Frog Nation <3 Sushi

TLDR: Sushi’s expansion and growth have been non stop - it’s time to give Sushi additional resources and autonomy to continue and better define its mandate and governance during a time when it needs it the most. Frog Nation proposes Daniele Sesta to become a part of the Sushi project through a new service collective with defined mandates to bring additional direction to the project and to help continue what Sushi has been doing, which is be THE decentralized DEX. A new service collective with its own discretionary abilities will exist to serve the DAO. Consider this a DAO to DAO proposal.

The path to this collaboration is straightforward:

  • create a service collective with Frog Nation

  • define discretionary powers of such a service collective

  • better define the parameters of governance, potentially activating onsen, miso, bentobox, etc.

Current Situation

Product Fleet: Sushi, started off as a UniV2 fork. What Chefnomi did was create a DEX that was truly user/LP owned. Since then many projects to extend the ecosystem have emerged:

  • Multichain AMM

  • Masterchef v2

  • Kashi Lending & Leverage

  • BentoBox

  • Miso

  • Shoyu

Multichain AMM:

Sushiswap is the DEX that is on the most chains to date - coming in at 25 networks, of which 15 are active. It has also received ecosystem funds from various chains to deepen TVL. In the end this was of course Sushi’s path, Sushi is the DEX for everyone, so naturally it should be on all chains wherever possible. The development team has been extremely fast with executing and Sushi is definitively the reason why Multichain is currently being talked about so much.

According to Defilama the TVL is as follows:
​​OKExChain: $213.81k

Moonriver: $67.09m

Avalanche: $611.05k

Harmony: $79.17m

BSC: $6.11m

Palm: $180.89

Ethereum: $4.55b

xDai: $15.43m

Heco: $29.93

Polygon: $392.89m

Celo: $21.82m

Arbitrum: $304.47m

Fantom: $9.93m

This is an impressive list of chains and the TVL had neared $10b at one point. However, Sushi should begin to focus more on volume. A few of these chains do not add significantly to total volume and should be reevaluated. Sushi should become and is able to become the standard DEX on all chains. People like comfort, if they use Sushi on one chain they will feel more comfortable using it on another chain, rather than learning the UX of a new DEX. We are interested in proposing new go-to-market strategies for these chains as well as additional marketing as well.

Kashi Lending & Bentobox:

Kashi is a strong, if not the best, lending engine. By innovating the concept of risk isolation - Kashi goes down a layer further on lending primitives. While there have been no attempts to expand aggressive adoption, Abracadabra has shown that tech works and is fantastic. Bentobox and Kashi will need to go through periods of stronger promotion and adoption - there are no technical hurdles, only ones related to growth.

Miso:

Miso is likely the most successful product Sushi has, and the only profitable one at that. It has seen raises from extremely interesting projects like YGG, and has managed to help BitDao raise a ton of funds. Projects like it, some issues have existed via frontrunning and such, but overall Miso has been a success. We see it as a key cornerstone of bringing liquidity and volume to Sushi and will continue existing efforts to further decentralize this platform.

Shoyu:

Shoyu is an interesting attempt towards a decentralized Opensea, but currently does not fit the bill in terms of decentralization or a full feature set that can compete with Opensea. This has been a product the community was excited about. However the product is too immature and there has been recent controversy surrounding it we would not like to enter or extend. We advise to refocus efforts on the AMM and set up a new team to maintain Shoyu for the time being.

Tokenomics

We don’t need to go into the history of Sushi, but through the fork and the creation of the token, a vibrant community and an incredible project was created. Sushi created the xSushi model. Giving parts of the trading fees to stakers. A model, which in the end was the reason why people got excited about Sushi. We need to extend efforts on tokenomics and dex efficiency to remain competitive.

Contributors

Sushi contributors have seen a lot of changes over a short period of time. At the same time though some members have stayed persistent. Overall the technical talent is strong, the architecture of Sushi remains strong. Communications, marketing, community management are likely not the strongest as made apparent from the recent saga. A new focused collective will retain the mandate to evaluate compensation on a case by case basis.

