DeFi: SushiSwap appoints a new chef in the kitchen chosen by the community
Who will be the new “chef” of SushiSwap? – SushiSwap is one of the industry leading decentralized exchanges. Originally launched on Ethereumthe protocol is now available on 12 different blockchains. Two years after its launch, the protocol is looking for a new leader.
SushiSwap looking for a new “chef”
On May 9, SushiSwap published a article announcing that the protocol was looking of one new “chef”.
You would have understood it. It’s not really about cooking. Indeed, the protocol explains that it is looking for a new leader to “to lead Sushi to its next chapter” :
“We are looking for a chef to lead Sushi to its next chapter. The right candidate will inherit a strong team and drive positive cultural impact, provide recognized leadership to the SushiDAO and ecosystem, build great working relationships with all Sushi ecosystem stakeholders, and pave the way for follow for Sushi. »
Subsequently, the SushiSwap teams detailed the missions and responsibilities of the position. Indeed, this new leader will be responsible for leading the protocol and orchestrating SushiSwap’s long-term strategy.
This recruitment takes place in two stages:
- The selection candidates within the community, the Sushi team, SUSHI token holders or via an unsolicited application via the forum;
- L’study of the various applications by the SushiSwap teams and the community.
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The final decision entrusted to the SUSHI community
It has been nearly 6 months since the recruitment process for a new chef was initiated. In total, 5 candidates potentials have been retained for the post. To stay true to its creed of community protocol, SushiSwap will leave the community take the final decision.
To do this, a vote was held from September 26 to October 3 on the governance module of the protocol to decide the lucky winner among:
- Jared Grey;
- Andy Forman;
- Kenneth Hurley;
- Jared Cohe;
- Pauly Walton.
Following this vote, the community designated Jared Gray with 83.53% votes in his favour.
Jared Gray is none not at his first attempt in DeFi. Indeed, he co-founded the DeFi protocols EONS and bitfineon. Moreover, he founded MPX Consultingan engineering and information technology consulting company.
In his candidacyhe envisages several objectives for the evolution of SushiSwap:
- Optimize the various SushiSwap services;
- Give developers the resources to build independently;
- Prioritize the revision of fees by capturing lost market share and innovating at the level of the exchange platform;
- Establish a legal entity in an appropriate jurisdiction;
- Optimize current incentives to provide a better return on investment for users, where possible.
A truly decentralized vote?
However, many observers point to the lack of decentralization in this vote. SushiSwap wanted to let the community decide. However, like many DAOs, the decision-making power is sorely lacking in decentralization.
So, out of the 14 million SUSHI tokens involved in the vote, 10.4 million come from only 4 different addresses. Unsurprisingly, 3 of these 4 whales decided to vote for Jared Grey, bringing him 84% of the votes he received.
A situation already known to the protocol teams and the community. This is why last August a proposal to restructure the SUSHI token appeared on the forum. This proposal aims in particular to reduce decision impact large SUSHI token holders.
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