A Sushi core contributor launched a "Meiji Governance Rework" update proposal on Wednesday with the intention of bringing about a variety of improvements to the decentralized autonomous organization that Sushi's members collectively control and run.
The project's administration could become "more egalitarian & decentralized" as a result of the Meiji upgrade, according to Jared Grey, the newly appointed head chef of SushiSwap. SushiSwap is the seventh-largest decentralized exchange, according to DeFiLlama, and it has approximately $739 million in locked deposits.
If the proposal is approved, Meiji DAO, a new organization that will take the place of the project's governance body called Sushi DAO, will be in charge of Sushi.
The proposal stated that the Meiji DAO "would put governance on chain, and initiate the Meiji Restoration of Sushi, which will become a new phase of Sushi and a new grand vision to execute on. The SushiSwap Meiji DAO will supersede all duties presently held by the Sushi DAO."
The Meiji DAO body will conduct voting using Sushi "shares," which reflect non-transferable governance rights to participate in Sushi governance. This is the most notable modification proposed. The DEX's native Sushi tokens can be locked up in a smart contract to acquire the shares. According to the idea, holders may surrender their shares at any time to sell them.
According to the proposal, which is in at the discussion stage, using so-called Sushi shares will help prevent Sybil players or users from amassing significant sums of tokens from influencing the DAO voting outcomes. Members won't receive their shares right away, and they'll have to wait twice as long to cast ballots for various propositions.
The non-transferrable design according to the plan will make it easier for the group to establish "quadratic voting," a style of governance that lessens the weight of extra ballots used to cast votes by a single voter.
Although quadratic voting is still a relatively new idea in DAOs, it aims to increase the average voter's voting power in order to make governance procedures more inclusive.