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 following the exit of its top executives and a seemingly failed union with Frog Nation. He 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 to the team, the executive and leadership search process, increased transparency of budgets as well as controls through committee and community oversight, and the adoption of the Sushi 2.0 interface, among others. As part of the restructuring plans, SushiSwap presented a proposal divided into three stages:
- 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 expected to designate 6 million SUSHI with a time horizon of 4 years to be allocated to existing contributors, future recruits, and upcoming project strategy and leadership. Meanwhile, SushiSwap will continue to work on releases such as – 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, meanwhile, was the newly formed collective of Daniele Sestagalli and his allies. It was planned to steer Sushi on the right path by taking over high-level leadership after key protocol 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.
