Decentralized exchange (DEX) SushiSwap is about to choose its new Head Chef, the official title given to the project executive. According to the company, the name quoted to assume the position is Jonathan Howard, who already has experience in the area. What draws more attention, however, is the remuneration offered by the position, which can reach more than R$ 4 million per year. This value only takes into account the salary, as Howard can still receive other bonuses One of the employees of SushiSwap, who goes by the name of “JiroOno”, published the choice on Tuesday (26). “We have recruited the candidate that we believe represents the best option for SushiSwap and we are now looking to introduce this candidate to the community,” the proposal states.
DEX takes poll on hiring
Along with the announcement, the DEX team said it will publish two polls regarding the position. The first, which is already active, asks users whether or not SushiSwap should hire a new head chef, and is only open to those who hold DEX tokens (SUSHI). At the time of writing this text, the poll has only 40 votes, of which 26 (65%) are in favor of hiring. Therefore, the holders will decide whether or not they want to keep the position. If the decision is positive, then the team will open a second poll to decide whether to hire Howard. If he is hired, Howard will handle the day-to-day management of operations and lead efforts in delivering outstanding and new Sushi products. According to his LinkedIn bio, Howard is the co-founder and chief technology officer of an NFT-focused company called BigHeadClub. The head chef candidate is also active in the twitter, the social network he used to commemorate the nomination: “I’m excited and beyond honored that the SushiSwap team is nominating me as their boss,” Howard said. SushiSwap has been without an executive in charge of operations since September 2021, when former head chef Maki left the platform.
millionaire bonus
Naturally, what drew the most attention from the community was the high remuneration paid to the head chef of SushiSwap. According to the job description, the executive will receive a salary of 600,000 SUSHI in annual remuneration for the position. Considering the current price of the token (R$ 7.72), the value corresponds to around R$ 4.6 million. The new executive’s contract with SushiSwap is expected to run for four years. But there is a clause: the executive will not be able to sell the tokens within a four-year interval. The measure probably aims to generate alignment of interests between the head chef and DEX. In addition to the salary, the executive will receive a one-time bonus of 350 thousand SUSHI, that is, almost R$ 3 million in current values. Howard may also have gains if the price of SUSHI meets certain price targets, between $3 and $11. In this case, the bonus will be 1.2 million SUSHI, which adds up to an additional 9.2 million in compensation. Finally, the contract has a bonus clause in case of dismissal. If the SushiSwap community decides to fire Howard for any reason, he will be entitled to a 24 month package equal to his base salary plus the above incentives. In short, the executive can reach a remuneration of up to R$ 16 million, if he manages to receive all the bonuses listed above.
community response
Interestingly, the majority of the community expressed support for Howard’s choice as head chef. Many are excited about SushiSwap’s prospects if Howard comes on board. In the governance discussion, Matthew Lilley, one of DEX’s top developers, who goes by the alias ImSoftware, wrote: “I spoke to Jon a few times and was impressed. I think having a head coach with a background in technology and art is perfect for where we are now and where we want to go.” However, other users disapproved of Howard’s choice, but not because of his high salary. In this group’s view, Howard has little experience in decentralized finance (DeFi), which could be a problem for DEX. In this regard, another contributor to SushiSwap, who goes by the name of Pegbit, also participated in the interview with Howard. Unlike Lilley, Pegbit was not so optimistic. “During the interview with Jon, he seemed like a nice guy with a lot of skills. Still, I didn’t see him as head chef at that time because he doesn’t have any relevant DeFi experience and didn’t bring anything extraordinary to the script he presented,” he said. Finally, a group of members actually disapproved of the high salary and bonuses offered to the position, claiming that the amounts are beyond the capacity of the DEX treasury. As per the details provided in the governance post, if hired, Howard would earn an annual base salary of R$4 million on USDC stablecoin. SushiSwap’s treasure is worth US$19.4 million, or R$116 million. In this way, this group claims that there is an excess in the payment of bonuses and that this can compromise DEX’s financial health. Also read: Santander plans to launch cryptocurrency trading in Brazil, says CEO Also read: Axie Infinity CEO sent R$15 million in AXS to Binance before Ronin hack was revealed .5 million in crypto donations, says Chainalysis
