Sushi DAO wants to regain SushiSwap’s value after new head chef appointed

Sushi DAO wants to regain SushiSwap’s value after new head chef appointed

Sushi DAO wants to regain some of the value of the SushiSwap SUSHI USD hemorrhaged in September due to the election of new head chef Grey, founder of Bitfineon and Eons Finance, who was chosen by Sushi DAO from the following weeks of lively debate on their Discord.

The company confirmed that the turnout hit 13 million votes with nearly 11 million votes 84% in favor of Grey.

Ten months after 0 xMaki's departure, the team is excited to welcome a candidate with the right expertise, experience, and the ability to represent Sushi 2.0 best. OxMaki was another founder of SushiSwap who became the de facto leader of the project after Nomi's departure. He wanted to stay anonymous and did not want to be the leader. OxMaki said in a forum post:

We had a crazy journey going from launching a yield farm to migrating almost a billion dollars in the very first 'vampire attack' from Uni swap UNI USD to Sushiswap. Chef Nomi decided to 'rug pull' the community before sending back the funds after experimenting with human greed.

I'm going to move away from day-to-day operations into an advisory role to help foster the next generation of teams building on top of Sushi, supporting from the sideline, and helping the broader DeFi ecosystem regardless of where they are deployed. Chef Nomi was a great success story in DeFi for building an empire with a peak value of $7 billion in November 2021. Nomi and the other founders forked Uniswap and added a secret ingredient to their new SushiSwap, allowing users to earn SUSHI token by staking through LP in September, Nomi liquidated his own position and sold a stake in the project for 37,400 ETH, worth $13 million at the time.

Nomi resigned and handed over control of the project to investor Sam Bankman-Fried, CEO of FTX.

In response to his appointment, Grey tweeted:

I'm honored to accept the head chef position at SushiSwap. This is an opportunity to leverage my experience to help the team succeed in delivering innovative DeFi solutions and returning Sushi to its rightful status among its peers.

My job is to help them excel. The team at Sushi is tenacious. We look forward to the future, and you can rest assured that Sushi will be there - bigger than ever. SushiSwap has been plagued by security issues and infighting, as well as a steady slide in token value typical of the criptocurrency bear market. The SUSHI token plummeted 73% when Chef Nomi resigned and cashed out, dropping from $4.44 to $1.20 over the next 18 hours, according to CoinGecko. The SUSHI token is $1.13 at the time of writing, after a slight increase at the announcement of Grey's appointment.

Benzinga's take: Sushi DAO is smart to look for new leadership and a head chef with more decision-making power. It is a worthwhile start to make a leader who is clearly identifiable and accountable to users.