SushiSwap Is Given Permission To Return 6.2 Million SUSHI To The Treasury

Key Points:

Sushi DAO has approved a proposal to collect about 6.2 million SUSHI tokens from early liquidity providers who have not yet claimed their incentives and give them to the Treasury.
SUSHI coins valued about $8.36 million have not yet been claimed, according to the Merkle Distributor address.
Jared Grey, the head sushi chef, had originally proposed allocating 100% of xSUSHI sales to support the protocol’s runway for the following 12 months.

The SushiSwap has approved a proposal to collect about 6.2 million SUSHI tokens from early liquidity providers who have not yet claimed their incentives and give them to the Treasury.

When SushiSwap first debuted in 2020, it gave early liquidity providers (LPs) SUSHI tokens as an incentive. These tokens were locked and vested until Oct. 12, 2021.

About 6.2 million SUSHI coins valued about $8.36 million have not yet been claimed, according to the Merkle Distributor address.

As a result, a proposal to talk about the viability of giving the Treasury the unclaimed property was started in April 2022.

The proposition was put to a vote by Sushi DAO members between January 16 and January 23. According to the Snapshot results, the proposition received 99.85% of the votes cast in favor. The DAO also approved a three-month grace period before the clawback is put into effect.

In order to avoid forfeiting their incentives to the Treasury, early Sushi liquidity providers have until April 23 to claim their rewards.

Sushi to give Kanpai Treasury a full allocation

Jared Grey, the head sushi chef, had originally proposed allocating 100% of xSUSHI sales to support the protocol’s runway for the following 12 months.

The proposal received 99.9% of the overall vote after being given proper consideration by the DAO.

Future xSushi holders won’t receive any compensation because all fees will go directly to the Sushi Treasury.

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Annie

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.