Sushi DAO Vote To Direct All Fees To Protocol’s Treasury
Two huge entities essentially determined the Sushi DAO decision to allocate all fees collected by the SushiSwap decentralized exchange to the protocol’s treasury.
According to information on the Snapshot voting website, the two businesses were GoldenChain, the venture capital firm Golden Tree’s digital investment arm, and a wallet intimately associated with the cryptocurrency trading business Cumberland, each gave 10 million sushipowah tokens, the Sushi DAO governance token, to help pass the vote.
91% of the 11 million tokens that were voted in favor of the plan represented their total voting power.
After the adjustment, trading fees on the exchange will go to the project’s treasury rather than rewarding holders of sushi tokens for around a year. The organization that runs SushiSwap justifies its decision by stating that it needs additional funds while enhancing its long-term sustainability strategy.
GoldenChain gave an explanation for why it voted in support of the motion. GoldenChain said on the DAO forum that the action was required to guarantee SushiSwap’s long-term stability. GoldenChain did want further information about how the change will be executed, though.
The current value of Sushi DAO’s treasury is $12 million. Sushi, the protocol’s native token, accounts for the majority of its assets. Additionally, the DAO has $208,000 in USDC stablecoin.
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