Key points to remember
- Sushi grew 17% amid rumors of an internal restructuring.
- Daniele Sestagalli, a DeFi developer known to spearhead the “DeFi 2.0” wave, is said to have joined the project.
- Sushi has been facing internal issues for several months. The SUSHI token has also seen a downtrend throughout the year.
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It is believed that Daniele Sestagalli could intervene in the project as part of an internal restructuring.
Sushi bounces back from recent woes
Sushi dominates the market.
Project DeFi’s SUSHI token jumped 17.1% this afternoon, trading at $ 9.14 at the time of publication. Other DeFi tokens like Uniswap’s UNI and Compound’s COMP are also in place today, although SUSHI clearly stands out.
One of the key factors behind this increase could be the growing enthusiasm surrounding Daniele Sestagalli’s possible involvement in the project. Sestagalli has become somewhat of a cult hero in the DeFi community, known for his contributions to the so-called “DeFi 2.0” wave. Sestagalli founded Abracadabra.Money, Popsicle Finance and Wonderland Money and is considered the leader of what he calls the “frog nation”-a community of crypto enthusiasts who campaign for the preservation of the decentralized aspect of decentralized finance.
Last week, Arca’s Alex Woodard presented a Sushi governance proposal suggesting that Sestagalli join the project as a “visionary chef / strategist” as part of a restructuring. He also proposed Omakase, a member of the Sushi team, as head of operations and business development. The proposal has had a mixed response from the Sushi community so far, although Sestagalli’s possible involvement in the project has proven popular.
Earlier today, Sestagalli posted a tweet promising “a DEX owned by Frogs for Frogs” in reference to Sushi, back when SUSHI was soaring. It has received 3,391 engagements at press time.
Imagine 100% of Binance’s fees being distributed to you. This is the future of $ SUSHI holders. A DEX owned by Frogs made for Frogs.
– Daniele (@danielesesta) December 27, 2021
Interestingly, before Woodard brought forward the proposal, a separate Sushi governance proposal titled “Fire Omakase Due to Money Theft and Daniele’s Governance Attack Collusion.” Add a constitution ”had gained ground. The post alleged that Omakase censored posts and stole funds from Sushi, accusations other forum posters have leveled against Sushi in recent days. Omakase issued a response refuting the allegations. “These claims are categorically false and frankly irresponsible, ”they wrote. “Stealing money from a business is absurd given that there is no business and no funds have ever been misappropriated due to the highly decentralized nature of a multisig process. ”
The charges against Omakase and the possible involvement of Omakase and Sestagalli in the project come after months of internal problems at Camp Sushi. More recently, the project manager tech officer Joseph Delong announced his departure, saying he was “Saddened that Sushi is so threatened inside and out.” Delong had previously noted that there had been “a lot of drama within Sushi” and had reported conflicts with a former team member known as BoringCrypto and the departure of other core team members. . BoringCrypto owned the Kashi product license from Sushi and recently sold it to Sestagalli’s Abracadabra.Money project.
Prior to Delong’s departure, a business development manager known as AG was fired “for an ongoing pattern of behavior that made the workplace toxic.” And, perhaps most memorable, the project’s popular co-founder, 0xMaki, stepped down in September.
Rekt released a damning investigation amid the ongoing drama, in which an anonymous source alleged that the Sushi team unevenly distributed an allocation of tokens from MISO’s BitDAO sale among team members. He also claimed that 0xMaki was fired from the project and that a member of the core team used Sushi’s cash to fund his daily trading habit.
As the issues within Sushi became public, its native token suffered. It hit a low of $ 4.91 on December 6, down 79% from its all-time high in March. Now he seems to be recovering quickly.
Disclosure: At the time of writing, the author of this feature owned ETH, SUSHI, and several other cryptocurrencies. They were also exposed to UNI and COMP in a cryptocurrency index.
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