BEAMSTART Logo

SushiSwap To Redirect 100% Trading Fees To Treasury

NewsBTC LogoNewsBTC4d ago

SushiSwap To Redirect 100% Trading Fees To Treasury - NewsBTC

Quick Summary:

Last December, SushiSwap CEO Jared Grey revealed that the DEX experienced a $30 million loss over the past 12 months on incentives for liquidity providers (LPs).  To counter that loss and initiate recovery, Grey revealed plans to refine SushiSwap’s tokenomics so that LPs are no longer bankrolled with emissions and redesign the complete model of bootstrapping liquidity on the exchange.  The "Kanpai” governance proposal, which aims to relocate trading protocol fees to the treasury, was also referred to by Grey when illustrating the plans to update the SushiSwap exchange.  "Put simply, it (Kanpai) allows the protocol to rebuild its cash reserves to continue to pay competitive wages, pay for critical infrastructure, & to diversify its Treasury with funds collected in the base pairs of assets, like ETH, stablecoins, etc.

According to a presented governance proposal by the developers of the SushiSwap decentralized exchange, which was passed on January 23, the SushiSwap exchange will now extend the usage of trading fees by redirecting them to the exchange’s treasury to enhance the operation and maintenance of the exchange over the next one year.  The proposal noted, "Revenue to the treasury will be 50% ETH and 50% USDC, with a projection of ~$6m being earned over the next year if this proposal were to pass.” In another proposal passed the same day, approximately 99.85% of voters voted in favor of "clawing back” 10,936,284 unclaimed SUSHI ($14.8 million) tokens to be rewarded to early liquidity providers during the DEX’s launch in 2020.

SushiSwap Introduces New Update This new update comes after CEO Jared Grey voiced warnings that the exchange treasury stability is numbered as it has “only 1.5 years of treasury runway left,” despite having cut down the annual operating expenses from $9 million to $5 million during the ongoing crypto winter.


More Pictures

SushiSwap To Redirect 100% Trading Fees To Treasury - NewsBTC (Picture 1)

or

Article Details

Author / Journalist: Samuel Edyme

Category: Crypto

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2023-01-24 @ 23:00:14 (4 days ago)

News Timezone: GMT +8:00

Ranking: #1557 (out of 5406 stories this day)

News Source URL: newsbtc.com

Language: English

Article Length: 460 words

Reading Time: 3 minutes read

Sentences: 28 lines

Sentence Length: 17 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © NewsBTC

News ID: 4746496

View Article Analysis

About NewsBTC

NewsBTC Logo

Main Topics: Crypto

Official Website: newsbtc.com

Update Frequency: 4 posts per day

Year Established: 2013

Headquarters: United Kingdom

News Last Updated: 21 hours ago

Coverage Areas: United Kingdom

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #102

Publisher Details

Frequently Asked Questions

How long will it take to read this news story?

The story "SushiSwap To Redirect 100% Trading Fees To Treasury" has 460 words across 28 sentences, which will take approximately 2 - 4 minutes for the average person to read.

Which news outlet covered this story?

The story "SushiSwap To Redirect 100% Trading Fees To Treasury" was covered 4 days ago by NewsBTC, a news publisher based in United Kingdom.

How trustworthy is 'NewsBTC' news outlet?

NewsBTC is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news.

The outlet is headquartered in United Kingdom and publishes an average of 4 news stories per day.

It's most recent story was published 21 hours ago.

What do people currently think of this news story?

The sentiment for this story is currently Negative, indicating that people regard this as "bad news".

How do I report this news for inaccuracy?

You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
  • News ID: #4746496
  • URL: https://beamstart.com/news/sushiswap-to-redirect-100-trading-16746024784647

BEAMSTART brings you the latest news, database, and jobs from all around the world on startups, technology, and business. Stay updated with industry news, plug-in to exciting community events, and discover incredible career opportunities with the world's most innovative companies.

© Copyright 2023 BEAMSTART. All Rights Reserved.