SushiSwap has come up with a restructuring plan after the exodus of developers and talent in the past months.
In the latest blog post, the popular DEX acknowledged the internal crises that plagued the ecosystem after the exits of its top leaders and an apparently failed union with Frog Nation. It has a new vision in place.
SushiSwap’s Restructuring Plans
SushiSwap has revealed carrying out a reorganization by retaining and installing a “strong and loyal” team. Reportedly new members have been added. It also claimed to have “rekindled key stakeholder relationships” in addition to appointing an external operations advisor. A compensation structure has been established across all departments. SushiDAO, which aimed to provide a legal structure, has also been proposed.
The focus is now on long-term commitments by the team, executive, and leadership search process, increased transparency to budgets as well as checks via committee and community oversight, and adoption of the Sushi 2.0 interface, among others. As part of the restructuring plans, SushiSwap has presented a proposal that is divided in three steps:
- Retaining talent across the functional spectrum of Engineering, Design, Business Development, Marketing, Community Engagement, Shōyu, Operations, and Advisory.
- Setting up a formal compensation committee to oversee transparency and accountability for all budgetary matters.
- Kickstarting a formal executive and leadership search process with the implementation of the proposal in an effort to compliment the team being retained.
The proposal is set to designate 6 million SUSHI with a 4-year time horizon which will be allocated to the existing contributors, future hires, and upcoming project strategy and leadership. Meanwhile, SushiSwap will continue to work on releases including – Trident AMM 2.0, MultiChain launch, Shoyu redesign, limit orders, Sushi guard, etc.
The ‘Frog Nation’ Collective
After a chaotic start (its creator, Chef Nomi, being removed even before the project ever took off), SushiSwap emerged as one of the biggest DeFi projects of 2021. However, it has been facing significant hurdles after reports of infighting were exposed.
Frog Nation, on the other hand, was the newly formed collective from Daniele Sestagalli and his allies. It was expected to steer Sushi on track by taking over top-level management after the protocol’s core contributors 0xMaki,’ Mudit Gupta and chief technology officer Joseph Delong left the project.
Several DeFi protocols came together under the Frog Nation banner. However, the merger fell through as Michael Patryn – better known on Twitter for his handle 0xSifu – was revealed as one of the key members of the project. Patryn used to be involved in the QuadrigaCX exchange – one of the most notorious cases in the cryptocurrency industry. His background was the reason for most of the community to turn their backs on the project.