{"address":"0x19B3Eb3Af5D93b77a5619b047De0EED7115A19e7","sig":"0x","hash":"0x2e6df9d02d40e05e9dede6ad50bac47a3e8e7cd3604f4caa63b3995eea7384b0","data":{"domain":{"name":"snapshot","version":"0.1.4"},"types":{"Proposal":[{"name":"from","type":"string"},{"name":"space","type":"string"},{"name":"timestamp","type":"uint64"},{"name":"type","type":"string"},{"name":"title","type":"string"},{"name":"body","type":"string"},{"name":"discussion","type":"string"},{"name":"choices","type":"string[]"},{"name":"labels","type":"string[]"},{"name":"start","type":"uint64"},{"name":"end","type":"uint64"},{"name":"snapshot","type":"uint64"},{"name":"plugins","type":"string"},{"name":"privacy","type":"string"},{"name":"app","type":"string"}]},"message":{"from":"0x19B3Eb3Af5D93b77a5619b047De0EED7115A19e7","timestamp":1787788986,"space":"sushigov.eth","title":"SUSHI Tokenomics Restructure: SUSHI Reserve, Revised xSUSHI Buybacks, and Protocol-Deployed Liquidity Deployment to Robinhood Chain [Implementation]","body":"This proposal’s expectation is to produce an implementation. Full details and discussions thus far can be found at:\n\n[https://forum.sushi.com/discussion/1313076-sushi-tokenomics-restructure-sushi-reserve-revised-xsushi-buybacks-and-protocoldeployed-liquidity-deployment-to-robinhood-chain](https://forum.sushi.com/discussion/1313076-sushi-tokenomics-restructure-sushi-reserve-revised-xsushi-buybacks-and-protocoldeployed-liquidity-deployment-to-robinhood-chain)\n\n# TL;DR\n\n-   Sushi’s current protocol fee model directs value primarily toward **xSUSHI buybacks**. This proposal would replace that structure with a more balanced framework supporting stakers, protocol reserves, and Sushi operations.\n    \n-   We propose to:\n    \n    1.  Allocate **1% of protocol fees**, plus **1% of all perpetuals fee revenue**, to **monthly xSUSHI buybacks**.\n        \n    2.  Allocate **4% of protocol fees** to **weekly SUSHI purchases** for a new **SUSHI Reserve**, with purchased SUSHI held as protocol-controlled reserves.\n        \n    3.  Direct **all remaining protocol fees, migration fees, and other protocol revenue to Sushi Ops** to fund development, incentives, partnerships, liquidity initiatives, security, and operations.\n        \n    4.  Authorize the relocation of a portion of Sushi’s **protocol-deployed liquidity currently held on EVM networks** to **Robinhood Chain**, beginning with an **ETH–USDG V3 position**.\n        \n-   Sushi’s initial target is approximately **$10–20 million of protocol-deployed TVL on Robinhood Chain**, with deployments executed in tranches and limited to Sushi protocol pools.\n    \n-   Historical LP claims established through the **MasterChef LP Migration framework remain unchanged and fully preserved**. Relocation does not increase, decrease, dilute, or otherwise modify any historical LP entitlement.\n    \n\n## Fee Scope and Effective Application\n\n**The fee-routing framework approved by this proposal is intended to apply to both currently accrued and all future protocol revenue.**\n\nSpecifically, upon implementation, the approved allocations will apply to:\n\n-   **all protocol fees already accrued and held by or for Sushi that have not yet been distributed under the existing fee-routing framework;**\n    \n-   **all accrued and undistributed perpetuals fee revenue;**\n    \n-   **all accrued and undistributed migration fees and other protocol revenue; and**\n    \n-   **all protocol fees, perpetuals fee revenue, migration fees, and other protocol revenue generated or received following implementation of this proposal.**\n    \n\nAccordingly, approval is intended to authorize the new fee-routing framework for **existing accrued and undistributed balances as well as revenue accruing on a going-forward basis**, rather than applying only to fees generated after the date of implementation.\n\n# Proposed Fee Routing\n\n### xSUSHI Buybacks\n\n-   **1% of protocol fees**\n    \n-   **Plus 1% of all perpetuals fee revenue**\n    \n-   Executed **monthly**\n    \n\nThis preserves a revenue-backed incentive for SUSHI holders who stake through xSUSHI while reducing the share of protocol revenue committed to buybacks.