- Sushiswap has announced the release of its new governing system, Sushi Labs.
- Sushi Labs will replace the previous DAO structure with a new council structure.
- SUSHI is down 6% amid a general crypto market dump.
Sushiswap (SUSHI) revealed a change in its protocol governance process on Tuesday following the introduction of Sushi Labs. The announcement is yet to affect the price of SUSHI, which is currently down 6%.
Sushiswap reveals Sushi Labs will replace its DAO
Decentralized exchange Sushiswap has incorporated Sushi Labs, its latest council structure, as a replacement for its Decentralized Autonomous Organization (DAO).
Read more: Week Ahead: Crypto market likely to rally after the recent flush
According to Sushi's blog post, the DEX has yet to see much growth in the current bull cycle compared to other DeFi projects, partly because of several challenges with its DAO. In March, a proposal entitled Buru no Shinka was released. The proposal became the basis for the incorporation of Sushi Labs.
"Sushi Labs is an autonomous administrative, technical, and operational company, or group of companies, tasked with product development and management within the Sushi ecosystem," the proposal stated.
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After a few deliberations within the SUSHI community, the proposal was eventually approved, leading to the birth of Sushi Labs.
Sushi Labs will function with a new council structure comprising four major members: Sushi High Kitchen, Treasury Council, Grants Council, and Ambassadors Council. "They will ensure effective and strategic execution," said the Sushiswap team.
Sushi Labs will also oversee key ecosystem projects, including WARA, SUSA, and the multi-token product suite.
Read more: What to expect from Cardano’s Chang hard fork?
The introduction of Sushi Labs has yet to have any significant impact on the price of the SUSHI token, which is currently down about 6% following a general bearish sentiment across the crypto market. A rally may be on the horizon if the market responds positively to the change in SUSHI's governance.
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