SUSHI Saga Over with Holders More Bullish than Ever
This weekend was all about SUSHI.
DEX Uniswap’s Clone, SushiSwap, launched not a fortnight ago, has changed its leadership from anonymous creator Chef Nomi to FTX CEO Sam Bankman-Fried.
As we reported, over the weekend, Sushi’s anonymous creator, Chef Nomi sold his 10% tokens allotted to him as part of the development team fund in exchange for millions worth of Ether.
Chef Nomi isn’t the first one to do so in the crypto world. At the top of the market in 2017, Ethereum co-founder Vitalik Buterin sold a quarter of his Eth, which he attributed as “sound financial planning.” Litecoin creator Charlie Lee also sold all his LTC at the top.
Now, amidst the DeFi extravaganza, Chef Nomi became the “Keyser Soze.”
I Cloned the Popular DEX; My Work Here is Done
The news of the creator selling his tokens saw the price of SUSHI plunging about 60% and criticizing Chef Nomi for his move, calling it an exit scam.
The anonymous creator, however, maintained that it isn’t an exit scam and that he deserved all the Ether he got for selling his SUSHI tokens because he was the one that put in all the work in cloning Uniswap.
“The fact that I sold some SUSHI devshare does not make Sushi more scam or less scam…I did not steal anyone's money. Devshare has been stated very clearly since the original blog post.”
You got grants. You paid yourself NYC salary. You have everything. So what do you complain?
I don't sell any token. I pay for gas deployment myself. I distribute everything except funds for development. Actually, I feel very offended you say I'm an opportunist.
— Chef Nomi #SushiSwap (@NomiChef) August 30, 2020
On Sunday, in an interesting turn of the events, the creator transferred the control of the DEX to Sam. This gave the token another lifeline; with Sam involved, the SUSHI holders and community are expecting bigger things from the project.
The project currently has a total of $1.2 billion locked in.
“I hope SushiSwap does well without me,” Chef Nomi concluded this saga on Twitter.
But community Favorite Andre Cronje, the man behind the DeFi darling YFI, wasn’t happy with Chef Nomi’s parting comments as he asked,
“Are you leaving the project? If so, are you giving the dev funds back? All you did so far was hand over a token that was built off of @UniswapProtocol. Weren't the funds meant to further develop? Aren't you that developer?”
I was Already Waist Deep, Now Am Up to Neck in it
Sam isn’t new to SUSHI, he has been actually engaged in farming SUSHI from the start and last week even proposed to deploy SushiSwap on Solana, on which DEX Serum is built. The proposal got the approval of 84.91% votes.
After Sam took over, the old migration of the Sushi’s migration was canceled because it used Chef Nomi’s key, and it had a bug that allowed people to mint LP tokens pre-migration.
ok uh 0xD57581D9e42E9032e6f60422fA619b4A4574Ba79 https://t.co/rsoBkYPHGo
— SBF (@SBF_Alameda) September 6, 2020
Sam, who owns “a lot of SUSHI,” called SushiSwap’s anonymous creator “a piece of shit,” who “did huge damage to the sushi and defi communities.” According to him, Chef Nomi made a selfish choice and not even a lucrative one.
The community is happy that Sam is taking over the project who tweeted out, “the world is crazy thanks for all the support.”
— Arthur Hayes (@CryptoHayes) September 6, 2020
Popular trader i.am.nomad noted, “SBF already had a massive influence over the project. He bought and farmed a considerable supply of sushi and had a proposal that benefited serum. No way was he just going to let the system fall apart.”
First off congrats @FTX_Official and @ProjectSerum on the Sushi acqusisition, do we call these acquisitions I think we do. Second please for the love of god someone write down this whole saga for the crypto annals
— CM$ PRIME (@cmsholdings) September 6, 2020
Sam, who is also the CEO of Alameda Research, is also proposing the creator to donate half of the proceeds back and buy SUSHI with them. He also said the rest of the development fund to get a vesting period of one to two years “would be the right thing to do.”
It remains to be seen if that would actually happen, for now, the token’s value is regaining some strength, jumping 175%.