SUSHI Jumps 10% as New Takeover Proposal is Met with Mixed Reactions

The price of SUSHI, the governance token of the SushiSwap decentralized exchange, appreciated on Monday after a new proposal for the restructuring of the Sushi Decentralized Autonomous Organization (DAO) emerged.

At 13:02 UTC on Monday, SUSHI traded at USD 6.05, up 10.6% over the past 24 hours and 14.9% for the week. Overall, it’s down 45% in a month and up nearly 182% in a year.

90-day price of SUSHI:

The above-mentioned proposal was put forth by Daniele Sestagalli, an application developer on Avalanche (AVAX) and popular decentralized finance (DeFi) advocate affiliated with projects such as Wonderland (TIME), Popsicle Finance (ICE), and Abracadabra.Money (SPELL) – and it involved what essentially is “a takeover” of Sushi by Sestagalli’s own community known as the ‘Frog Nation’ collective.

Posting in Sushi’s user forum, Daniel Sestagalli proposed himself as a new member of the Sushi project through “a service collective” aimed to “bring additional direction” to the project and help Sushi become the decentralized exchange.

“[…] Frog Nation establishes a mandate for a new service collective for Sushi and becomes a part of a combined ecosystem of Abracadabra, Popsicle Finance, and Wonderland,” Sestagalli suggested in the proposal.

He added:

“In the interim, this service collective retains the right to restructure Sushi and define specifically the parameters for governance at an elevated tempo.”

Further in the proposal, Sestagalli proposed himself as the new Visionary/Strategist of the Sushi team, along with two companions as Head of Operations and Vice President of Engineering.

“Too many moving parts have distracted Sushi […] Granting a mandate to drive the focus will be key for this new service collective,” Sestagalli further added.

Commenting on Sestagalli’s proposal, reactions were mixed, with some calling it an “amazing proposal,” saying that such a collaboration would be “unstoppable.” Others, meanwhile, were more sceptical, with one user saying Sestagalli’s previous projects “lack any real vision.”

“This proposal comes across as a way to takeover Sushi. While Sushi does urgently need some form of restructuring Is Dani really the person to lead it,” the user wrote.

The proposal from Sestagalli on how to restructure the Sushi DAO is not the first to emerge from the community. On December 7, a proposal by Alex Woodard, a research analyst at digital asset investment firm Arca, and Dean Eigenmann, co-founder of investment fund Dialectic, also received some attention for proposing a new and “more organizational structure” to the DAO.

A more traditional organizational structure will allow the team to “ship best-in-class community-owned products while providing more oversight to the Sushi community,” the pair argued. The proposal was also lauded by Sushi’s Chief Technology Officer Joseph…