Love to see it ! Great proposal and very detailed roadmap.
Let’s go sushi !
Love to see it ! Great proposal and very detailed roadmap.
I’m hopeful. Let us know how the community can help achieve these goals.
There is one thing, that I don’t quite see in this proposal, but it feels like it would be helpful long term. Some way to include a SUSHI buyback campaign. Maybe streaming, where the treasury is gaining sushi over time.
Maybe this is part of the Kanpai proposal. But it would give stakeholders some greater faith in the system if Sushi was accumulating. Kanpai: Bear Market Protection with Treasury Revenue.
This suggestion, may be better for future discussion, rather than part of the restructure plan.
You want to ‘earmark’ a bigger half of the treasury for a non-binding promise of future performance that doesn’t really depend on any deliverables.
What are you going to do, when sushi price reaches 1$ (and it will, if btc revisits 20k+). Are you going to sell the allocation now, to secure USD value of salaries proposed?
How can you be sure, that the fees generated in the last cycle can be replicated within current environment that lacks irrational exuberance of a bull market?
How can you expect people to agree to give you so much money before even demonstrating the mechanism of accountability and transparency you claim to implement ‘some time in the future’? Do you get to enjoy the monetary reward all the while such mechanisms are ‘being developed’? In that case, that development has no incentive to reach fruition.
So you want to plunder the treasury within two years, because ‘no better use for it’?
Seems like new wonderland guys had a tame proposal in comparison.
I guess this is the time to congratulate our establishment friends. They truly got what they wanted in the end.
Very detailed post. Would love to have seen more actual release dates. Overall seems like a positive restructure and that sushi is headed in a positive direction. Looking forward to seeing some results.
Great proposal! Really happy to see this finally coming to fruition.
Questions on a few aspects:
Can we get some color on who the outside advisory is and how that will fit into the organization?
Are there any plans to improve transparency into the organization for Sushi tokenholders? Thinking along the lines of
- Standardized financial and KPI reporting
- Quarterly comprehensive update calls with reports from key divisions and Q&A
- Tokenholder board of directors or appointed, trusted community members that can act as proxy for the average tokenholder
Love the progress made in the last few months of turmoil. Keep it up Sushi friends.
Thank you for the thoughtful proposal! A Compensation Committee is a great governance mechanism to ensure efficiency, reduce voter fatigue, and incorporate expertise, as long as it is well-designed.
Will there be an election of additional community members? It is important for the majority of the Committee to be made-up of elected community members. This ensures accountability and independence.
Will compensation for executive leadership be disclosed and approved directly by the community? It is critical to define which positions are entirely under the Committee’s purview and which are subject to direct community vote.
Until the Committee is independent (i.e., mostly community members) and elected, you should disclose the details of the individual compensation package so the community knows what they are approving (rather than aggregate levels). Can you share those details?
Kudos on the use of performance-based incentives! We would be interested in understanding the details and mechanics of the performance incentives.
Looking forward to learning more about the Committee structure and scope! Happy to assist Sushi and the community on any compensation issues.
I agree partly with Graine’s cynical view.
I don’t believe BTC will revisit 20k, but Graine points out some significant concerns.
The last few months have shown a lot of uncertainties. Uncertainties in SushiSwap’s future, uncertainties in the team (especially with the Joe fase) combined with the lack of transparency and the increased backrooms talk.
Please don’t get me wrong. Transpercay is improving (I like @Trudahamzik notes), but it can be better with a proposal like this am I curious who contributed to what part of the proposal. I personally want to see how the members of the Compensation Committee will measure/track their work and how to prevent conflict of interest and friend politics. I also want to see IF Compensation Committee become a thing; how are they going to rapport their work, I am asking this because if person A disagrees with Committee’s conclusion I want to read that.
Furthermore, I agree with @Graine that the market is uncertain and that we cannot be sure that the fees will be similar. Therefore, it would be a good idea to create multiple revenue streams and improve treasury management to increase treasury growth; this would benefit SushiSwap in the long run
Taking a stab at answering these questions:
The committee should evolve over time, however finding folks willing to do so, without conflicts of interest is going to take a real process. To discuss my commitment: it includes staying conflict free on the investing or operating side, a list of high level deliverables geared around learning & understanding all ops, & implementing the processes to facilitate objective performance evaluation, + having a background in tech startups etc. I had no prior affiliation with any members of $SUSHI or large holders which was extremely important.
Any leader/exec hire should be voted in via the governance process. All businesses and contributors at this time including exec leaders should report under the committee.
This is an interesting request as practically it makes contributors targets for scams, phish, etc. it’s all on-chain and my personal pov on this matter is it should not be secret but some level of privacy should be allowed. The community could always throw up a proposal to require this to be entirely transparent and if it’s a popular idea would be followed.
Use a fresh address for the sablier stream.
Using phishing/scams - something that comes already from the numerous exchange hacks - as a pretext to obscure spending, huh. Is that the new and improved transparency this proposal seems to introduce?
The community has always lamented the lack of transparency, especially within backroom compensation deals. But knowing the current quorum issues, some big wallets might back your view.
How convenient and totally not coincidental, eh
100% echo this sentiment, some things never change with sushi. Lack of transparency and backroom deals (in which more times than not are terrible for sushi) continue to be the norm.
