As a DAO, Sushi is built to be ultimately governed by its community.
All community members can decide to participate and contribute to the project and its future at any point of time!
Major structural changes are always voted on by the community. Everyone is welcome to contribute. However, processes such as day-to-day operations, re-balancing of pools and ratios, business strategy and overall development of the protocol is ultimately decided on by the team working on Sushi.
Sushi has the treasury set up to where 10% of SUSHI emissions are used to cover expenses and the team’s salaries.
As opposed to some projects, the Sushi treasury is not entirely controlled by on-chain votes.
It uses a Gnosis-safe multisig. This means that it is controlled by different signers. For an execution to take place, the majority of signers needs to be in agreement; six (6) signers out of nine (9) need to agree to execute a transaction with the treasury multisig.
Sushi also has an OPS multisig that is used for day to day operations and expenses. This is managed by six individuals. Three of the six need to agree to execute a transaction.
All important restructuring and proposals have to go through community reviews.
The proposals are usually first posted on the Sushi forum allowing other community members to comment and improve on the idea; this is a very important step in the governance process.
If a proposal receives enough traction, the team will put it up for Snapshot.
Snapshot is an off-chain interface where the community votes on a proposal. This means that it’s free to vote (no gas fees required).
The voting power of users are determined by a contract called SushiPowah. Current ways to obtain SushiPowah are listed below (as of now, most positions must be kept on the Ethereum network. xSushi is also supported on Polygon):
- wETH-SUSHI SLP (Liquidity Provision for Ethereum & Sushi)
- tSushi (Sushi staked via Tokemak)
- axSushi (xSushi staked via Aave)
The more tokens you hold, the more impact you will make.
Successful proposals that pass through voting and reach quorum are executed. A minimum vote of 5 million SushiPowah is required for the proposal to be valid.
Sushi's goal is to establish a DAO with a working, trustless governance. This is not an easy task by any measure and is not something that should be rushed. Currently, there are no time estimates for when this can be accomplished but it will surely take place in the future. Everyone is welcome to discuss and give suggestions on how to improve the current governance framework model!
Sushi is building a comprehensive DeFi ecosystem with AMM, leverage & margin trading platform, token launchpad and NFT artist platform. Follow our socials to keep up with our product launches and find out more on how you can make the most of your cryptocurrency assets with Sushi’s secure and powerful DeFi tools!