SushiSwap could do another migration to implement community solutions
DeFi project SushiSwap made a liquidity transfer this week, but it may not be the last migration in its short history. Community members voted to implement changes to the protocol, but the existing smart contract does not allow them to be implemented, writes CoinDesk citing research company IntoTheBlock.
The vote was to reduce the rewards for liquidity providers from 100 SUSHI per block to 50, followed by halvings every two years. It was also proposed to introduce a vesting mechanism that would block two-thirds of those produced by SUSHI for a year. These tokens will be charged transaction fees, but they will not be able to move or vote before the expiration date. All of these proposals were overwhelmingly approved.
However, the MasterChef contract does not allow changing the issue order, since the value set by its creator is fixed. It is possible that half of the produced SUSHI will be sent to an inaccessible address, but this solution cannot be called clean.
Moreover, removing other restrictions, such as the introduction of vesting, will require a complete restart of the SushiSwap contracts. The MasterChef contract is non-modifiable and controls the SushiToken contract, so switching to the MasterChefV2 contract will require the launch of the SushiTokenV2 contract, IntoTheBlock says.
For a complete migration, you will have to take snapshots of each user’s wallets, then credit them with the corresponding number of tokens in a new contract, transfer liquidity from pools and withdraw assets from the SUSHI / ETH pool. However, other smart contracts that rely on SushiToken may stop working.
The co-founder of the 0xMaki project said that they do not plan to carry out such a migration in the near future, and the implementation of the approved proposals will require additional thought. Another team member expressed confidence that the process would be straightforward. IntoTheBlock and blockchain security firm Zokyo Labs insist the task is “non-trivial”.