SushiSwap receives approval to clawback 6.2M SUSHI to Treasury
Early Sushi liquidity providers have until April 23 to claim their SUSHI rewards or forfeit them to the Treasury.
Members of the Sushi DAO have passed a proposal seeking to retrieve about 6.2 million SUSHI tokens to the Treasury, from early liquidity providers who are yet to claim their rewards.
Back in 2020 when SushiSwap was launched, it rewarded early liquidity providers (LPs) with SUSHI tokens that were locked and vested over the period until Oct. 12, 2021.
According to the Merkle Distributor address, about 6.2 million SUSHI tokens worth approximately $8.36 million are yet to be claimed.
As a result, a proposal was initiated in April 2022 to discuss the feasibility of returning the unclaimed assets to the Treasury.
Members of the Sushi DAO voted on the proposal between Jan. 16, and Jan. 23. As per the Snapshot result, the voters unanimously supported the proposal with 99.85% votes. Additionally, the DAO voted for a 3-month grace period before the clawback is executed.
Hence early Sushi liquidity providers have until April 23 to claim their rewards or forfeit them to the Treasury.
Sushi to allocate 100% to Kanpai Treasury
Sushi Head Chef Jared Grey had earlier initiated a proposal to allocate 100% of xSUSHI revenue to help bolster the protocol’s runway for the next 12 months.
After due consideration by the DAO, the proposal received overwhelming support with 99.9% of the total votes.
Going forward, xSushi holders will not receive any reward, as 100% of the fees will be transferred to the Sushi Treasury.