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Sushiswap (SUSHI) Jumps 17% as Proposal to Claw Back Idle Tokens Passes: Details

Tue, 02/07/2023 - 08:18
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Godfrey Benjamin
Sushiswap seeks to distribute over 10 million idle SUSHI tokens
Sushiswap (SUSHI) Jumps 17% as Proposal to Claw Back Idle Tokens Passes: Details
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Sushiswap (SUSHI) is experiencing relatively positive price action at the time of writing on heightened community enthusiasm for the new proposal that has been passed. The decentralized exchange (DEX) token is up by 3.41% over the past 24 hours and by 17.11% in the trailing seven-day period.

With the current price of the token pegged at $1.46, SUSHI is on track to beat its 90-day high of $1.63. Should the bullish price action continue, we may see the token hit a new pedestal. Though Sushiswap is still 93.76% down from its ATH, it remains one of the most battered digital assets in the Web3.0 ecosystem today.

Sushiswap is on a bullish track today as the implementation of a significant proposal to claw back idle tokens from the protocol has just been executed. Dubbed the Sushi Vesting Merkle Tree Clawback proposal, the DEX noted that the implementation saw 99.85% support.

The aim of the proposal is to get early Liquidity Pool (LP) providers to claim their vested tokens from back in October 2021. The proposal passed a mechanism for the clawback and a time frame for implementation. As a result of this proposal, a total of 10,936,294 SUSHI will now be up for distribution over a three-month period.

SushiSwap Presents New Vision of Project by Releasing Roadmap 2.0

Functionality redefined

The passage of the Sushi Vesting Merkle Tree Clawback proposal is one of the latest signs that the Sushiswap protocol has a high level of ecosystem functionality. While it was one of the first decentralized exchanges to make its debut, Sushiswap fell from grace following its initial rug pull attempt from its core developer, Chef Nomi.

Embattled FTX founder Sam Bankman-Fried (SBF) saved the protocol at the time and helped reposition it for a new life. Combined with the crypto winter, Sushiswap has been battered; however, it is set for a new lease of life in line with its new roadmap and new community-driven proposals being passed.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.