SUSHI Saga Over with Holders More Bullish than Ever

Sushi gets a positive spin and renewed optimism after a tumultuous weekend that sees the project handed over to FTX CEO.

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.”

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.

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.”

Popular trader 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.”

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%.

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AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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