New Plan Proposed by FTX CEO for Sushiswap
After handing over the admin keys for the Uniswap fork project Sushiswap this weekend, Crypto Exchange FTX founder Sam Bankman-Fried proposed a plan for the project on Twitter.
Bankman-Fried said the project’s migration is a guarantee of success. That means moving $180 million worth of sushi tokens locked in a liquidity pool from decentralized exchange uniswap to sushiswap.
The FTX founder said that multisig should make sure the transition takes place. It nominated nine members of the SushiSwap community to hold private keys to SushiSwap’s treasury and to vote on any changes proposed by the association. Voting for this is ended on September 9th.
He suggested changes in Sushi’s token economics. According to the tracking site CoinGecko, the token’s current circulation supply is 75 million SUSHI tokens, with a total collection of 77.4 million. At current prices, the protocol is valued at over 195 million.
But Bankman-Fried said, “Supply must be reduced. Part of this comes naturally as inflation eases,” the association said, referring to the demand for a reduction in sushi’s total supply.
He then said that the sushi rewards must be locked to the holders. Currently, the strategy of sushi “farmers” is to invest the newly harvested sushi tokens on profits in the open market or repurchase them at a lower price.
In addition to the above proposals, it was suggested to build a sushi branch on Bankman-Fried Serum, which developed a decentralized exchange and is headed by the founder.
As previously reported by Cryptoslate, Serum is a Solana-based platform with a one-second delay time for users and a transaction fee of less than 1/100 percent. The high-frequency trading company will become the liquidity provider on the Jump Trading Exchange, which will make customers fill faster and less slippery.
Bankman-Fried can combine those capabilities with sushi. “This is 1-second orders, 00 0.00002 gas, 100% on-chain order book/matching engine. If SushiSwap is so fast, cheap and powerful, grab it,” he concluded in a tweet.
