Solana proposes fee update and Sushiswap looks to change tokenomics
Crypto markets remain choppy this morning. BTC is up 0.30% and ETH is down 0.26%. Traditional markets are down – SPX has fallen 0.75%, and NDQ has fallen 1.24%. Sushiswap (SUSHI) has been particularly volatile and is down 7.39%. Sushi is reaching its maximum token supply, meaning there are fewer incentives for Sushiswap to give to protocol users. Because of this, CEO Jared Grey has called for 100% of the protocol’s revenues to go to Sushi’s treasury and not to $xSUSHI stakers. The proposal currently has 75% of votes supporting it. This change removes some of the value accrual mechanism of the SUSHI token, which explains why the SUSHI price is responding negatively. An outperformer today is SOL, up 2.00%. SOL appears to be having some mean reversion after the forced selling of Alameda, and may also be benefitting from a potential network update that we describe below.Â