SushiSwap is the 12th largest decentralized finance protocol in the Ethereum ecosystem, with $750 million in liquidity at the time of writing, according to data from DeFi platform Llama.
The nomination of Jonathan Howard as SushiSwap’s “Head Chef,” a position that closely resembles that of a company’s CEO, has been surrounded by quite a bit of controversy.
Some believe that Howard, an honors graduate of the University of Maryland in Computer Science, does not have enough experience in developing projects focused on decentralized finance (DeFi). In addition, the salary initially proposed to compensate for the work he does on the SushiSwap protocol, as “Head Chef”, was considered quite exaggerated. For this reason, the community of SushiSwap has voted to reduce the said salary, including the benefits package that will be given to Howard and whoever takes over after him.
The initial proposal that was presented contemplated a base salary of $800.000 dollars for the “Head Chef.”
SushiSwap votes on Head Chef compensation
In response to a governance poll posted by user Tangle on the SushiSwap community forum, the community voted in favor of a salary of $500.000 dollars for Howard, in addition to 6 months of severance pay and a bonus package including 1,2 million SUSHI tokens, as an incentive.
One of the SushiSwap community members, C3_Group, commented that $500.000 base salary is still a generous but more acceptable offer to remunerate the “Head Chef.”
The new governance proposal separated the incentives from Howard's nomination, which was another issue that plagued the community. Several members have said that SushiSwap It is no longer the decentralized protocol which used to be the case in the beginning, as there is a lot of influence on governance from large investors.
The search for a “Head Chef” continues
Last week on Twitter, the protocol developers announced that they are continuing their search for a “Head Chef” for SushiSwap, and will therefore dedicate the next community calls to this goal, in order to receive proposals from other candidates who can assume the leadership and development of the decentralized protocol, who will be voted on alongside Howard for the official appointment of the “Head Chef.”
According to The Defiant, the SushiSwap community will vote again on Howard’s election as the DeFi protocol’s “Head Chef.”
Recall that Howard won a “temperature check” poll as “Head Chef” of SushiSwap a week after his nomination, at the end of July. However, the vote in the survey was quite close, with 53% of votes in his favour.
SushiSwap, $750 million in liquidity
Over the past month, SushiSwap has lost nearly 10% of its liquidity, dropping to 12th place in Ethereum’s top decentralized protocol rankings from 5th place last month, according to data from DeFi platform Llama.
SushiSwap turned 2 years old since its launch in August 2020. On Twitter, the protocol announced “a week full of surprises” for its user community.
Continue reading: Ethereum hits new milestone with over 1,1 million daily active addresses
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
