The founder of Abracadabra proposed a merger with Sushiswap, and the price of SUSHI rose by 10% in response
According to the proposal, Frog Nation will establish a new service collective for Sushi and become part of the Abracadabra, Popsicle Finance, and Wonderland ecosystem.Author: Gu Yu
After several weeks of turmoil, more and more proposals have appeared on the Sushiswap governance forum to push the project towards normalization as soon as possible. This afternoon, Daniele Sestagalli, the founder of Abracadabra, posted on the governance forum link indicating plans to merge Sushiswap into the Frog Nation ecosystem.
It is understood that Frog Nation is an ecosystem formed by Abracadabra, Popsicle Finance, and Wonderland, all founded by Daniele Sestagalli, with a common goal of seeking to occupy DeFi (#OccupyDeFi) from venture capital firms that want to control it, traders who want to centralize it, and speculators who only want to profit from it.
According to the proposal, Frog Nation will establish a new service collective for Sushi and become part of the Abracadabra, Popsicle Finance, and Wonderland combined ecosystem. During this period, the service collective retains the right to restructure Sushi and will define governance parameters more clearly and quickly.
During the transition, Sushi and the new service team will work with Daniele Sestagalli and his team, sharing the expertise and resources of the three projects. The initial changes to the project include four points:
First, a complete focus on DEX to provide traders with the best prices. The authorization to drive this matter will be key for this new service collective. "Too many product components have distracted Sushi's attention, which has also affected the best form of Sushi."
At the same time, the proposal believes that Shoyu currently does not meet the requirements for a complete feature set that is decentralized or competitive with Opensea, and its team does not want to enter or expand, suggesting the establishment of a new team to temporarily maintain Shoyu.
Second, adjust the token economic model. Discontinue xSUSHI, as the issuance for xSUSHI holders is no longer helpful to the project. The only ones who can help this project are LPers and users of Sushi.
Third, adjust team members. Omakase will serve as the Chief Operating Officer, Matthew will serve as the Vice President of Engineering, and Daniele Sestagalli will serve as a Strategic Advisor. The existing Frog Nation community will help the project make progress in technical sprints, communication, and marketing.
Fourth, discontinue the corporate entity.
"The synergy between the Frog Nation project and Sushi is incredibly complementary. Popsicle Finance is a liquidity manager, Abracadabra provides MIM stablecoins, loans, and leverage, and Wonderland strives to become the largest DAO in existence. Sushi can gain the authorization it needs to thrive and become the largest DEX on all chains," Daniele Sestagalli stated.
After the news was released, the price of SUSHI rose by about 11%, currently priced at $5.98, with a circulating market cap of $1.27 billion.
