Decentralized cryptocurrency exchange (DEX) SushiSwap moved to a new governance model based on a new division dedicated to developing and implementing projects in the Sushi ecosystem. The community will still be actively involved in managing the crypto exchange.
The SushiSwap community introduced Sushi Labs, an autonomous administrative, technical, and operational company that will manage all processes within the Sushi ecosystem.
The new governance model has a decentralized structure proposed by Jared Grey, SushiSwap’s Chief Developer and now Managing Director of Sushi Labs. The new structure consists of four boards:
- Sushi High Kitchen is a central governing body comprising six to eight members. It’ll oversee a multisig setup for transactions.
- Treasury Council is a treasury body that will focus on developing a budget, managing the DEX’s liquidity, and working on strategic proposals to increase the stability of the ecosystem.
- Grants Council is a body responsible for awarding grants and funding initiatives that support the development of the ecosystem.
- Ambassador Council is a body that promotes the Sushi ecosystem, engages with the community, and supports marketing communications and user engagement to participate actively in the project’s life.
Sushi Labs will manage the DAO’s budget of 25 million SUSHI. Meanwhile, the SushiSwap blog noted that the Sushi DAO will retain its role in managing the ecosystem, continuing to participate in strategic decision-making and treasury allocation. The DAO will regulate the budget, participate in council elections, and vote for representatives to take part in discussions and decision-making. This will ensure decentralized management and active community engagement in project management and development.
Grey also noted that the new structure, sufficient budget, and successful products such as Route Processor will improve the exchange’s liquidity. Besides, multiple tokens will now be used to allocate costs and rewards within the ecosystem, reducing the risk of inflation of SUSHI, the ecosystem’s native token, and facilitating the funding of various DAO initiatives. By utilizing multiple tokens, Sushi Labs plans to manage its resources more efficiently and provide participants with more opportunities for rewards. The ecosystem is scheduled to fully transition to multi-token governance by late Q3 2024.
According to DefiLlama, SushiSwap’s performance declined after a 2023 exploit, when hackers stole $3.3 million from the protocol.The DEX earns about $1.5 million monthly on commissions, which is at least four times lower than the pre-exploit average and well below the 2021–2022 peak.
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