A week ago, the Sushi 2.0 restructuring proposal was released in the Sushi community forum. Today, the proposal has been voted on. The author organizes it as follows.
Sushi is the darling of 2021, making a name for itself as a community and establishing Sushi as a core product in our ecosystem. What started as a completely fair launch (90% of tokens released to the public and 10% to the treasury) quickly turned into a team with no background and a bunch of strangers. Our achievements in 2021 have far exceeded the goals we set in 2021, but there is a clear lack of operational efficiency and long-term focus in the second half of 2021. In the end, Sushi suffered a severe setback, and major changes began to occur, leaving only a shell for the team and community.
what happened since the automatic swing
With the FrogNation acquisition falling through, the remaining team stayed on to keep Sushi running, leaving a big question mark. Community members took the lead in solving problems and building a path forward with a team motivated to keep Sushi alive. Since then, great progress has been made in a very short period of time. It’s been months of working on picking up the pieces and having tough discussions. The results of these trials are our long-term vision for a bright future for Sushi and its community.
Product and Feature Releases During Restructuring:
MISOv2 release 10 & multi-chain release
It is recommended to redesign shoyu2.0 and close to completion
Limit order launch
Kashi UI Design Update
SAKE will be distributed soon
Organizational developments that occur in parallel are:
Restructured, retaining and installing a strong, loyal team. In addition, several new team members have been added.
Rekindled key stakeholder relationships and appointed an external operations consultant.
A fair compensation structure has been established, proposed, negotiated and completed across all departments.
A legal structure was proposed (SushiDAO), recently passed snapshot.
Output has been continuously reduced to current levels, and on average, Sushi incurs 3-4 times more fees in its network and protocol than sushi produces.
Ops monthly spending has halved from the average of last summer and fall.
Proposition 14, which previously introduced stability for the Treasury, has been redeployed. A rigorous approach to capital allocation and spending will be emphasized, while ensuring the necessary funding for innovative product development.
Reasons for excitement to be achieved:
Comprehensive Sushi Team’s Long-Term Commitment
Executive and Leadership Search Process
Improve transparency of budgets and inspections through committee and community oversight
Concentrated liquidity on the trident
Stable Exchange on Trident
Stargate implementation of Omnichain token exchange
FuroStream and FuroVesting
Shoyu 2.0 Beta
Kashi Optimizer and Improvements
Adopt Sushi2.0 interface
The proposal is Sushi’s first step towards a promising, responsible future. The proposal is actually divided into three actionable items for voting. First, retain the talent needed to bring Sushi into the future, spanning the entire functional spectrum of engineering, design, business development, marketing, community engagement, Shoyu, operations and consulting. Second, establish a formal compensation committee to check transparency and accountability on all budgetary matters. Third, as the proposal is implemented, a formal executive and leadership search process will begin to replenish the retained team.
The proposal would designate $6 million in SUSHI and distribute it over a 4-year time frame to:
Current Contributor Assignment
future employment allocation
A portion of the funding is used to fund future program strategy and leadership.
We will immediately retain a cohesive team in all functional areas required to truly create value. The proposal immediately expanded Sushi & Shoyu’s team from 4 vetted full-time software developers to 10. We tie the community and team to market compensation to reward long-term value creation over the next 4 years.
The compensation committee will have several main tasks:
Track TWAP and approve a vested SUSHI based on the roadmap once the roadmap is complete/or individual items on the roadmap are complete.
Help with salary negotiations for future employees
Observe the establishment of formal roles and responsibilities.
Negotiate future compensation plans after the plan expires.
View individual performance reviews to see how contributors can be promoted, tried out, or terminated.
Review, approve and disclose budget requests.
The Compensation Committee will use a simple unanimous voting system for all committee matters.
Determine if the project roadmap has been completed satisfactorily within a reasonable time.
Used to allocate price-driven incentive targets defined by the 30-day TWAP price target.
Used to validate performance evaluations.
Likewise, the Compensation Committee will support a unanimous voting system if the contributor relationship requires formal termination and departure.
Sushi will begin a formal search for leadership and executive talent. We believe the path ahead includes joining Sushi’s outstanding executive talent. Over the next 90 days, we conceived a process for surfacing leadership and executive talent, and culminating in appointments through a governance vote. The pool of leadership and executive talent candidates will be obtained through community, team, token holders or self-nomination in the Sushi discord and forums. We have a process for vetting candidates, allowing them to meet various stakeholders (team, investors, participating community members) and assess if there is a strong mutual fit. Formalizing the leadership and executive talent search will allow Sushi to grow well into the future and is required for any growing organization.
Leadership and Future Hiring
The allocated funds will enable Sushi to source and retain new external talent and executive leadership to achieve Sushi 2.0, with formal roles, responsibilities, budgets and recruitment processes to be determined and approved by the Compensation Committee. Prospective staff and leadership candidates are available through existing contributors, self-nominations on the forum, or nominations within the Sushi discord.
For community accountability, any contributor relationship, including leadership or consulting, can be terminated at any time by resignation or by a governance vote. Any unvested, unallocated SUSHI not paid to contributors will be returned to the Sushi Vault.
Estimated Compensation Costs (Contributors Retained + Roles to Be Filled): $5.75M (annual salary) + $2.3M multi-year established $SUSHI spend (1 time) + $2.4 million performance incentive (1 time if deliverables are met) ).
While this is a large portion of the funding pool, we believe there is no better use of the funding pool than attracting and retaining talent to contribute to the protocol for years to come. Currently Sushi has 4 full-time developers working on Sushi and Shoyu products. A larger team is needed to build the full scope of community goals.
Expected maximum distribution to current contributors, future employees and future leadership: 6,000,000SUSHI
Furthermore, based on the remaining funding and our recent funding diversification initiatives, we believe Sushi is actually in a healthy position. Based on conservative estimates based on data from the past three months, Sushi currently generates approximately $41.04 million in annual revenue, which is fully distributed to xSushi holders. With Kanpai, we have the option to further optimize our funding strategy and effectively invest in the future profitable growth of the DAO and its products.
With the recently passed current Kanpai implementation, the Treasury will have an additional inflow of $4.1 million.
This proposal addresses the most practical need for a better future for Sushi, enabling Sushi to operate over a multi-year time frame, creating value for SUSHI stakeholders. This is not a stopgap measure. This is the first in a series of proposals and governance matters needed to start the next chapter of Sushi. This is the starting point for a fruitful outcome for all Sushi stakeholders and the Sushi community. With that comes the expectation of continued progress, operational excellence, long-term value creation, and best-in-class transparency for Sushi and the community.
In addition to this proposal, the team has jointly developed a long-term roadmap and vision to achieve what we want to achieve for Sushi.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/detailed-explanation-of-sushi2-0-restructuring-proposal/
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