SushiSwap to Launch Claims Website for Vested SUSHI Tokens
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Elizabeth Napolitano is a news reporter at CoinDesk.
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Decentralized finance trading protocol SushiSwap is preparing to launch a claims website for vested SUSHI tokens held in the protocol’s Merkle Distributor contract, pending an audit, SushiSwap Head Chef Jared Grey said Wednesday on Discord.
“Once auditors provide the all clear, we’ll make the claim site available to affected users with funds held in our whitehat address,” Grey wrote.
The announcement of the claims website’s launch comes shortly after the SushiSwap community voted in favor of a “clawback” proposal that would require token holders to either claim their vested SUSHI tokens from the protocol’s Merkle Distributor or forfeit them. Sushi’s Merkle Distributor contract currently holds Sushi LP token rewards for early liquidity providers to claim SUSHI tokens vested in October 2021. More than 10 million remain in the contract, the protocol said.
“The distributor has been operational for over a year, with a significant decrease in claim activity,” SushiSwap’s website reads. “To prevent idle assets, setting a deadline for claims and implementing a clawback is necessary.”
The clawback comes as the trading platform faces mounting financial pressures after the Securities and Exchange Commission subpoenaed Grey in late March. Grey has proposed using millions of dollars from the protocol’s treasury to fund a legal defense for himself and the protocol’s key developers in preparation to fight against potential regulatory actions.
Claims will expire on April 23 at 13:00 UTC (9 a.m. ET). Unclaimed tokens will go to SushiSwap’s treasury.
Edited by Stephen Alpher.
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