SushiSwap head chef Jared Gray revealed that the DAO will spend about $5.2 million on operating expenses in 2023, with more than 80% of the budget going to payroll.
gray Said He was disclosing SushiSwap’s operating costs to promote transparency for the DAO.
As promised in Sunday’s tweet about Sushi’s 2023 budget snapshot, we’ll be exposing our DAO operating costs. Transparency is a key ingredient to a successful DAO. You can see that most of the budgeted costs are salaries. 1/ pic.twitter.com/rVHXEJSfLR
— Jared Gray (@jaredgrey) December 13, 2022
Of the $5.2 million allocated to DAO operations in 2023, approximately $4.3 million, or approximately 80% of the budget, was allocated to contributor salaries.
Gray said the strength of every project lies in its talent and community. As a result, SushiSwap has made a large allocation to properly compensate contributors.
According to SushiSwap’s current salary structure, the top two contributors earn around $500,000 annually, while the lowest earning contributor earns $90,000. The DAO plans to spend approximately $294,000 annually on hiring freelancers. We also budgeted to spend up to $475,204 on subscription payments.
Gray added that SushiSwap will release its financial audit by the end of the first quarter of 2023.
Sushi set to increase national treasury revenue
SushiSwap head Jared Gray said past administrations allegedly mismanaged the DAO’s resources. $30 million loss the last 12 months.
In an effort to increase the DAO’s shrinking treasury, Gray proposed diverting 100% of xSUSHI’s revenue to Sushi’s Kanpai treasury.
Gray explained that Kanpai’s proposal would allow the protocol to restructure its cash reserves and diversify its treasury to earn yields from ETH and USDC without selling its tokens.
Gray added that the new Voting Escrow (VE) tokennomics model will allow Sushi to regain market share, increase trading volume and bring more value to token holders and liquidity providers.