Hello from GoldenTree

Gm Sushi community

We wanted to take a moment to introduce ourselves to the community. We’ve been following Sushi for a while (some of us for several years now) and with the launch of GoldenChain, we are psyched to be more active in all things Sushi. We’re excited about the Sushi 2.0 roadmap, and think upcoming cross-chain integrations for swapping and lending (Sarang is incredibly thoughtful on this front), and updated tokenomics (controlccontrolv–we’ve been throwing them some ideas around tokenomics) have the potential to be transformative for Sushi.

As a brief intro about ourselves. GoldenTree is a ~$50bn privately owned asset manager that is well known for investing globally in corporate credit, distressed credit, credit structured products, and emerging markets. But a couple of months ago (after about a year in the making) GoldenTree formally launched our digital investment strategy (setting up a new investment manager led by Avi Felman and Joe Naggar, GoldenChain Asset Management LP (‘GoldenChain’) and a new fund managed by GoldenChain)), and put together a team of 10 crypto natives to focus entirely on the crypto markets. We come from a variety of places – crypto funds, DeFi protocols, DAOs, quant firms. We think GoldenTree has a unique combination of crypto-native knowledge and traditional resources (operational, legal, etc.) that lets us tackle some pretty complex crypto problems.

We believe Sushi has incredible potential. Although the community has certainly been through some tough challenges, we’ve been amazed at the resilience of both the core team and the community in the face of these speed bumps, as you all have continued to build and release top-tier products. To GoldenTree, Sushi represents the best of DeFi, both in origin and in community. Sushi is what DeFi is all about: iterating and innovating, without artificial barriers to competition. We love the approach to new, composable products such as Trident and Bento that give developers frameworks on which to layer on complexity has been quite novel. We don’t think the full power of these products has been unlocked yet, or appreciated by many devs.

We think that’ll change soon.

Our plan is to be helpful to the community in whatever ways we can be, all the while remaining as transparent as possible about our Sushi holdings and intentions. To start, here’s our wallet address: 0x9C2ba3E13616e27eC15E799797424B0c3D00cEB1.

We want Sushi to succeed and wish to engage with the Sushi community, but ultimately we trust the core team and the community to hear views and come to their own conclusions.

For example, some things we think we can help with:
(i) Tokenomics: GoldenTree spends a lot of time thinking about tokenomics, and thinks Sushi has the opportunity to put forward some novel proposals. We’ve been sharing some ideas through telegram with (Sarang, Matthew Lilley, and controlccontrolv), which we are happy to post publicly for full transparency.
(ii) General Design/Strategy: We have experience in general protocol design and enjoy throwing out ideas for things like Trident, xxSushi, Shoyu, etc. For example, we’ve been discussing some xxSushi mechanism designs with Sarang that we are again happy to share publicly. We also think we can spitball on cross-chain strategy and design.

Again, we intend to offer our views and work with the community to address difficult design problems, but want the broader community to remain in charge and certainly support things like the new quadratic voting/sybil resistance voting structure.

For now, you’ll see some of us (Avi, Dirac, and myself) grow more active on the Sushi forums and in the discord. Drop us a dm if there’s anything you ever want to chat about.

Cheers,

The GoldenTree/GoldenChain Team

• Legal Disclaimer
This note is not intended to provide or constitute investment advice in any way; further, nothing herein is intended to influence any investment decisions or serve as a solicitation for any investment. A fund managed by GoldenChain owns Sushi tokens. GoldenTree and its affiliates are not affiliated with and do not control Sushi in any manner other than the voting rights associated with the Sushi tokens managed by GoldenChain. GoldenTree and its affiliates have no duty or other obligation to or relationship with the Sushi protocol, its employees, management or its token holders. GoldenTree may operate as a liquidity provider on Sushi in the future and may receive token rewards in connection with that activity. This note was not solicited by any party.

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Hi Mark,

As a community member, I invite you to the table to chat at one of the forums. I’d enjoy hearing what GoldenTree/GoldenChain have to offer. Probably the thing I didn’t see in your hello message, is the “what’s in it for you,” piece?

I don’t mean that rudely. There’s got to be an incentive for everyone. Just thought maybe I’d get right to it.

Best,

Nick

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He shared their public address…think that probably is what’s in it for them.

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Oh yeah, I get the vested interest and the significant interest at that. Just didn’t know if they wanted to elaborate on their goals.

Hi Mark -

Thanks for hopping in and rolling up your sleeves. GoldenTree is a large asset manager and we are excited to have leading TradFi institutions building vested interest in the protocol.

I applaud your willingness to disclose your investment. It seems like SUSHI is a priority for your team.

We too have been invested in SUSHI via a year-long partnership and have built a position, showing our confidence in this protocol. Looks like you were the largest voter in the recent Head Chef vote, cheers.

Participating in Governance is a great way to start; how is your relationship with Jared G?

You mention your cross-chain alignment in the post above - are you involved in other L1s or EVMs? Would be curious to see how this initiative growing.

Excited to work together here!

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gm :sushi:

Some questions that would be interesting to get answers to:

  • What’s the AUM of Goldenchain, is this $5M a big or a small bet from the fund?
  • Return target and/or length of holding period?
  • Have you invested in competitors? Why/why not?
  • In your opinion, what’s the most pressing problem for & biggest competitive advantage of Sushi?

Really great to see initiatives like this!

TT

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Hey @tokenterminal — The GoldenTree website shows $47 billion in assets under management (or “AUM”), so the $5.2 million investment in SUSHI represents a relatively small portion of their overall pool of assets (0.01%).

Hi @nickjrishwain / @fig / @tokenterminal

Appreciate the questions!

It is no secret that as a fund, our mandate is to make a return on invested funds. For Sushi however, it’s not just about that. As a crypto native team who have used the product since the beginning, we understand how sushi has evolved and are well aware of concerns you may have. Our choice to post here is to signal to the community our investment in the sushi brand. We simply want to be transparent to the community and helpful to the team and future developments if called upon.

On cross chain - we have strong relationships with most of the major L1s as well as some new emerging chains we have made investments in. We are currently thinking about what the best way for Sushi to get involved in some of these ‘newer’ projects and will make sure we fill you in on any ideas we have.

With regards to speaking on the forum, I am of course up for that in the future.

Prior to making our decision, we asked for the opinions of the team in who they thought was most suitable for the Head Chef role and there was majority consensus confidence in Jared G."

  • This is one of GoldenChain’s largest fundamental positions.
  • We do not currently hold any positions in any competitors.
  • We don’t see them as ‘problems’ versus challenges per say. This is a new industry, the path forward is not clear and can change at a whim. But this is why we are all here, and we want to be part of the change. We believe the strongest competitive advantage for Sushi is the brand, the team and the product. It is the whole package.
  • Again, it’s hard to nail down a single pressing issue. Legal structure is important for everyone involved in Sushi. Tokenomics redesign is in the works and we would like to assist on this where possible (in an open manner). Within the scope of tokenomics you also potential governance restructuring too.

I hope that answers initial questions and if you have anything else please feel free to ask here our dm :slight_smile:

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Helpful follow up answers, thanks.

@MarkOKW - what could be helpful is to let the current community can help your team as well?

The more partnerships with aligned EVM ecosystem teams and protocols the better in my view. We have lots of frens around DeFi, within VCs, and the retail crowd who’s still :gem: :raised_hands: (like me).