Sushi

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A new Era has dawned with the launch of the first Ethereum Virtual Machine compatible ZK rollup, enabling projects like Uniswap and Sushi to easily port over for scaling.

cointelegraph.com

zkSync Era launches with Uniswap and Sushi — First zkEVM on mainnet

Sushi, the Web3 exchange that pivoted into a decentralized autonomous organization (DAO), is seeking to organize a legal defense fund. If approved, the proposal, which already is available for voting, will put $3 million USDT as part of a fund to defend itself from legal actions against the organization and its members. The organization disclosed it had recently received a subpoena from the U.S. Securities and Exchange Commission (SEC).
Sushi DAO Presents Proposal to Establish Legal Defense Fund
Sushi DAO, a Web3 exchange and staking platform, is seeking support to establish a legal defense fund in order to effectively take on legal cases that are already coming its way. The proposal, which is currently being approved with the support of 75% of the vote at the time of writing, would allow the organization to make use of $3 million USDT to help its maintainers to defend from demands and legal cases.
If approved, the fund would come from Kanpai, which is part of the treasury of the DAO, in 50%. The other 50% would be deducted from the Sushi fees and from the reserve destined for giving grants. If depleted, the organization would have to refund the initiative with $1 million USDT more until the end of the legal case.

Undisclosed SEC Subpoena Received
Jared Gray, head chef and main maintainer of the Sushi DAO, announced that he had received a subpoena from the U.S. SEC, but did not disclose the nature of the case the organization is facing. When questioned on the issue, Gray stated:

Unfortunately, I cannot speak publicly more than what was disclosed in the post, which is standard. Many DAOs will need or have implemented Legal Defense Funds for contributors.

Sushi follows in the footsteps of Makerdao, which also established a legal fund for covering similar expenses in December, with coverage of up to 5 million DAI. However, Makerdao’s proposal is more specific and includes definitions for beneficiaries and claims, as well as periods to make payments and determine eligibility for these protections.
This is not the first time that a U.S. government organization exerts legal action against a DAO. The Commodity Futures Trading Commission (CFTC) already did it back in September, alleging Ooki DAO had illegally offered trading services to U.S. citizens without having registered as a Designated Contract Market (DCM). The Ooki DAO case is still ongoing.
What do you think about Sushi establishing a legal defense fund to protect its DAO and head chef Jared Gray? Tell us in the comment section below.



Sushi, the Web3 exchange that pivoted into a decentralized autonomous organization (DAO), is seeking to organize a legal defense fund. If approved, the proposal, which already is available for voting, will put $3 million USDT as part of a fund to defend itself from legal actions against the organ...

news.bitcoin.com

Sushi DAO to Set up Defense Legal Defense Fund; Project Receives Unspecified US SEC Subpoena

Jared Grey – the “Head Chef” (CEO) of the automated market maker Sushi Swap – is attempting to establish a $3 million legal defense fund after being subpoenaed by the Securities and Exchange Commission (SEC). 
Grey declined to comment further on the ongoing investigations but said he and Sushi were cooperating with the agency. 

In a blog post on Tuesday, Grey said that the new Sushi Dao Legal Defense Fund would cover “reasonable attorney’s fees” for core contributors who have been active since the ratification of Sushi 2.0. 
Funds for the DAO will be collected through a combination of Kanpai fees (50%) Grants (35%) and sales of the SUSHI token (15%). SUSHI is down 2.34% on the day. 
The $3 million USDT will be held in a new multisig, and its funds will be made available to pay legal expenses as needed. 
“The international regulatory environment for DAOs remains in flux, and the options for contributor insurance policies remain limited,” wrote Grey. “ it has become evident funds must be available to handle legal needs for operational continuity and to protect core contributors.”
A DAO is a Decentralized Autonomous Organization, theoretically governed in a decentralized fashion by token holders with voting rights. However, one commenter on Grey’s proposal asked how the Sushi DAO had even been “subpoenaed” in the first place.
“I got no letter in my mail and I am the Dao just like all the other members,” he wrote. 
Others called on Grey to publish the agency’s specific claims against Sushi to “expose the SEC’s lawlessness.” 
The SEC has received countless criticisms from the crypto industry / industry-friendly politicians for filing numerous lawsuits and investigations against crypto companies in an environment of regulatory uncertainty. 

The post Sushi Seeks $3 Million USDT Defense Fund Following SEC Subpoena appeared first on CryptoPotato.

Sushi’s Head Chef is raising money for legal defense against another SEC crackdown – but the agency’s reasons remain a mystery. 

cryptopotato.com

Sushi Seeks $3 Million USDT Defense Fund Following SEC Subpoena

100% of trading fees on the platform will soon be redirected to the SushiSwap treasury for maintenance and expenses. 

SushiSwap passes 100% fee relocation, 10.9M SUSHI clawback proposals 

Decentralized exchange (DEX) Sushiswap (SUSHI) hopes to grow its market share tenfold in 2023, according to Jared Grey, the project’s CEO.
Grey says in a new blog post that Sushiswap plans to release its new DEX aggregation router in the first quarter of the year, a move he thinks will increase the project’s swap volumes.

The CEO notes Sushiswap developers already built an aggregation router, a tool that lets users monitor numerous decentralized finance (DeFi) protocols, “in stealth mode” last year.
“We believe aggregation helps deliver the best user experience by serving users with optimal pricing. We leverage this innovation by building deeper liquidity in our pools and permitting [users] to benefit from increased swap volumes and fees, leveraging our Trident framework across multiple networks.”
Grey also says Sushiswap has taken measures to “secure our runway for multi-year operations.”
“Now, SUSHI commands ~2% of the AMM [automated market maker] market and 0% of the aggregation market. By executing our vision, we intend to 10x our market share in 2023.”
The CEO notes Sushiswap plans to launch a decentralized incubator called Sushi Studios that will foster independently funded projects to help boost ecosystem growth.
“These products help increase Sushi’s brand without hindering the DAO’s [decentralized autonomous organization] core DEX focus, the main historical obstacle to Sushi’s horizontal product direction. SUSHI has a solid and resilient brand representing the best of DeFi [decentralized finance]; with Sushi Studios, we can leverage the brand to reach all users.”
SUSHI is trading for $1.25 at time of writing. The 141st-ranked crypto asset by market cap is up 1.38% in the past 24 hours and nearly 10% in the past seven days. It remains nearly 95% down from its all-time high of more than $23, which it hit in March 2021.
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The post Crypto DEX Sushi Could Explode 900% in Market Dominance This Year, Says CEO – Here’s Why appeared first on The Daily Hodl.


Decentralized exchange (DEX) Sushiswap (SUSHI) hopes to grow its market share tenfold in 2023, according to Jared Grey, the project&#8217;s CEO. Grey says in a new blog post that Sushiswap plans to release its new DEX aggregation router in the first quarter of the year, a move he thinks will incr...

Sushi price	$1.01
Low - High 24H	$0.982011 - $1.06
Market cap	$194.19M
Volume 24H	$62.30M
All time high	$23.38 -95.69% March 13th 2021
All time low	$0.475381 111.94% November 4th 2020
Genesis date	N/A

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