The FTX founder has a new plan for the DeFi project Sushiswap right after it finished the liquidity migration. Sam Bankman Fried, the founder of FTX proposed a new plan and we are about to see what it is like, in our latest altcoin news today.
Bankman-Fried, the FTX founder said that he is first dedicated to ensuring that the project’s migration was successful. This means that the move of $180 million worth of sushi tokens, locked up in the liquidity pool Uniswap, was successful. The next move is to make sure that the multisig transition happens. This implied nominating nine members of the community to hold the private keys to SushiSwaps’ treasury and to vote on the further changes proposed by the community. The voting process is active and ends on September 9.
His next move was getting as much of the TVL through the transition as possible. The FTX founder suggested changes to the token economics of Sushi. The current circulating supply is set at 75 million Sushi tokens with a total supply of 77.4 million. With the current prices now, the protocol is valued at more than $195 million. Bankman-fried said that the supply should be reduced. Apart from this will happen naturally as the inflation dies down but then he stated that the rewards also have to be locked for the holders only. The strategy for the farmers is to dump their newly harvested tokens on the open market to capitalize on gains or to be repurchased at a lower price.
This has therefore created downward pressure on the token but Bankman Fried proposed a solution:
“Maybe take the current schedule, but make 1/6 of the SUSHI unlocked, 1/3 locked for 1 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.”
Apart from these proposals, Fried suggested creating a Sushi branch on Serum, which is a decentralized exchange developed an headed by the entrepreneur. Serum is a Solana-based platform that has one of the biggest latency times for users and fees less than 1/100th of a cent. It also announced that Jump Trading, a high-frequency trading firm will become a liquidity provider on the exchange which will therefore ensure low slippage.
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