DeFi

SushiSwap Aims To Replace The Project’s Governance Body

SushiSwap Aims To Replace The Project's Governance Body

On Wednesday, a SushiSwap core contributor suggested a “Meiji Governance Rework” update, with the goal of bringing a wide range of modifications to Sushi’s decentralized autonomous organization, which is cooperatively owned and governed by its members.

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According to SushiSwap’s recently recruited head chef Jared Grey, the Meiji upgrade might make the project’s administration more equitable and decentralized.

If the proposal is approved, SushiSwap will be led by Meiji DAO, a new entity that will replace the project’s governing body, Sushi DAO.

“The Sushiswap Meiji DAO will supersede all responsibilities currently held by the Sushi DAO. The Meiji DAO will bring governance on chain, and kickstart the Meiji Restoration of Sushi, which will become a new phase of Sushi and a new grand vision to execute on.”

The most prominent planned change is that the Meiji DAO body would vote using Sushi shares, which reflect non-transferable governance rights to participate in SushiSwap governance. The DEX’s native Sushi tokens may be locked up in a smart contract to receive the shares. According to the plan, shareholders might sell their shares at any moment by forfeiting them.

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The idea, which is still in the works, stated that using so-called Sushi shares will help prevent Sybil actors or individuals who acquire significant sums of tokens from influencing DAO voting outcomes. Shares will not be granted instantly, and members will have to wait twice as long to vote on various propositions.

According to the proposal, the non-transferable design will assist the team in implementing quadratic voting, a governance system that minimizes the weight of extra votes used to cast votes by a single voter.

While quadratic voting is still a new idea in DAOs, it is intended to improve governance procedures by increasing the voting power of the typical voter.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.