News

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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Thana

Coincu News

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.

Recent Posts

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

29 minutes ago

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

49 minutes ago

Inflation Warning By Vanguard Amid Tariffs And Labor Issues

Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…

1 hour ago

Clanker Token Trading Volume Hits $59.8 Million High On November 21

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

2 hours ago

Bitcoin Spot ETF Inflows Hit $1 Billion Led By BlackRock

Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…

2 hours ago

New York Techie Bagged $72M from $15K Investment in Ethereum — Here’s How BlockDAG Can Offer Similar Jackpot

Discover the success story of a New York tech entrepreneur who made $72M from a…

2 hours ago

This website uses cookies.