decentralized cryptocurrency stock market and altcoin platform Your SushiSwap The management community has unanimously decided to lower the salary of the chief executive position, or “Chief Chef,” as they call it.
The Old Proposal Recommended 800,000 USDC and 600,000 SUSHI for the CEO
800,000 for the role of Head Chef in SushiSwap’s first proposal USDC base salary and 600,000 SUSHI Additional incentives were foreseen with the altcoin.
Initial offers and bonus incentives received significant backlash from the community. This concern is clearly stated in the first line of the new proposal.
The new proposal text, shared by community leader Tangle, states, “The Community has expressed concern about both compensation and the consolidation of the candidate into a single proposal.”
This separation will give the community more flexibility to negotiate compensation without having to vote against an entire comprehensive plan.
The incentives initially included price target incentives for new hire that would exceed $10 million if sustained over a one-year period.
CEO’s New Salary on Altcoin Platform Is 500,000 USDC
The new incentive plan adopted today will reduce the base salary to 500,000 USDC. It will also reduce the total amount of SUSHI tokens for the incentive system from 1.2 million to 1 million tokens.
A vote to keep the current price target ranges was the biggest point of contention, but it was successful with a 53% to 47% rating among 40 voters.
In addition, the community will also re-vote on the previously approved new hire to ensure community cohesion on the proposal.
Jon Howard, who was proposed as the new Head Chef in the first proposal, had won the previous vote. Now SushiSwap will hold another poll, potentially with other candidates, to vote on Jon Howard’s appointment to the role of Head Chef.
SushiSwap’s search for a new leader began after former Head Chef Maki left in September 2021.
According to DeFiLlama data, there are approximately $661 million worth of locked assets on the platform.
*Not investment advice.
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