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Gungun Bhatia
Aug 27, 2022
by Gungun Bhatia

Community Backlash Leads SushiSwap to Cut Proposed Head Chef Salary

SushiSwap

Table of contents

  1. Reduction Of Base Wage
SushiSwap, a decentralized cryptocurrency exchange, has decided to lower the salary of its top executive, or "Head Chef," as it is known in the community. SushiSwap's initial plan included a base income of 800,000 USDC and 600,000 vested SUSHI tokens, as well as other incentives.

The community strongly opposed the initial idea and the financial incentives. The very first sentence of the new proposal made this issue clear. The language of the most recent proposal, which community leader Tangle shared, reads: "The community has expressed concerns around incorporating both the compensation and the candidate together into one proposal."

Thanks to this division, the community would have greater freedom to agree on the compensation without having to vote against the bigger proposal. The initial rewards included price target bonuses for the new hire, which, if kept up for a year, would total more than $10 million.

Reduction Of Base Wage

A new incentive structure approved today will reduce the base wage to 500,000 USDC. The total number of SUSHI tokens for the incentive system will also be decreased from 1.2 million to 1 million.

The primary cause of the dispute was a vote to retain the current pricing goal ranges, approved by a 53% to 47% split between the 40 voters. Also, a second vote will take place on the already confirmed new hiring to ensure community agreement.

Previously, the vote was won by Jon Howard, who was put forward as the new Head Chef in the initial proposal. SushiSwap will now run a new poll asking users to choose between Jon Howard and maybe other contenders for the position of Head Chef.

When former Head Chef Maki left SushiSwap in September 2021, a search for a new CEO began. The exchange has a total locked value of almost $661 million.

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Community Backlash Leads SushiSwap to Cut Proposed Head Chef Salary
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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