• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
Sushiswap

SushiSwap Head Chef Suggests Cooking Up New Token Model – Will The DEX Survive 2023?

Christian Encila by Christian Encila
4 weeks ago
in Cryptocurrency news
Reading Time: 3 mins read
Advertisement

On December 7, Jared Grey, the CEO and “Head Chef” of SushiSwap, suggested that the DEX is burning through cash like there is no tomorrow.

According to the forum post made by Grey, the DEX has, more or less, a year and a half in headroom which resulted in the exchange enacting a 100% allocation from fees on its staking token xSUSHI. 

This 100% allocation, however, is temporary until the DEX’s situation improves or new tokenomics are enacted. Will this proposal be the answer to SushiSwap’s urgent situation? 

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.
No Deposit 40 FREE SPINS at Wild.io on SIGN UP. Wheel of fortune, daily bonuses, 10 BTC in prizes monthly! Start Playing Now!
Related Reading: Bitcoin Cash Closes 2022 With A Year-Low – Will 2023 Be Better?

New Year, New Tokenomics 

Grey’s current proposal, if passed, is a technical undertaking for the DEX which could save it from its current state. According to the proposal, liquidity providers, or LPs, will receive a share of the 0.05 % swap fee on the ecosystem.

Chart: Sushi Tokenomics Proposal PDF

They can also lock their liquidity to earn emission-based rewards with a soft-lock system, meaning that they can pull their liquidity out before it reaches maturity but they lose their rewards. 

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

xSUSHI rewards are also updated. The token would lose its previous cut on the fees and will be replaced with an emission-based rewards system. The soft-lock system will have differing rewards for different lock tiers.

The emission APY, according to the forum post, will be around 1-3% if instated. The new tokenomics would also introduce token burning in the form of buy backs of SUSHI and burning off the rewards if the locked liquidity or xSUSHI is pulled out. 

As I promised in Sunday’s tweet regarding Sushi’s Budget Snapshot for 2023, I am making the DAO operating costs public. Transparency is a critical component of a successful DAO. You can see most budget costs are salaries. 1/ pic.twitter.com/rVHXEJSfLR

— Jared Grey (@jaredgrey) December 13, 2022

Issues Wafting In The Air For SushiSwap

Although the new tokenomics look sound, a comment on the December 7 forum post shows something different. According to user GoldenNaim, the platform is currently using $4 million of the calculated $5 million operating budget for wages. 

This is incredibly troubling as this only leaves the team a measly $1 million for making SushiSwap better through innovation. Jared Grey’s reply to this is just:

“Yes, we need to pay people competitive wages to work at Sushi.”

SUSHI total market cap at $217 million on the daily chart | Chart: TradingView.com

But it seems that the proposed tokenomics has an effect on SUSHI’s price. According to CoinGecko, SUSHI has jumped by 1.8% in the past 24 hours with the biggest rally in the weekly timeframe at 2.8%. 

The DEX’s fundamentals are also looking bullish as Cryptolaxy, a crypto fundamental and technical analysis platform, show that SUSHI is undervalued to some degree. If SUSHI is to recover from 2022 market woes, the token must break through $0.9849 resistance. 

As the year progresses forward, we’ll see if SushiSwap will implement its proposed tokenomics and save it from its current state. 

-Restaurant Business Magazine

Tags: altcoincrypto newsSushiSwapTags: SUSHIxSUSHI
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Christian Encila

Christian Encila

Freelance writing is Christian's other cup of tea. When not on his computer, he unwinds with a bottle of beer and laughs with his son over cartoons. Other than that, he's just like everybody else who wants to be happy with their life.

Related Posts

Aptos Records 415.80% Jump in 30 Days: OP, AUDIO, MEMAG & FGHT to Follow Suit

Aptos Records 415.80% Jump in 30 Days: OP, AUDIO, MEMAG & FGHT to Follow Suit

2 hours ago
bitcoin price bull

Bitcoin Spiked to $23,960, But Traders Are Not Very Greedy

7 hours ago
Solana

What’s Next For Solana As Bulls Face Rejection At $25?

8 hours ago
Bitcoin Mining

This Level Could Be Crucial For Bitcoin, PoW Pricing Model Suggests

9 hours ago
cream finance

Cream Finance Exploiter Moving Funds Over 16 Months After Hack, Here’s Why

10 hours ago
Gala Games 2023

Gala Games Plans for Mobile Gaming, GALA To Be The Primary Token

12 hours ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Metaspins

Metaspins

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

New to Crypto? Don’t Miss Out on Cardano (ADA) and Orbeon Protocol (ORBN)

January 31, 2023

Real-World Gaming Village: How Undercity is Changing VR Gaming Forever

January 31, 2023

“Gold has been the best performing investment asset over the last two decades”: an interview with Easygold

January 30, 2023

The Crypto Dream Team: Binance Coin (BNB), Polygon (MATIC) and Orbeon Protocol (ORBN)

January 30, 2023

Polygon (MATIC) and Fantom (FTM) Are Losing Favor With Investors As They Turn To Snowfall Protocol (SNW) For 1000x Potential Gains!

January 30, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.