Non Transferable Shares

xuanling11
Coinmonks
Published in
2 min readOct 20, 2022

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Photo by Gemma Evans on Unsplash

Non-transferable shares is the new tool to make Defi or DAO accountable.

Will it work?

Sushi’s new proposal of Meiji Governance Rework will overhaul the previous embarrassment of what Sushi DAO did and transform it into Meiji DAO.

“The Sushiswap Meiji DAO will supersede all responsibilities currently held by the Sushi DAO. The Meiji DAO will bring governance on chain, and kickstart the Meiji Restoration of Sushi, which will become a new phase of Sushi and a new grand vision to execute on,” the proposal stated.

Meiji DAO proposed the solution of Non-transferable shares to bring back Sushi’s reputation by forcing members to hold tokens forever.

The idea is to focus on “equality”.

One vote for one member and shares forever lock to prevent rug pull from its member, particularly the founders or management.

Such restructuring came after the Sifu Wonderland rug-pull.

Sifu, an ex-con man, Sushi former CFO, withdrew millions for his own benefits and tanked the established community funds.

Even nowadays, the Sushi community was still hunted by the event.

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