Last updated on September 22nd, 2020 at 10:09 am
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The DeFi boom has seen some projects emerge with different astonishing technologies to help foster and grow the DeFi ecosystem for adoption.
One of the moves took a great step with an exceptional tech from SushiSwap. This new DeFi product was built to solve the underlying issues users face with Uniswap, the largest DEX where most DeFi Tokens are traded.
Following its launch and the unique feature it proposed to offer and solve for the ecosystem, the token saw a wider adoption than most other DeFi tokens.
Days after it was listed on most popular centralized exchanges, the developer reportedly sold around $12 Million tokens kept on SUSHI’s liquidity pool.
I have returned all the $14M worth of ETH back to the treasury. And I will let the community decide how much I deserve as the original creator of SushiSwap. In any currency (ETH/SUSHI/etc). With any lockup schedule you wish.https://t.co/QwFj5SeeuQ
— Chef Nomi #SushiSwap (@NomiChef) September 11, 2020
We were able to curate a list of possible reasons why he returned back the funds after the sell off.
“This is based on general contributions from various communities around the space”
The possible reasons include:
- He probably is afraid that he will be on the ‘WANTED’ list because most exchanges and other bodies will be on the lookout to track down the exchange he will use to cash out or how the funds will be moved.
- He probably has lost support of his team who’s funds he also sold in the process.
- He is still willing to work on the SushiSwap progress and grow the DeFi space.
- The Ethereum community has threatened him and expressed displeasure towards his actions.
- He practically sent a lot of reputable exchanges into a bizarre nightmare of which he wants to resolve.
Read Also: SaBi Exchange List 18 DeFi Tokens For the African Market.
Quick Facts: SushiSwap is a cloned version of Uniswap decentralized exchange. SushiSwap adds to the Uniswap features a design that rewards liquidity providers with governance token distributions in addition to trading fees on the platform.
Chef Nomi the pseudonymous developer of SushiSwap apologised to members of the Ethereum and DeFi community, after returning funds.
Read Also: How Crypto Savings Account Interest Beats the New CBN Policy on Bank Savings Account Interest.
He also praised his anonymous co-developers, Binance, and important personalities like Compound founder Rob Leshner amongst others for their commitment towards a safe ecosystem.
About The Author
Tony Chimdiuto