SushiSwap, via a blog post, has released the details of its restructuring plans for the road ahead. The restructure was due to operational inefficiencies and the aftermath of the failed Frog Nation takeover.
SushiSwap 2.0 Announces Restructuring Plans
Yesterday, SushiSwap revealed their restructuring plans to maintain a loyal and robust project team. SushiSwap is one of the largest Decentralized exchange platforms based on the Ethereum chain.
According to their blog post, SushiSwap has already restructured, adding members and keeping other loyal members. Moreover, the report indicates that SushiSwap has rekindled the long-lost relationship with some key stakeholders. They have also appointed an external advisor for the projects.
The blog post also noted that this DEX proposed a fair compensation structure “negotiated and completed across all departments.” Additionally, SushiSwap has introduced a legal structure named SushiDAO. They also noted that they continually reduce their emissions while also cutting their monthly spending. Another proposal connected to introducing stability to treasury 3 was “re-hashed, and brought to Snapshot.”
Their post also indicates that their focus is on the long-term commitment of every team member. As part of their restructuring, they also fully highlighted plans to adopt the Sushi 2.0 interface fully.
SushiSwap also announced their proposed plans, divided into several steps. Foremost their initial plan is to retain talents and create a compensation committee that would look into the transparency and accountability of budgets.
The Frog Nation Failure
According to the post, the restructure was triggered by the lack of “operational efficiency & lack of focused attention towards the long-term was evident in the second half of 2021. Ultimately Sushi took a tumble, major turnover began, and both the team and community were left a shell of themselves.”
One of the events that caused issues within SushiSwap was the Frog nation takeover. Frog nation was a collective of several multichain Defi projects. Daniele Sestagalli and other contributors led the Frog Nation. In January, the Frog nation took over SushiSwap in a mission to help the Defi project. There was a lot of hope that this takeover would help the struggling crypto SUSHI. Soon after, SUSHI began to trend upwards.
But a while later, this whole merger failed after people discovered that Michael Patrin was one of the leading members of the project. Mr. Patrin was involved in a notorious case in the crypto industry involving the QuadrigaCX exchange. Immediately, the community left the Frogs nation project. These bad happenings involving SushiSwap, and the evident lack of a way forward made the team start working on a restructuring plan.
The Community is Happy with the Proposal
The decision by SushiSwap to restructure was met well by the community. Several community members appeared to be very happy with the proposal and roadmap in the comment section below the blog post. Hopefully, this proposal can make everyone within the community happy as Sushiswap looks into the future.