SushiSwap Ticking Every Box of 2017 ICO Scam Checklist Says YFI's Andre Cronje

With a market cap of $233 million, Uniswap clone SushiSwap is climbing the ladder up with its price remaining at $2.33, down 26% in the past week.

Last week, the migration of SushiSwap saw it taking over 80% of liquidity from Uniswap, recording at $1.50 billion.

While since then Uniswap has been recovering, with its liquidity back over $1 billion, after falling to $450 million, and volume around $400 million, SushSwap is seeing a decline, with liquidity going down to $840 million and volume to $170 million.

TVL-SushiSwap

The total amount of deposits (TVL) of Uniswap has grown 70% to $1.2 billion while SushiSwap’s declined by 43% to $800 million, as per DeBank.

“Making DeFi a Joke Again”

As we reported, SushiSwap’s anonymous creator Chef Nomi released an apology and returned all the funds, $14 million worth of ETH, right before this weekend. This has been following the successful migration of the protocol after Chef Nomi handed over the control to FTX CEO Sam Bankman-Fried.

However, the latest issue has come with the new governance proposals that include an airdrop of 2 million SUSHI to liquidity providers and a buyback of tokens with the funds returned by the creator Chef Nomi.

Also, it involves paying a considerable financial incentive to a member of the SushiSwap team. The proposal is to hire 0xMaki as the lead project, head of the core team, and give him a “one-time founders grant,” with 500k SUSHI, worth over a million dollars, upfront and another 500k SUSHI locked over a one-year period.

Also, another 500k SUSHI vested over two-years for his continued work on SushiSwap. 68.24% of votes are currently in favor of this proposal.

CL207-0xMaki
Source: @CL207

“Thanks for making defi a joke again. One step forward, 10 steps back,” said Yearn.Finance creator Andre Cronje in response to SushiSwap’s new developments.

He likened the ongoing DeFi environment with that of the 2017’s ICO. From airdrops, buybacks, insane salaries, large team allocation, team dumping, whitepaper only, and forked geth, everything is getting checked out.

The name has changed but looks like the actions of some remain the same.

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AnTy
AnTy
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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