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.
JiroOno
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.
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!
chudnov
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!
fringefinance