Amazing - this is a great step forward
Who’s Neil? and how did he get installed on the compensation committee? Seems like quite a powerful position.
- What’s his expertise?
- Why is he being sandwiched in this proposal instead of a separate proposal vote where the community can due to proper due diligence?
- Is this the same Neil who was asking for 1 mil in compensation for each 1 bil sushi goes up in mc? Regardless if mc increase is the direct result of his own doing or general market improvement? That Neil? lol
Like come on…
I’ll tackle this point by point:
You’re getting a comprehensive team that has shipped the products that have made sushi what it is today committing to the next 4+yrs at market wages & alignment via vested sushi, roadmap completion sushi, or $12 strike sushi. The alternative is sushi under pays and contributors go to projects that pay market wages or you get pump & dump commitments from groups looking to make a quick buck.
There’s sufficient runway without having to sell a single $sushi. Although, you touch on a great point. Treasury management in bull & bear markets is crucial.
Continuing to diversify sources of revenue is important. Positioning Sushi to operate at the tip of the spear & innovating on the features & products is the only way to ensure the business doesn’t become commoditized.
Paying market wages is essential to retaining talent & the talent is essential to running a business. Sushi has had to rely on volunteer work & contributors keeping the lights on without pay. As a community member, that’s a big failure by the community. Spend is broken down in the plan – I don’t see any indications of “so much money”. This is market wages for great contributors ready to build sushi 2.0 over the next 4 years.
the team you build is the company you build, if you see hiring and retaining talent with market wages for the next 4 years being useless…we simply do not see eye to eye.
Sorry you forgot one:
Pocketsquare - lead fanboi
On a serious note - I would like to see more team involvement on the community calls going forward as part of this proposal. The entire issue has been transparency and thats my only gripe. Often its just Tangle left to figure out something to talk about. Would like to see a bit more structure.
Perhaps dedicate the first 15 minutes of every call to go through a running list of projects and a quick line or two on where they stand / whos working on it / how its going. Something to keep everyone aware that progress is being made. I find, in my own job, that this also keeps you accountable to your timeline. Perhaps it rotates: 1 week we get a treasury update from Jiro. The next call we get a BD update from Ape, then the next call a dev update from Matt, then a marketing update from Bella, and then it goes back to Jiro and so on. But this should be a mandatory part of collecting a salary from SushiSwap DAO.
Couldn’t agree more on these points
Perhaps dedicate the first 15 minutes of every call to go through a running list of projects and a quick line or two on where they stand / whos working on it / how its going. Something to keep everyone aware that progress is being made.
These guys are legit.
List of Team Members Retained:
I’m Software - Engineering Team Lead, Compensation Committee
JiroOno - Software Engineer
Sarang - Software Engineer
Chillichelli - Software Engineer
Ross - Software Engineer
Ilya - Software Engineer
CleanUpGuy - Software Engineer
Tangle - Community Manager, Business Development
0xBella - Marketer
Unagi - Marketer
Cabbage - Designer
Kastrye - Designer
Chester LaCroix - Designer
APE - Business Development
Pegbit - Samurai
RSK - Samurai
Maka - Samurai
Trudahmzik - Samurai
Zapacheenie - Samurai
Salman - Shōyu
Masayoshi - Shōyu
H4v1g - Shōyu
fejk/Ryan - Shōyu
Neil - Compensation Committee
So impressed with the team and all they’ve accomplished during the reorg, not to mention their loyalty and passion towards the protocol. Absolute no brainer! Fully in support of this.
We all know that many of the team members are the people who turned a simple Uniswap fork into a bluechip protocol. Most of them were contributing to Sushiswap even before they were on-boarded, so their dedication to Sushi is undeniable.
Nevertheless, @Graine made some valid points and I think the community will appreciate if there are a bit more details and clarity just to be sure that we will avoid the problems like “Lack of transparency, backroom deals, etc” which caused much of the drama lately.
It would nice to have more info the Teams budgets quoted in the " Sushi 2.0: A Restructure For The Road Ahead". Are these budgets for salaries only or they include and other expenses, which are needed for the each team operations? Can we have something similar to “Samurais V2 proposal” for each team? Probably not so detailed, but at least stating how much of the budget is for salaries, how much for hiring more people (if there is a need), how much for operations expenses (and what type of expenses these are)?
Also would be nice to know if all team members will have a full time positions. And if one holds a full time position, can this one work for other protocols?
And last, but not least I would like to hear Team thoughts one some long term plan for Sushi. With the Sushi emissions drying out, in several months (especially if the price of SUSHI stays low) the farm rewards won’t be enough to incentivise liquidity providing. What should we do to keep and increase our TVL? Should we keep the xSUSHI system? Are we going veSUSHI? If so, is the team thinking of a proposal for removing the hard cap and minting more SUSHI? No matter what Team ideas for keeping and increasing liquidity are, should be nice to hear them now, as trying to work something in the last moment has been seen quite often with Sushiswap, but it is definitely not a good practice.
P.S. The Compensation Committee members should not be part of this proposal. Each member should be approved by a community vote. These members should not be on constant payroll (Team members who will be part of this committee should not not get extra payment ) as if they are, there clearly will be a conflict of interests. Community representatives in the committee should be more than the Team members.
clean proposal, seems the work made in the last months is bearing fruits
there is no better use of treasury than to retain and attract talent, standing by your side