The price of DeFi-focused token, SUSHI, has seen a decent 7% rise on the day. The increase pushed the price of SUSHI above $2.66 before a slight decline in the build to press time. The community is bracing itself for an almost certain $14 million SUSHI buyback in the next 24 hours.
https://t.co/UcXLH0UUfY passed with just over 300k average, establishing a temporary voting threshold.
That means that the $14m SUSHI buyback will happen tomorrow! 1am-2am UTC, TWAP, on Sushiswap SUSHI/ETH pool.
— SushiChef (@SushiSwap) September 14, 2020
The buyback will be one of the results of an ongoing community poll to determine the minimum number of votes that a proposal needs to pass before it is implemented on the SushiSwap protocol.
At the time of writing, 877.36k SUSHIPOWER, the protocol’s governance token, has already voted in favor of 300K being the benchmark for any proposal that the team will implement. That number accounts for 71.92% of total votes cast, with the closest option of 400K SUSHIPOWER amassing only 13.67% of total votes cast.
As per information provided on the poll’s page, “voting results will be applied retroactively to the Sushi buyback proposal – but will not extend to other votes.”
The SUSHI Buyback Proposal Catches On
When the SUSHI buyback proposal is implemented at 1 am-2 am UTC on Tuesday, it will mark another step back to redemption for the SushiSwap protocol.
SushiSwap sold itself as a better version of more popular DeFi protocol, Uniswap, and got off to a splendid start even with its product still in testnet.
The value of the SUSHI token spiked to as high as $168.91 on August 28 but suffered a steep decline after reports showed that its anonymous founder, with the pseudonym, NomiChef had exit scammed with appr. $14 million worth of ETH.
The token’s value slumped to as low as $1.6 but has since entered a recovery mode after the founder issued an apology and returned the value of ETH to the protocol’s treasury.
To everyone. I fucked up. And I am sorry.
— Chef Nomi #SushiSwap (@NomiChef) September 11, 2020
The implementation of the buyback plan from the SUSHI/ETH pool will now mean that the funds are now reinvested into the project, and could calm investors’ fears at least. SUSHI had a market cap of $244 million according to Coingecko.
