A controversial one Sushi SUSHI
-6.73%
DAO board proposal – transferring more than $40 million in DAO-controlled government bonds to a new Labs model – has passed an initial community signal vote.
To vote concluded earlier today, with 62.5% in favor of the proposal. The proposal was intended as a signal vote to indicate whether or not the structural change should proceed. A executive vote is already underway, with currently 83% in favor, and is expected to conclude on April 17.
The proposal has been tough criticizedhowever, with Naïm Boubziz, member of the SushiSwap Compensation Committee to claim The core development team created new wallets ahead of the vote to increase the team’s voting power.
The proposal marks the first time the SushiSwap team address – Sushigov.eth – has ever voted, according to to Boubziz. Its 5.5 million SUSHIPOWAH votes and another 3.1 million delegated to it make it the largest voting bloc, even if the community never expected the purse to be used in governance.
In crypto, a lab typically conducts research and development to promote the protocol, while a DAO is a decentralized governing organization and its decisions are generally not centralized.
SushiSwap’s core team did not immediately respond to a request for comment from The Block.
SushiSwap Treasury Proposal
SushiSwap’s board proposal proposed transferring assets from the DeFi app’s DAO-controlled treasury to a new one managed by Sushi Labs, while also ensuring that all future airdrops are routed to Sushi Labs’ vault .
“We request that Sushi DAO award a grant of 25 million Sushi tokens to Sushi Labs, including assets from the Arbitrum airdrop, business development and partner grants, Kanpai 2.0, Sushi 2.0, rewards, stablecoins and ‘Sushi House’ funds, ” SushiSwap developer Jiro wrote in a post last month.
The proposal also stipulated that the new Sushi Labs entity would be the sole beneficiary of future airdrops granted to Sushi by protocols and partners.
According to Jiro, this proposal aims to evolve Sushi by adopting a laboratory model, “restructuring the current organization to improve operational efficiency and accelerate protocol development.”
The developer added that this move is necessary because current SushiSwap management procedures “require more flexibility to accelerate our development pace.” Additionally, the proposal is intended to “give Sushi Labs full and sole operational responsibility for core product development.”
SushiSwap “Head Chef” Jared Gray told The Block on April 5 that the proposal is part of a necessary restructuring of the governance model for the benefit of both Sushi holders and the DAO.
“The goal of our proposal is to optimize the relationship between the operational element and the DAO,” Gray said. He added that the proposal provides a path forward for shipping products faster and ensuring operational continuity and DAO autonomy.
According to The Block’s price page, Sushi’s token has fallen 9% in the past 24 hours.
SUSHI/USD price chart. Image: The block/trade view.
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