Cryptocurrency

SushiSwap receives approval to clawback 6.2M SUSHI to Treasury

Members of the Sushi DAO have passed a proposal asking the Ministry of Finance to acquire approximately 6.2 million SUSHI tokens from early liquidity providers that have not yet claimed their rewards.

Way back in 2020, when SushiSwap was launched, it rewarded early Liquidity Providers (LPs) with SUSHI tokens that were locked and vested for a period until October 12, 2021.

by Merkle Distributor Address, Approximately 6.2 million SUSHI tokens worth approximately $8.36 million have yet to be claimed.

As a result, a proposal was launched in April 2022 to discuss the possible return of unclaimed assets to the Treasury.

Members of the Sushi DAO voted on proposals between January 16th and January 23rd. According to snapshot results, voters unanimously supported the proposal with 99.85% of his vote. Additionally, the DAO voted for him to have a three-month grace period before the clawbacks were executed.

Therefore, early Sushi liquidity providers have until April 23rd to claim their rewards or forfeit them to the national treasury.

Sushi, 100% allocated to Kanpai Finance

Sushi head chef Jared Gray previously launched a proposal to use 100% of xSUSHI’s revenue to help strengthen the protocol’s runway over the next 12 months.

After thorough consideration by the DAO, the proposal received overwhelming support. 99.9% of total votes.

From now on, xSushi owners will not receive any rewards as 100% of commissions will be sent to Sushi Treasury.

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