SushiSwap receives approval to clawback 6.2M SUSHI to Treasury

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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.

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