Sushi boosts Treasury to $30.6M after Kanpai implementation
TL;DR SushiSwap Head Chef Jared Grey said the protocol increased its Treasury holdings to about $30.6 million with a burn rate of around $5 million per annum, thanks to his Kanpai proposal which returns 100% of xSUSHI revenue to the Treasury and reduced DAO budget to $5.2 million. The protocol is expecting to earn roughly $14 million in revenue fees.
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SushiSwap Head Chef Jared Grey said the protocol increased its Treasury holdings to about $30.6 million with a burn rate of around $5 million per annum.
When Jared Grey took over as Sushi Head Chef on Oct. 3, he disclosed that the previous administration mismanaged the DAO’s resources and plunged the protocol into a $30 million loss.
In efforts to boost Sushi’s Treasury, the DAO approved Grey’s Kanpai proposal, which was designed to return 100% of xSUSHI revenue to the Treasury. Additionally, Grey reduced the DAO’s budget to $5.2 million from $9 million per annum.
Grey said the protocol expects to earn roughly $14 million in revenue fees.
The Sushi Head Chef said the protocol was well positioned financially to deliver on its proposed roadmap for 2023.
Grey had earlier said that the protocol was working on launching its DEX aggregator and decentralized incubator before the end of March 2023.