Značka: SushiSwap

SushiSwap to create three DAOs in Panama and Cayman in business restructuring

The Sushi DAO, a decentralized autonomous organization behind crypto exchange SushiSwap, has approved a legal restructuring on Oct. 26 that creates three new decentralized entities, aiming to provide more flexibility to its operations.The proposal, which received 100% votes in favor, will create the DAO Foundation, the Panamanian Foundation, and the Panamanian Corporation, each serving different purposes.Among other things, the DAO Foundation will be able to administer treasury, grants and on-chain governance processes, and facilitate proposals and voting. The Panamanian Foundation will administer the existing Sushi protocol (including smart contracts related to the AMM/orderbook, Kashi and staking). Finally, the Panamanian Corporation will operate the GUI layer (front-end) of the protocol.As per the preposition discussion, the process to set up the entity structure is expected to take four weeks. According to Sushi, the “purpose of the entity structure & framework is to provide maximum flexibility for Sushi to proceed in whichever direction the DAO or governance takes it, while also mitigating risk.”The move came as authorities in the United States and Union European continue to work on frameworks for regulating digital assets. Participants in the discussion forum agreed that a legal structure was necessary, but questioned the countries and the model selected. As stated in a long series of comments by a user named Daimon: “Don’t pick countries which are constantly at risk of political collapse, financial collapse, military coups or North American bail-outs. Don’t pick countries in which you wake up one day and find presidential or royal decrees being plastered on your front door, forcing you to beat a hasty exit through the departure lounge.”On Oct. 13, John Hickenlooper, a United States Senator representing Colorado, penned a letter to Gary Gensler urging the Securities and Exchange Commission (SEC) chair to establish “clear rules” for the crypto market, including identifying the cryptocurrencies that will be considered securities, establishing registration guidelines for trading platforms, and “determining what disclosures are necessary for investors to be properly informed.”The SEC boosted its ability to handle specialized issuer filings by adding an Office of Crypto Assets in September, dedicated solely to cryptocurrency asset applications and services.

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Sushi and Synthetix get the boot in Grayscale DeFi fund rebalancing

Digital asset management firm Grayscale, has added three new cryptocurrency assets across three main investment funds, while removing two other assets from its Decentralized Finance Fund as part of this year’s first quarterly rebalance. Grayscale removed tokens from crypto-derivatives decentralized exchange Synthetix (SNX), and decentralized exchange SushiSwap (SUSHI), from its DeFi fund after the two crypto assets failed to meet the required minimum market capitalization. No other cryptocurrencies were removed during the rebalancing. Grayscale’s DeFi fund, which was launched in July last year, currently holds approximately $8 million in assets. The digital assets remaining in the DeFi fund after the quarterly rebalance include Uniswap (UNI), Aave (AAVE), Curve (CRV), MakerDAO (MKR), Amp (AMP), Yearn Finance (YFI) and Compound (COMP).The crypto asset manager added Avalanche (AVAX) and Polkadot (DOT) to its Digital Large Cap Fund, alongside adding Cosmos (ATOM) to its Smart Contract Platform Ex-Ethereum Fund (GSCPxE Fund).The GSCPxE Fund, which was launched on March 22nd, offers investors the ability to bet on an index of Ethereum’s largest competitors. The GSCPxE Fund’s current holdings listed by the total amount held are ADA, SOL, AVAX, DOT, MATIC, ALGO, XLM and ATOM.Related: Ethereum is like the best and worst parts of New York: GrayscaleGrayscale remains the world’s leading crypto asset manager, reporting that it held $43.5 billion in assets under management as of Jan. 3rd, this year. The Grayscale Bitcoin Trust (GBTC) remains the largest fund with just over $30 billion in AUM, but has traded at an increasing discount to its net-asset-value for the past year. GBTC is followed in size by the Grayscale Ethereum Trust (ETCG) which currently holds approximately $11.8 billion in AUM.01/03/22 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.Total AUM: $43.5 billion$BTC $BAT $BCH $LINK $MANA $ETH $ETC $FIL $ZEN $LTC $LPT $XLM $ZEC $UNI $AAVE $COMP $CRV $MKR $SUSHI $SNX $YFI $ADA $SOL $AMP pic.twitter.com/67Pb7xneoQ— Grayscale (@Grayscale) January 4, 2022In 2021, cryptocurrency investment funds generated over $9.3 billion in inflows as institutional adoption rose to new highs. Grayscale is gearing up to offer a Bitcoin Spot exchange-traded fund (ETF) and said it was willing to pursue legal action if the investment product remains barred by the SEC.