\n\n### SUSHI Reserve\n\n-   **4% of protocol fees**\n    \n-   Used to purchase SUSHI **weekly**\n    \n-   Purchased SUSHI would be retained as **protocol-controlled reserves**\n    \n-   Reserve purchases and cumulative holdings would be reported through a **public dashboard**\n    \n\nThe SUSHI Reserve is a protocol treasury function and is not intended as a mechanism to support or influence the market price of SUSHI.\n\n### Sushi Ops\n\n**All remaining protocol fees, migration fees, and other protocol revenue** would be directed to Sushi Ops to fund:\n\n-   Development\n    \n-   Incentives\n    \n-   Partnerships\n    \n-   Liquidity initiatives\n    \n-   Security\n    \n-   Operations\n    \n\nSushi Ops may also execute additional discretionary SUSHI purchases. Any formal or recurring framework governing additional Ops-funded buybacks would be addressed through a separate proposal.\n\n# Protocol-Deployed Liquidity\n\nAlongside the fee-routing restructure, this proposal would authorize the relocation of a portion of the approximately **$25 million of protocol-deployed liquidity currently held on EVM networks following the MasterChef LP migration**.\n\nThe initial target would be approximately **$10–20 million of protocol-deployed TVL on Robinhood Chain**, beginning with an:\n\n**ETH–USDG V3 position**\n\nAn initial candidate for relocation is the existing **Ethereum mainnet DAI–ETH deployed position**, currently representing approximately **$8 million in TVL**.\n\nAdditional positions may be considered where they:\n\n-   See minimal trading activity\n    \n-   Contain outdated, deprecated, or migrating assets\n    \n-   Carry elevated asset, liquidity, migration, or technical risk\n    \n-   Have limited relevance to Sushi’s current liquidity infrastructure or ecosystem objectives\n    \n\nRelocation would prioritize destination pairs with **like-kind exposure** and would be executed in **tranches**.\n\nProtocol-deployed liquidity authorized under this proposal would remain within **Sushi protocol pools** and would not be lent, leveraged, or used as collateral.\n\n# Historical LP Claims\n\nThis proposal **does not terminate, impair, reduce, dilute, or otherwise modify historical LP claims** created through the MasterChef LP migration.\n\nHistorical LP claim entitlements remain fixed at their established basis regardless of where protocol-deployed liquidity is located.\n\nValid claims would continue to be fulfilled through the existing withdrawal or proportional unwinding mechanisms. If fulfilling a valid historical LP claim conflicts with maintaining a deployed position, **claim fulfilment takes priority**, and the position may be unwound to the extent required.\n\nNo historical LP claimant acquires a pro-rata economic interest in, or entitlement to the performance of, any particular protocol-deployed position as a result of this proposal.\n\n# This Signal Covers\n\nThis Signal seeks community approval for:\n\n-   The revised **xSUSHI buyback allocation**\n    \n-   Creation and funding of the **SUSHI Reserve**\n    \n-   Allocation of **remaining protocol revenue to Sushi Ops**\n    \n-   Application of the approved fee-routing framework to **currently accrued and undistributed revenue and all future revenue**\n    \n-   Relocation of eligible protocol-deployed liquidity to **Robinhood Chain**\n    \n-   An initial target of approximately **$10–20 million in protocol-deployed TVL**\n    \n-   An initial **ETH–USDG V3 deployment**\n    \n-   Continued administration of deployed liquidity under the existing MasterChef LP migration framework and its historical LP claim protections\n    \n\n_This proposal does_ **_not_** _extinguish, impair, or modify any historical LP withdrawal or claim rights established under the MasterChef LP Migration framework. It also does not guarantee any level of trading volume, fee generation, yield, protocol revenue, or token-price performance._\n\nFull proposal details and community discussion can be viewed in the forum post attached to this Snapshot vote.","type":"basic","discussion":"https://forum.sushi.com/discussion/1313076-sushi-tokenomics-restructure-sushi-reserve-revised-xsushi-buybacks-and-protocoldeployed-liquidity-deployment-to-robinhood-chain","choices":["For","Against","Abstain"],"privacy":"","labels":[],"start":1787792400,"end":1788397200,"snapshot":25842839,"plugins":"{}","app":"snapshot-v2"}}}