SushiSwap Pay Package for New ‘Head Chef’ Sparks Outcry as Community Votes – The

In an effort to resolve a leadership crisis, SushiSwap, the fifth-largest decentralized exchange by capital locked, is currently polling its community on a candidate to take over as its new “head chef”.

But its community is unhappy with the proposed compensation for the incoming culinarian. 

On July 26, the Sushi team nominated Jonathan Howard, a software engineer who previously founded four startups including NFT studio, Bighead Club. 

Potential $8.3M Com Package

If elected, Howard will receive $800,000 in stablecoins annually plus 600,000 SUSHI tokens (currently worth $1.29 each) over a four-year vesting period, with an additional 350,000 SUSHI set aside for bonuses to be awarded as new products are shipped. 

A further 1.2M SUSHI will be issued to Howard should SUSHI’s price rise above various milestones under his leadership, with the payouts increasing if SUSHI’s price rises above $3, $5, $7, $9, and $11.

Cam Crossley, an analyst at web3 venture studio NotCentralised, told The Defiant that should Sushi rally above $11, its incoming head chef would be set to receive $8.35M in bonuses under its proposed compensation.

Answer to SushiSwap’s Troubles May Be Transforming into On-Chain DAO

Dranon911, a Sushi community member questioned where the compensation funds would come from. 

“Assuming the funds for this proposal comes out of the operational multisig, which has $2.67M USDC and 250k SUSHI, if this guy leaves day one he will take with him 60% of the USDC and ALL of the sushi with still 50k yet to be paid,” they said.

SushiSwap is currently generating daily protocol revenues of between $20,000 and $25,000, according to TokenTerminal.

SushiSwap protocol revenue has held steady since a big spike last year. Source: TokenTerminal

Votes have been submitted by 38 participants on Sushi’s governance forum so far, with 68% of voters supporting Howard’s appointment. 

Howard posted that he has been a Sushi user since its first week, praising the protocol as a community-owned platform allowing users to “collect a salary, source a loan, swap to virtually any token, and put it to work.”

“Sushi is on the verge of launching tons of new products and features so the #1 priority is getting the dev team back to consistently shipping, as the team has demonstrated recently,” he said in the governance form post. “The first order of business is to ensure we become world-class at the fundamentals and ship the existing roadmap as directed by the DAO in the Sushi 2.0 proposal.”

He added that he would focus on improving Shoyu, Sushi’s NFT marketplace.

‘A Crazy Ask’

Should Howard be terminated, he would receive a severance package equal to 24 months of the planned salary and bonus compensation plan. The severance package would not be paid should Howard resign or be terminated as a result of “professional malfeasance such as crime.” 

Many comments on Sushi’s governance forum strongly criticize the severance package….