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SushiSwap community proposes Swiss legal structure to limit DAO liability

SushiSwap (SUSHI), a community-led suite of decentralized finance (DeFi) tools, plans to implement a legal structure aimed at mitigating risks for token holders and members of the Sushi protocol. Sushi’s new legal structure will be based on a community-approved proposal from Mar. 20 that cited the need for an association or foundation to help provide legal clarity and administrative support for SushiDAO.Proposal: Sushi Legal StructureTo form an association or a foundation for Sushi DAO in order to provide clarity regarding the rights and obligations of token holders and contributors and limit their liability and mitigate the future risk.$SUSHI https://t.co/SHpKcpvjqP— veRSK (@KartelCrypto) March 20, 2022According to the proposer and a member of the SushiSwap community, Tangle, the intended foundation will play a key role in limiting the liability for contributors and, as a result, drive Sushi’s future growth.Considering the possibility of risk mitigation and liability limitation via legal clarity for holders and contributors, the proposal received a 100% vote for the implementation of the legal structure.Sushi Legal Structure proposal’s voting results. Source: Sushi forumTangle estimates an upfront expense of up to $100,000 and a recurring cost of $10,000 to set up the foundation:“There are several jurisdictions which can be contemplated for forming a DAO entity, but Swiss Association law is currently the leading solution.”Estimated budget for foundation. Source: Sushi forumIn order to build the foundation, the Sushi community will implement a four-step process, which includes determining and establishing the members, token distribution and transfer along with the draft articles of the foundation. The proposal also includes the need for service entities including “DevCo services entity and any other core contributor entities.” Individuals residing in crypto-friendly jurisdictions will be considered ideal candidates for being a member of the foundation.Adding to the discussion, community members highlighted the importance of defining the foundation’s use and what it owns:“It’s definitely a must, it’s really the time for Sushi to update itself and to have a legal shield ready for all contributors.”Related: Dogecoin Foundation registers name and logos as trademarked within in the EUAs smaller crypto communities slowly seep into the mainstream, foundations play a crucial role in dictating the future roadmap and relevance of the project. In an attempt to sieve imitators, the Dogecoin Foundation registered “Doge,” “Dogecoin,” and its associated logos as trademarks in the European Union.Much success.It’s a small victory that seems so very irrelevant given all that’s currently happening in the world, but it’s an important step.Thank you @DACBeachcroft (& for this: @PageWhite_IP Germany), as well as @MosesSingerLLP for their representation in the USA. ♥️ 1/ pic.twitter.com/nufaJLUSFG— Dogecoin Foundation (@DogecoinFdn) March 2, 2022

As Cointelegraph reported, the Dogecoin Foundation faced numerous issues with the misuse of its name and imagery. According to ex-director Ross Nicoll, several parties were registering trademarks for Dogecoin, and “in the summer of 2021, there was a potential lawsuit against the developers from someone who claimed we were responsible for their funds.”

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Users flock to Curve amid lack of stablecoin liquidity on major DEXs

