Bitcoin : SushiSwap waved between the mea culpa of its creator and the dilution of the gains


SushiSwap founder returns booty and apologizes for behavior

Chief Nomi, who had abandoned his decentralized finance project (DeFi) flavor SUSHI, taking millions of dollars in tokens with him, eventually returned the funds.

The latter shared details of a transaction establishing that 38,000 ETH have effectively been transferred. The market received the news favorably, boosting the SUSHI price by up to 38.43%.

In a series of tweets posted on Friday, the hapless man expressed regret over the consequences of his greed.

“I want to apologize to anyone I have caused trouble to. I was emotional, I was greedy, I was afraid. I made controversial bad decisions under pressure. And it hurt everyone. I did not live up to your expectations and I am sorry about that, ”he said.

Chef Nomi has apologized to several members of the crypto community, most notably the 3 people he started with SushiSwap.

Then, the SUSHIman sent his condolences to André Cronje, founder of Yearn Finance, for “giving the DeFi movement a bad reputation”.

Another personality of the cryptosphere whose indulgence was requested: Changpeng Zhao, CEO of Binance. The exchange and its leader came under heavy criticism following Chef Nomi’s resignation, due to the allegedly impulsive nature of SushiSwap’s token listing.

In addition, Chef Nomi has shown his gratitude to Sam Bankman-Fried and all other people designated by the SushiSwap community to participate in the multi-signature governance decentralized exchange (DEX).

He also affirmed his desire to contribute to the development of the project, in particular with regard to technical specifications.

At the same time, Chef Nomi, although he recognized the excesses of his greed, hope to receive compensation for the creation of SushiSwap.

” […] I will let the community decide how much I deserve as the original creator of SushiSwap. In any currency (ETH / SUSHI / etc). With any closing time you wish ”.

👉 To read on the same subject: SUSHI: $ 27 million in future dump?

SushiSwap loses more than 42% of its liquidity

The Total Locked-In Value (TVL) on SushiSwap has not stood up to the hefty tenfold increase in compensation from cryptocurrency providers.

According to its dashboard, liquidity on SushiSwap has increased from $ 1.46 billion Saturday, unless $ 837 million as of this writing.

This is due to the recent update which moved the attributions from 1000 to 100 SUSHI per block mined.

This situation also resulted in a drop of 18% of the SUSHI course, which went from $ 2.75 at $ 2.25 during this same period.

At the same time, DeFi Pulse data shows that the TVL ofUniswap now amounts to $ 971.26 million, an increase of more than 36% compared to Saturday.

All of this information put together suggests that the majority of LPs are primarily driven by profit maximization.

In addition, some seem to see significant similarities between SushiSwap and the scams that led to Initial Coin Offering (ICO) in 2017.

👉 Also read: SushiSwap Completes Migration and Drains $ 830M from Uniswap

Andre Cronje definitely doesn’t like SushiSwap

A recap of actual updates at SushiSwap since Uniswap’s hard fork was posted on Twitter yesterday. They include among others a airdrop, a redemption and an 90% decrease in inflation.

This post did not leave Cronje indifferent, so much so that he said it was a new attempt to ridicule DeFi.

For the founder of yearn.finance, SushiSwap would validate all the points of convergence that exist between scams which multiplied three years ago during the ICO boom.

Cronje’s speech is of definite relevance if one examines the series of events which punctuated these two contexts.

It is legitimate to be concerned about fate that Sushiswap reserves for investors, since based on this track record, we know that this project passed master in the art of surprise attacks.

👉 You might also like: Sushiswap, brief history of a vampire attack on Uniswap

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About the Author : Junie Maffock

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With a strong interest in blockchain and cryptos, I want to contribute to the popularization of these technologies. I am also very intrigued by the fun and active learning methods.
All articles by Junie Maffock.