According to Coincu, SushiSwap has proposed a bond program in Arbitrum to improve liquidity control through DAO governance. The program aims to utilize dormant ARB tokens by offering quarterly bond sales and discounts for LP token holders. However, critics have questioned SushiSwap's intentions due to its history as a Uniswap fork and past aggressive tactics to attract liquidity.

The proposed bond program would allow Arbitrum to leverage idle ARB tokens stored in its vault, creating a more robust protocol-owned liquidity base and converting a portion of vault funds into yield-generating assets. Up to 12.5 million ARB tokens would be made available for bond sales each quarter over four quarters, with users who purchase bonds using ETH-ARB, USDC-ARB, USDT-ARB, and/or wBTC-ARB LP tokens benefiting from slightly discounted ARB token rates.

The plan includes a detailed process involving a secure multi-signature wallet, controlled by key stakeholders such as ArbitrumDAO and Sushi. A portion of the total 10,000 ARB token allocation would be added to the bond treasury smart contract and replenished as needed. Multiple bonds would be established, each linked to the Treasury contract for facilitating bond sales involving different pairs. Proceeds from sales would be returned to the Treasury's wallet, with periodic status updates tracking the program's performance relative to key performance indicators (KPIs). If KPIs are met, additional ARB tokens would be issued to the multi-signature wallet, initiating a new cycle. Failure to meet KPIs would result in unsold tokens being returned to the Arbitrum DAO vault, terminating the program.

Despite the proposal, some critics have expressed skepticism, pointing to SushiSwap's history as a Uniswap fork and its past aggressive tactics. They argue that this proposal could be a disguised attempt to capture liquidity, similar to its earlier strategies. The Arbitrum community will now decide the fate of this proposal, evaluating its potential impact on the ecosystem.