SushiSwap Announces Company Operational Costs Of IDR 81.3 Billion For Next Year

SushiSwap announces the budget and for 2023. (Photo; Doc. SushiSwap)

JAKARTA One of the leading decentralized finance (DeFi), SushiSwap, recently reported a disbursement of funds of US$5.2 million (around Rp. 81.3 billion) for 2023. The funds are planned to be used for operational costs and 80 percent for salaries of contributing parties.

The announcement was made by the head of SushiSwap, Jared Gray. He assessed that the publication of this budget was to promote the transparency of the SushiSwap (decentralized autonomous organization).

"As I promised in Sunday's tweet about the Sushi Budget Snapshot for 2023, I publish the operating costs of DAO. Transparency is an important component of successful DAO. You can see most of the budget costs are salaries," said Jared Gray, December 13, 2022.

Furthermore, he also explained that about 80 percent of the US$4.3 million budget would be allocated to contributor salaries. Gray noted that the strength of each project lies in his talent and community. As a result, SushiSwap made a significant allocation to provide proper compensation to its contributors.

SushiSwap's current salary structure shows that its top two contributors generate around US$500,000 per year, while lower-income contributors earn US$90,000. DAO will spend about $294,000 to hire freelancers for the year.

DAO also budgeted to spend up to $475,204 on subscription payments. Gray added that SushiSwap will release its financial audit by the end of the first quarter of 2023.

Launching CryptoSlate, Grey also emphasized that the government had previously allegedly mismanaged DAO resources which caused a loss of 30 million US dollars over the past 12 months. In an effort to increase the shrinking DAO Treasury, Grey proposed that 100 percent of xSUSHI's revenue be diverted to the Sushi Company Treasury.

Grey explained that Kanpai's proposal would allow protocols to rebuild its cash reserves and diversify the Treasury to get results from ETH and USDC without selling tokens.

Grey added that the new Tokonomic Vote Escrow (VE) model will allow Sushi to reclaim its market share, increase its trading volume, and add value to token holders and liquidity providers.

For additional information, SushiSwap is software running on Ethereum that seeks to incentivize networks of users to operate platforms where users can buy and sell crypto assets.

Launching Kraken, SushiSwap's performance is similar to that of Uniswap and Balancer, SushiSwap uses a collection of liquidity pools to achieve this goal. Users first lock assets into smart contracts, and traders then buy and sell cryptocurrencies from the pool, exchanging one token with another.