Proposal of Change

In order to give long-time contributors a mandate and autonomy to make Sushi the best decentralized dex - we propose that Frog Nation retain and grant a lead over a new service team to extend its vision.

Why does this make sense?

Frog Nation preaches the same idea that Sushi did in the early beginnings. It’s about everyone, not about individuals. Together we are strong.

Just like Sushi, Frog Nation preaches the Multichain thesis. We don’t care about chain maximalism, all we care about is that we provide our services where they are needed.

Similar to Sushi, the Frog Nation is about shipping products quickly, as Sushi has done.

What needs to happen in the eyes of the Frog Nation?

First and foremost, 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. In the interim, this service collective retains the right to restructure Sushi and define specifically the parameters for governance at an elevated tempo. During this interim period Sushi and the new service collective will take part with Daniele Sesta and team, as well as share from know-how, and resources that these 3 projects have. Sushi will always stay as its own project, that fights towards its initial idea of becoming THE DEX for everyone.

Initial Changes to the Project:

  • Full focus on DEX
  • Change of Tokenomics
  • Change in parts of Team
  • Deprecating Legal Entity

Full Focus on DEX

Too many moving parts have distracted Sushi, and through this also been a toll on Sushi in its finest form. Granting a mandate to drive the focus will be key for this new service collective. This includes consolidation of various existing products and redirection of resources of certain products during this interim period.

One thing matters to become the best DEX that exists. That one thing is giving the best price to a trader.

Due to this Trident remains a critical part of the infrastructure- users get the best price and choice for every asset on any chain.

Change of Tokenomics / Governance

This collective aims to propose and consider with the mandate granted by governance, the following potential extensions:

  • mechanism to enable Sushi holders to vote onto Onsen, but with subsequent rewards automated through analytics
  • continuing the work to decentralize Miso through governance
  • extending governance to bentobox and various strategies
  • further mechanism to handle and distribute grants

Proposal to deprecate xSushi needs to be deprecated in the short term. Right now the emissions to xSushi holders are not helping the project. The only thing helping the project are the LPers and the people using Sushi. Due to this xSUSHI should be deprecated for now. It can always be re-implemented once the DEX shows that it is the most powerful dex.
Furthermore the questions raised above should be answered, and the tokenomics should be adjusted. The Curve model shows that it works and helps the project.

Change in parts of the Team

We propose in this new service collective the following initial positions, if these persons wish to accept: Omakase as Head of Operations, Matthew as the VP of Engineering, and Daniele Sesta as the Visionary/Strategist. Existing Frog Nation community will help with getting the project moving in terms of technical sprints, communication and marketing.

The service collective retains its own discretionary abilities and will propose the parameters for impact driven governance surrounding onsen, miso, bentobox, and other products to put sushi votes to work.

The overall grand vision

This proposal is bold, just as DeFi is bold. The move to align Sushi and Frog Nation would be a massive win.The synergies between the Frog Nation projects and Sushi are incredibly complementary. Sushi needs to get back to where it started. Which was being the DEX for everyone, the one that people choose to use. With Popsicle Finance being a liquidity manager, with Abracadabra offering the MIM stablecoin, lending and leverage, and with Wonderland striving to be the biggest DAO that exists. Sushi can gain the mandate it needs to thrive and become the biggest DEX on all chains.

Together we can move DeFi in the right direction where Sushi builds an accessible decentralized exchange, used on all chains by everyone.

Thank you for everyone’s time and consideration. We are open to answer any and all questions. This is not a step to act on quickly, we will need discussions, discord and twitter spaces calls in order for everything and everyone to move forward.

We hope you support Sushi. Long live Sushi.

72 Likes

Amazing proposal, I am happy to vote with my spell and sushi and whatever else I got.

I want sushi to be the DEX it was meant to be, and I always had a feeling Dani was going to be the perfect fit.

19 Likes

Amazing. Yes please.

