The FTX CEO who just gained control over the SushiSwap protocol believes that the project should reduce the token supply and the fees and even build a copy on Serum. Following the altcoin news today, we are reading more about his suggestion.
A few days after gaining control over the SushiSwap protocol, the FTX CEO Sam Bankman Fried revealed that he has some personal ideas about the future of the project. These include reducing the total supply after executing the multi-sig wallet transition. The drama started over the weekend when the lead developer of sushiSwap Chef Nomi, cashed out his tokens and exchanged them for ETH coins. The community condemned him saying he is pulling a classic exit-scam.
2) No one has to listen to these! Sushi is being transferred to community control. This is just my take, feel free to ignore.
NOT INVESTMENT ADVICE. I AM NOT AND NEVER HAVE BEEN NOMI. I DON'T EVEN EAT FISH. I was just a temporary chef trying to steady the helm.
— SBF (@SBF_Alameda) September 8, 2020
After the prolonged Twitter discussion, the developer decided to give the control to Sam Bankman-Fried who is a CEO of the popular exchange FTX. Bankman-Fried noted that he will transfer his admin control to a multi-sig wallet and will aim to keep the decentralized nature of the project by putting it to a vote. The results read that 98% agreed with his vision. He also confirmed that Sushi is being transferred to community control and offered a few suggestions on how the project will go on, refuting the claims that he is actually Chef Nomi.
According to Bankman, the project has three main challenges ahead. Those are making a surge that the migration will be successful, making sure that the multisig thing happens and getting as much TVL as possible. The total value locked in the protocol surpassed $1.3 billion. The FTX CEO also said that the token supply should be reduced by revealing that the part of this process will happen naturally when the inflation dampens:
“Maybe take the current schedule, but make 1/6 of the SUSHI unlocked, 1/3 locked for a year, and reduce the rate by 50%.
That means that SUSHI stakers have a long-term interest in the health of the platform, and also that circulating supply is lowered.”
The taker fees could eventually be reduced from 30 BPS to 20BPS and the maker rebate of 15 BPS to 5 BPS. Bankman also offered a potential collaboration with the Compound Finance platform and Aave in order to create “seamless margin trading on SushiSwap.” He finished his prepositions with saying he will build a SushiSwap branch on Serum. He pointed out that the FTX DEX platform will offer: “1-second orders, $0.00002 gas, and 100% on-chain order book/matching engine.”
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