The separate proposals passed in the past two days by SushiSwap community voters are part of a broader plan to ensure the project’s longevity. By shauryamalwa.
Token holders from the Sushi community have voted on two separate proposals that aim to strengthen the decentralized finance service’s treasury and long-term staying power.
Sushi, like other DeFi applications , relies on smart contracts to provide financial services such as trading, borrowing and lending to users. It was one of the earliest dApps and locked up over $459 million in tokens as of Tuesday, down from a lifetime peak of $7.5 billion in 2021.The ‘Kanpai’ proposal aimed to direct all trading fees from xsushi holders to the Sushi treasury, while the other sought to claw back unclaimed sushi tokens from a distribution held in 2021 back to the treasury.
This model is scheduled to last for nearly one year until Dec.19, 2023, during which the community is expected to propose and pass a new rewards distribution model. Developers have previously stated that Kanpai was a “temporary solution to a long-term problem,” asThe Sushi DAO community voted in favor of retrieving 8.2 million SUSHI, just over $11 million at writing time, which were initially rewarded to early liquidity providers during SushiSwap’s launch in 2020.
During the first six months after SushiSwap’s launch, LPs were rewarded with SUSHI tokens with over two-thirds of the accrued rewards locked up and vested for an additional six months.
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