10 Likes

Looks great and a SUSHI and Frog Nation collective would be unstoppable…

One question I have Dani however is what is the purpose of suspending xSUSHI? It is my understanding that it is just the mechanism of taking part of the fee revenue and market buying SUSHI and distributing to xSUSHI holders. This is the same mechanism you use for sSPELL & nICE so I would like to know why this doesn’t work here. I know in the past it has been proposed to implement a vote locked oSUSHI model for gauge voting on Onsen/Miso, are you saying you couldn’t have xSUSHI and oSUSHI at the same time?

16 Likes

Wow interesting proposal. I like the emphasis on focusing on becoming the best DEX across all chains. Just from looking at the low TVL on some massive chains such as Avalanche, shows how much Sushi has to gain by focusing on being the go to DEX.

I think Abracadabra is currently rethinking their spell emissions and how staked spell works so I’m sure the teams could learn a lot from each other and discuss how xSushi can be reworked to better benefit the platform.

I’m not sure about the proposed leadership changes, as I’m unfamiliar with all of them except for Daniele.

5 Likes

Adding a poll

  • LFG
  • No go

0 voters

4 Likes

Because the fees make it more inefficient than uniswap V2

Can we vote with our sushi instead of this poll? So that the votes are weighted.

1 Like

The fees allocated to buying SUSHI for xSUSHI should just be a fixed % of the transaction fees for that particular pool then… that way if they want to do low fee pools like some of the UNI V3 stable LPs, the portion going to xSUSHI scales accordingly.

1 Like

I personally will take a stance against this proposal. While Dani has done a great job with his projects they lack any real vision.

A recent AMA for Wonderland (TIME) revealed a music festival, investment fund, clothing brand, and potential game for as to where Wonderland is headed.

We also cannot leave out that the initial seed LP for TIME was seeded by a select group of people. This is not revealed anywhere on the internal docs or website. After at the TIME launch a few of the insiders then proceeded to snipe the listing.

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? If Sushi were to stick to the principles that formed it I would say no.

10 Likes

amazing proposal
frog nation

5 Likes

Fees are arbitrarily adjustable in Trident

1 Like

So you are talking about TIME only… (the “select friends” thing has been debunked a million time)
plus you say his projects lack real vision??
what about Abra? or ICE?
If its anyone that has vision its him lmao

1 Like

I will vote against it
Mainly because I think the other proposals are more fleshed out and keep the vision of the community owned AMM intact. Here too much power is given to a few people and we see where that has led us. We need a clear structure of how the DAO works.

I would like to have you on board, or work together in partnerships. But I think the future for Sushi should be a mix of the samurai and arca proposal.

15 Likes

this poll is purely for sentiment, an actual vote would be put on snapshot and be weighted by sushipowah

3 Likes

This is going to get a no vote for me. The proposal gives too much power to someone who has his focus elsewhere. Dani is the visionary of several other projects, ICE, SPELL, TIME, and MIM and turning around SUSHI will require his full attention. In my opinion, Dani cannot give what is required to this project.

Also, I am concerned with the idea of an outsider coming in and making such massive structural changes. We are a community and someone like Dani just wants to port over Frog Nation without mixing in the sushi community. Just not a fit for me.

7 Likes

not the most detailed but daniele has a history of executing projects well. philosophies are well aligned to sushi. i think it is a plan worth giving serious thought to. I think he has the most experience and understands what sushi needs the most.

8 Likes

I think a post from each person named here with their particular unique edge is a must
The proposal looks great for Sushi that being said what would these new team members responsibilities be and what sort of control can we expect they would have?

3 Likes

Certainly like some of the ideas brought forward. And I do believe SUSHI needs new leadership with vision. However, I think this would give Dani too many roles, potentially conflicting from time to time. He would have 2 masters: xSUSHI holders and sSPELL holders. I’d rather see someone like Dani dedicate 100% of their focus on Sushi. But if it’s between the free floating current mess and this, I guess anything beats the current situation. I still believe that a snapshot vote (Yes/No) followed by elections on this is the fastest and fairest way out of this mess: Community election of new interim CEO - and Dani could be elected through this as the best candidate.

9 Likes

Agreed. SUSHI needs to stand on its own and give power back to the community, NOT centralise within a third party who gets a sweeping mandate to run it according to their own vision and integrate it under a wider umbrella of tools. NO vote from me.

3 Likes