Serum's founder, SBF, came up with the Sushi governance proposal, which would offer SRM as a reward
Beats Rhythmic, on September 4, THE CEO of FTX and founder of Serum & NBSP; Sam Bankman-fried published several proposals on SUSHI governance.
The following is the full translation of the proposal:
Solana is a high speed, high throughput blockchain. It can support more than 50,000 TPS without sharding, and costs about $0.00002 per transaction.
Serum is a DeFi ecosystem built on a chain on Solana. Its first core, Serum DEX, went online last week.
Rhythmic note: SBF denotes the text as rendered on behalf of the Serum node EcoSerum. Author Sam Bankman-fried was involved in the development of Serum, but was not involved in any way in the development of Sushi. This proposal does not represent FTX or relate to FTX.
1. Establish support for Sushiswap on Solana;
2. Sushi awards could be made on Sushiswap based on Ethereum or Solana/Serum;
A) Awards will be distributed in proportion to TLV.
B) or fixed to each pool.
3. Sushi integration into NBSP; Serum orders are thin;
A) Each Sushi pool has a curve, and Constant Product (UniSwap's foreign exchange contract USES a joint curve mechanism called Constant Product, which automatically sets the price). .
B) The liquidity pool sends an order price/offer to the relevant Serum order book to simulate the curve.
c) This allowed Sushi's AMM to share liquidity and trading volumes with other order books.
4. FTX will set up a bridge between ERC20 and SPL(Solana token) Sushi, which will also be supported by Sollet.io next week.
5. Sushi will also be able to combine with the Serum loan agreement to allow the pools to trade on margin.
Reward system
EcoSerum is a node on Serum, helping to build communities. Under the proposed scheme, EcoSerum will support the scheme with the following incentives:
1. A total of 50,000 SRM pieces will be used for proposals 1 and 2 above;
2. MegaSerum (MSRM, token in Serum) for proposal 1-5;
A) 1 MSRM = 1 million SRM.
B) This would allow the Sushi community to participate in Serum, running a node that would benefit from purchase/destruction and receive discounts.
C) This (MSRM) will be locked (not for sale or transfer) for 1-7 years: the unlock period will begin on August 1, 2021, and then linear unlock will be conducted for 6 years.
3. These awards will be used for Sushi community, governance to manage 20,000 SRM awards that can be divided into proposal 1 and proposal 2, and another 10,000 SRM awards will be given to teams that help implement and build proposal 1-5.
The goal is to launch some products within a month and complete them by the end of 2020. The above plan begins with the prerequisite that the Sushiswap migration is completed.
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