There has been a lot of drama on social media regarding SushiSwap. After the developer bailed with the dev share funds, people assumed the project would die. A successful migration and Chef Nomi returning the funds have suddenly cast a different glance on this project.
A Surprising SushiSwap Development
- SushiSwap was initially considered to be one of the up-and-coming DeFi projects that would offer a much improved version of the current Uniswap platform
- Despite its high rewards, the platform attracted plenty of liquidity, until anonymous developer Chef Nomi decided to sell over 2 million SUSHI tokens.
- The project was taken over and its initially planned migration completed successfully, rekindling this venture of sorts.
- On average, the migrated version of SushiSwap has over $1.3 billion in liquidity and roughly $200 million in daily trading volume.
- Earlier today, Chef Nomi confirmed he or she has given back the funds they cashed out, resulting in 38,000 ETH being sent to SushiSwap’s development fund.
- There are still a lot of questions as to how the funds will be used, although there is a proposal to begin buying back SUSHI from the open market to offset its recent price crash.
- Another proposal is to use part of this funds to begin paying a full-time developer for SushiSwap, although this has yet to receive outspoken community support.
- The SUSHI token price has shown signs of rebounding, with a 16% gain on the day. This is still down over 80% compared to its $11 price level a week and a half ago.
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