Sushi boosts Treasury to $30.6M after Kanpai implementation Sushi boosts Treasury to $30.6M after Kanpai implementation
Sushi Head Chef Jared Grey said the protocol was well positioned financially to deliver on its proposed roadmap for 2023.
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Updated: Feb. 28, 2023 at 5:42 pm UTC
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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.
Sushi Treasury on the rise
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.
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Posted In: DeFi
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Christian Nwobodo
Christian is a crypto-curious nerd who loves to investigate how protocols work under the hood. Christian is interested in DeFi protocol research, token economics, and on-chain analytics.
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SushiSwap is an automated market-making (AMM) decentralized exchange (DEX) currently on the Ethereum blockchain.
Jared Grey is the Head Chef at SushiSwap, a community-driven platform that is building a DeFi ecosystem intertwining its cryptocurrency exchange, leverage & margin trading platform, new token launchpad and NFT artist platform.
