Today in DeFi - Sushi Drops, Sushi Swaps

Sep 06, 2020

Main Dev Dumps Sushi

I did the recent move because I care about the community. I'm taking IL for you. But all I received was blaming and FUDing. Here's what happened. The devshare part of me. I converted them to $ETH. I stop caring about price and I will focus on the technicality of the migration.

Chef Nomi, the anonymous developer behind Sushiswap, a Uniswap for, has sold the developers share of the Sushi Supply. This transaction has resulted in what was at time of sale a $11M haul.

While the developer’s share is, obviously, the developer’s share, the nature of the sale and the communications around it put into doubt that this would be used for actual further development. The sale was done right after a tweet thread which suggested a different course of action would be taken - LPing the devshare, and then transferring that ownership to a multisig. It is also not common practice for the founder to sell 10% of the supply of a token before the product even launches.

The community was extremely dissappointed. While Chef Nomi defended his actions, the tide seemed to be strongly against him.

Sushi Swaps Ownership to SBF

Chef Nomi #SushiSwap @NomiChef

I'm transferring control to @SBF_Alameda now.

SBF @SBF_Alameda

ok uh 0xD57581D9e42E9032e6f60422fA619b4A4574Ba79 https://t.co/rsoBkYPHGo

Seemingly in response to a suggestion by SBF_Alameda that he give up control, Chef Nomi handed over control to him.

SBF @SBF_Alameda

1) Now that the Sushi key has been transferred, it's time to transfer control to a multisig of myself and Larry Ce... Just kidding. Here's the actual plan (discord.com/channels/74803…)

discord.comDiscord - A New Way to Chat with Friends & CommunitiesDiscord is the easiest way to communicate over voice, video, and text. Chat, hang out, and stay close with your friends and communities.

After the handover, SBF then recounted his plans for Sushi, including moving control to a multisig.

The vote is active and you can participate here to determine the plot of the next episode of the SushiSwap Soap Opera.

Thanks to @AndreCronjeTech and @CryptoDerivativ for their help explaining this complicated situation.