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SushiSwap on Roller Coaster Ride as Founder Cedes Control

2 mins
6 September 2020, 14:18 GMT+0000
Updated by Gerelyn Terzo
6 September 2020, 14:19 GMT+0000
In Brief
  • SushiSwap enjoyed huge popularity with quick listings on exchanges.
  • The SUSHI downfall brings about the best and worst in the industry.
  • Investors are infused with new hope for SUSHI after Chef Nomi transferred control to the FTX CEO.
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Things in crypto-land move fast. On Sept. 5, the market sent SUSHI in a downward price spiral. By Sept. 6, investors were infused with new hope as the anonymous founder of SushiSwap transferred control of the project.
Following the sale of the SUSHI tokens by the founder, the project became a dark horse in the industry.

Quick Listings of Unaudited Tokens

Two of the biggest exchange platforms in crypto, FTX and Binance, had been very quick to list SushiSwap’s token. The speed of the listings is quite different from what was the experience in 2017-2018 when exchanges were known to ask for exorbitant listing fees. With SushiSwap being only a two-week old project, the risk of listing its token on one of the largest exchanges was always going to be dangerous for its own reputation. Yet, CEO Changpeng Zhao defends the listing on Binance, stating that only a few projects may survive and that investors shouldn’t “follow the herd” — a tweet in connection with the YAM fiasco a couple of weeks back. However, as SushiSwap is a Uniswap fork that is billed as a non-audited version of the decentralized exchange, the rapid listing may indicate a vested interest from exchange platforms like Binance and FTX to participate in the new DeFi craze.

SushiSwap Now Under Control of FTX CEO

The sale of tokens on Sept. 5 by the SushiSwap founder has riled up the crypto community. Following heavy criticism less than 24 hours after the sale Chef Nomi — the anonymous founder — agreed to relinquish control and transfer it to Sam Bankman-Fried, CEO of FTX. The transfer was confirmed by Bankman-Fried wherein Chef Nomi handed over the admin keys. Bankman-Fried will now deploy multi-signature into SushiSwap smart contracts and is looking to move the control into the community’s hands. Another prominent figure in crypto, BitMEX CEO Arthur Hayes, has also shared the optimism of this latest development for SUSHI: The fall of SUSHI’s price was as quick as its ascension in its first week, and now with renewed hope investors are once again bidding up the price. The roller coaster continues for SUSHI — but will it last?


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