSwap Decentralized Again
I believe we don’t need a new Head Chef. Based on what I’ve experienced, no one could be as good as Maki as the leader of SushiSwap, sadly, in many points so we should stop trying to find his replacement anymore. It won’t work in that way. Instead, I propose SushiSwap to be decentralized just like…

Sushi’s Community Call with Jon:

Jon addresses the community during this week’s community call. Jon engages with the community, discussing his ideas and fielding some community questions and concerns. This portion of the call covers the first hour and a half of the call. It is strongly recommended to listen to the forum call as potentially electing a new Head Chef is obviously a matter that should garner the attention of those with governance tokens.

Ribbon Finance Proposal

Ribbon Finance discusses their forum proposal during the community call starting at the 1-hour 35-minute mark. Ribbon Finance handles options for protocols. A basic breakdown is that Sushi would put part of the treasury’s SUSHI into Ribbon Finance and this SUSHI will either be sold into stablecoins at a strike price or generate stablecoins from the option expiring out of the money (if the price of SUSHI is below the strike price at the expiration). Parties effectively buy the right to purchase SUSHI at a given price (the strike price). If SUSHI does not increase beyond the strike price, the party's right to purchase it is worthless as they could do so on the open market. This strategy can be useful if it is believed the asset will not fluctuate too heavily in price. Options allow parties with different expectations to attempt to profit at the expense of each other. Exciting!

Options are a well-established strategy. Whether or not they are a suitable way to utilize the treasury, or if Ribbon Finance is the best protocol for the job should be discussed in the forum!

Ribbon Finance x SushiSwap: Increase Treasury Stablecoin Reserves
TL;DR Deploy a small percentage of the treasury’s 14,471,208 SUSHI (~$17M) into a cash-settled SUSHI covered call position to bolster treasury stablecoin reserves. Summary Written by chudnov on behalf of Ribbon Finance The treasury is ~85% SUSHI (including operation funds), has no revenue stream…

Fringe Finance Proposal

Fringe Finance also discusses their proposal at the tail end of the call at the 1-hour 55-minute mark. Fringe Finance would like to list Sushi on their platform. Fringe offers something akin to Kashi as a lending and borrowing protocol. Fringe would like to add Sushi and xSushi for lending and borrowing with an expected LVR (loan to value ratio) of 37% on Sushi loans. This means users lending would be able to borrow up to 37% of the amount lent, like Kashi. Fringe has its own native token which users can stake to collect platform fees. This model is effectively the same as lending on Kashi but with a different LVR and it benefits Fringe token holders. Fringe is also considering offering a stablecoin that is collateralized by multiple assets – think MIM’s model. It is unclear what new innovations are being added by Fringe. If you know of any, explain yourself on the forum!

List SUSHI and xSUSHI as collateral assets on Fringe Finance
Details of the offer Request: To add the SUSHI and xSUSHI tokens as collateral assets on Fringe Finance’s Primary Lending Platform. Pros for SUSHI and xSUSHI: Extra token utility Reduced selling pressure on the market $SUSHI holders will be able to access stablecoin loans What does Fringe Fin…