{"id":517360,"date":"2023-01-24T18:00:14","date_gmt":"2023-01-24T23:00:14","guid":{"rendered":"https:\/\/wncen.com\/?p=517360"},"modified":"2023-03-08T07:26:17","modified_gmt":"2023-03-08T07:26:17","slug":"sushiswap-redirect-trading-fees-to-treasury","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/defi\/sushiswap-redirect-trading-fees-to-treasury\/","title":{"rendered":"SushiSwap To Redirect 100% Trading Fees To Treasury"},"content":{"rendered":"

While the DeFi market has continued to mirror the crypto market rally, more innovations have been introduced to the ecosystem. In today\u2019s news, <\/span>SushiSwap<\/span><\/a>, the sixth-largest decentralized exchange (DEX) by 24 hours trading volume, has passed a proposal to relocate 100% of its trading fees to the SushiSwap treasury for maintenance and expenses.<\/span><\/p>\n

Related Reading: SushiSwap Head Chef Suggests Cooking Up New Token Model \u2013 Will The DEX Survive 2023?<\/a><\/p>\n

SushiSwap Introduces New Update<\/span><\/h2>\n

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.<\/span><\/p>\n

According to a presented governance <\/span>proposal<\/span><\/a> 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\u2019s treasury to enhance the operation and maintenance of the exchange over the next one year.\u00a0<\/span><\/p>\n

The proposal noted, \u201cRevenue 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.\u201d In <\/span>another proposal<\/span><\/a> passed the same day, approximately 99.85% of voters voted in favor of \u201cclawing back\u201d 10,936,284 unclaimed SUSHI ($14.8 million) tokens to be rewarded to early liquidity providers during the DEX’s launch in 2020.<\/span><\/p>\n

SushiSwap Painful Loss And Recovery\u00a0<\/span><\/h2>\n

Undoubtedly the crypto winter hit most projects in the industry, including <\/span>DeFi<\/span><\/a> platforms such as SushiSwap. 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).\u00a0<\/span><\/p>\n

To counter that loss and initiate recovery, Grey revealed<\/span>\u00a0plans<\/span><\/a> to refine SushiSwap\u2019s tokenomics so that LPs are no longer bankrolled with emissions and redesign the complete model of bootstrapping liquidity on the exchange.\u00a0<\/span><\/p>\n

The \u201cKanpai\u201d 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.\u00a0<\/span><\/p>\n

\u201cPut 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. Kanpai is a temporary solution,\u201d Grey stated.<\/span><\/p>\n

Related Reading: SushiSwap: Deciphering How SUSHI Is Posting Unparalleled Price Growth<\/a><\/div>\n

Speaking of SushiSwap, the protocol\u2019s native token, SUSHI, has been in a rally, following the rest of the DeFi <\/span>sector<\/span>.\u00a0<\/span><\/p>\n

\"SUSHI
SUSHI price is moving sideways on the 4-hour chart. Source: SUSHIUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

SUSHI has surged by over 40% in the last 30 days; meanwhile, at the time of writing, <\/span>SUSHI<\/span><\/a> trades at $1.34, down by 1.4% in the previous 24 hours and with a trading volume of $58.6 million in the same period.<\/span><\/p>\n

Featured image from BlockchainReporter, Chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

While the DeFi market has continued to mirror the crypto market rally, more innovations have been introduced to the ecosystem. In today\u2019s news, SushiSwap, the sixth-largest decentralized exchange (DEX) by 24 hours trading volume, has passed a proposal to relocate 100% of its trading fees to the SushiSwap treasury for maintenance and expenses. Related Reading: SushiSwap Head Chef Suggests Cooking Up New Token Model \u2013 Will The DEX Survive 2023? 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. 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\u2019s treasury to enhance the operation and maintenance of the exchange over the next one year.\u00a0 The proposal noted, \u201cRevenue 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.\u201d In another proposal passed the same day, approximately 99.85% of voters voted in favor of \u201cclawing back\u201d 10,936,284 unclaimed SUSHI ($14.8 million) tokens to be rewarded to early liquidity providers during the DEX’s launch in 2020. SushiSwap Painful Loss And Recovery\u00a0 Undoubtedly the crypto winter hit most projects in the industry, including DeFi platforms such as SushiSwap. 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).\u00a0 To counter that loss and initiate recovery, Grey revealed\u00a0plans to refine SushiSwap\u2019s tokenomics so that LPs are no longer bankrolled with emissions and redesign the complete model of bootstrapping liquidity on the exchange.\u00a0 The \u201cKanpai\u201d 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.\u00a0 \u201cPut 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. Kanpai is a temporary solution,\u201d Grey stated. Related Reading: SushiSwap: Deciphering How SUSHI Is Posting Unparalleled Price Growth Speaking of SushiSwap, the protocol\u2019s native token, SUSHI, has been in a rally, following the rest of the DeFi sector.\u00a0 SUSHI has surged by over 40% in the last 30 days; meanwhile, at the time of writing, SUSHI trades at $1.34, down by 1.4% in the previous 24 hours and with a trading volume of $58.6 million in the same period. Featured image from BlockchainReporter, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":517363,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83405],"tags":[6664,54512,1973,82802,82835],"class_list":["post-517360","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi","tag-crypto","tag-defi","tag-exchange","tag-sushi","tag-sushiswap"],"acf":[],"yoast_head":"\nSushiSwap To Redirect 100% Trading Fees To Treasury<\/title>\n<meta name=\"description\" content=\"While the DeFi market has continued to mirror the crypto market rally, more innovations have been introduced to the ecosystem. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"SushiSwap To Redirect 100% Trading Fees To Treasury","url":"http:\/\/wncen.com\/news\/defi\/sushiswap-redirect-trading-fees-to-treasury\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/defi\/sushiswap-redirect-trading-fees-to-treasury\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/SushiSwap.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/SushiSwap.jpg?fit=1140%2C570"},"articleSection":"DeFi","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["crypto","defi","exchange","sushi","sushiswap"],"dateCreated":"2023-01-24T23:00:14Z","datePublished":"2023-01-24T23:00:14Z","dateModified":"2023-03-08T07:26:17Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"SushiSwap To Redirect 100% Trading Fees To Treasury\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/defi\\\/sushiswap-redirect-trading-fees-to-treasury\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/defi\\\/sushiswap-redirect-trading-fees-to-treasury\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/SushiSwap.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/SushiSwap.jpg?fit=1140%2C570\"},\"articleSection\":\"DeFi\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"crypto\",\"defi\",\"exchange\",\"sushi\",\"sushiswap\"],\"dateCreated\":\"2023-01-24T23:00:14Z\",\"datePublished\":\"2023-01-24T23:00:14Z\",\"dateModified\":\"2023-03-08T07:26:17Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/SushiSwap.jpg?fit=1140%2C570","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/517360"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=517360"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/517360\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/517363"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=517360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=517360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=517360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}