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 N/A% , 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