In a Tweet posted by user @cryptotutor Friday, a screenshot appears to show a 27% spread between stablecoin Magic Internet Money (MIM) and USD Coin (USDC) trading pair on decentralized exchange, or DEX, Uniswap (UNI). Both have a theoretical peg of 1:1 against the U.S. Dollar.”Magic Internet Money,” joked cryptotutor, as he attempted to swap approximately $1 million in MIM but received a quote for only 728.6k USDC. Others quickly took to social media to complain as well. In another screenshot, user @DeFiDownsin allegedly received a quote to swap $984k worth of MIM for just 4,173 in USDT on SushiSwap (SUSHI).Swapping $1M in $MIM gives $730K in $USDC on Uniswap’Magic Internet Money’ pic.twitter.com/CKowe6dwJR— Tutor (@cryptotutor) January 27, 2022Curve, a popular platform for stablecoin trading, offered its insight on the matter. “Uniswap actually now works much better than what the screenshot shows. Sushiswap is just unsuitable for stablecoin-to-stablecoin swaps always,” said the Curve team via a tweet.During bear markets, investors typically flee from holding volatile cryptocurrencies and instead pile into stable assets that generate fixed income. For example, the amount of deposits in Terra Luna’s flagship stablecoin savings protocol, Anchor, which promises yields of up to 20%, has increased from $2.3 billion to $6.1 billion in the past 60 days.However, the capital flight has also resulted in issues, such as stablecoin liquidity disappearing from exchanges, causing their spread to widen to excruciating levels. In addition, the flock of stablecoins into the Anchor protocol has caused its yield to become unsustainable as there are not enough borrowers to pay depositors’ interest.But despite large fluctuations in the market, Curve appears to be doing better than ever. According to its developers, the platform saw a record trading daily volume of $3.6 billion, with total deposits surpassing $16.7 billion. Investors typically seek to take advantage of the occasional difference between stablecoins’ theoretical peg to fiat money or other stablecoins to make a profit.

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Former SushiSwap CTO writes short reflection about leadership failures at blockchain DEX

On Friday, Joseph Delong, former chief technology officer of decentralized exchange, or DEX, SushiSwap, published a brief reflection of experiences during his tenure.Delong unilaterally resigned two days prior, citing internal structural chaos among developers behind the popular DEX. In explaining his decision, Delong outlined failures to scale operations, lack of organization skills, problematic contributors, and poor communication as the primary reasons. On Twitter and among blockchain personalities alike, Delong received mostly praises for coming public with his experience and learning from his mistakes.According to Delong, he did not inform the Sushi community when problems began to surface amongst developers he managed, nor did he engage with users enough to build rapport for the project. In addition, Delong talked about using his personal Twitter presence to share his feelings about SushiSwap developments. This was a polarizing decision among the SushiSwap community. Some users have praised him for being authentic with his feelings, while others labeled the move as unprofessional or inconsiderate to stakeholders.Prior to being CTO at SushiSwap, Delong was a senior software engineer at ConsenSys. In part due to his leadership, SushiSwap has grown to become the 13th largest DEX by trading volume. However, the protocol also faced its share of setbacks.In summing up the experience, Delong stated:I think the imperfect birth of Sushi has led to additional problems, and in my next project, I will have the capability to structure an organization to empower the contributors. Thank you for allowing me to lead Sushi through this time, and I wish Sushi the best of luck.I wrote an article detailing my failures in leadership at Sushi https://t.co/cJOovqW45A pic.twitter.com/OjNNW0ExQY— Joseph Delong (@josephdelong) December 10, 2021

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SushiSwap CTO resigns citing internal structural chaos

Late Wednesday, Joseph Delong, chief technology officer of SushiSwap, the 13th largest decentralized exchange, or DEX, by trading volume, tendered his immediate resignation from the role. Explaining his decision, Delong gave the following statement:”I wish Sushi the best and am saddened that Sushi is so imperiled within and without. The chaos that is occurring now is unlikely to result in a resolution that will leave the DAO as much more of a shadow than it once was without a radical structural transformation.”In the interest of the Sushi Community I am resigning as CTO effective immediately. I very much enjoyed the things that we built together and will look back positively on this moment. pic.twitter.com/7pZsQuPgup— Joseph Delong (@josephdelong) December 8, 2021Previously, Delong had voiced disappointment over the inability for SushiSwap to launch on Optimism, a layer two scaling solution for Ethereum (ETH). Delong also claimed to receive little support from centralized exchanges about hackers’ identities after the SushiSwap’s token launchpad experienced a $3M hack, saying it was the “hardest day of my life so far.”But it appears that it wasn’t simply the technical setbacks of the project that played a role in Delong’s decision. In a series of follow-up Tweets after the announcement, Delong posted screenshots of alleged harassment from SushiSwap users, to which he then cited “it’s the community that does it for me.””I highly recommend the installation of a C-suite from outside the DAO [Decentralized Autonomous Organization] and give them the tools to effectively manage a team. Be wary of any self-proclaimed leaders arising from the current core team.” said Delong.

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