Sushiswap is the next step forward in the Uniswap.
Uniswap has solidified its position as one of the mainstays in Defi.
Taking Uniswap’s elegant core design, community-oriented features that are believed to improve the design of the protocol, as well as provide further benefits to the actors involved are added in the sushi.
With SushiSwap, one can also provide some liquidity into a pool and earn rewards in the form of SUSHI tokens.
However, unlike Uniswap, those SUSHI tokens will also entitle you to continue to earn a portion of the protocol’s fee, accumulated in SUSHI, even if you decide to no longer participate in the liquidity provision.
As an early adopter to help provide liquidity, you become a significant stakeholder of the protocol.
Defi 2020 exit scam? The founder of the Sushiswap sells all of his Sushi.
At the moment, the Defi market is one of the most amazing markets.
There are many Defi stars in the market. One such project is SushiSwap.
The project encourages investors to withdraw liquidity from Uniswap with a token and deposit it on Sushiswap.
The whole thing seemed to be going well and the project was really picking up speed.
The anonymous founder of Sushiswap has reportedly exit scammed after converting all of his sushi tokens to ETH on September 5.
Reports of the alleged scam came a few days after the sushi token, which forked from the Uniswap protocol, went up in value to $10 in just 24 hours.
The reason behind this is:
The anonymous creator of Sushiswap the “Chef Nomi” on Twitter has tweeted that he has sold all of his SUSHI.
Chef Nomi swapped all his SUSHI for ETH, insisting it was not an exit scam.
The above tweet is displaying that he had a Eth or sushi liquidity tool.
It is clearly visible that he withdrew almost 2.5 million SUSHI ( 200000 ETH approx. ) from the pool and sold it off for ETH.
After this, a further 18,000 ETH.
At the time of this writing, his address had 38,000 ETH (the equivalent of around $12 million).
In a series of tweets, the anonymous founder Chef Nomi insisted that he has simply converted the SUSHI tokens to roll the project away from uncertainties on its migration from Uniswap to SushiSwap.
The SushiSwap founder maintains it was not an exit scam.
Rather, he associated himself with Litecoin founder Charlie Lee, who traded off all his LTC holdings in the year 2017.
Chef Nomi further said that he would continue to be available for the community as a developer and will ensure that the token migration from Uniswap to Sushiswap goes smoothly.
The cryptocurrency community is not convinced!
Many in the crypto community were upset about the incident, which is expected, given the damages that occurred from the direct sale of the 2.5 million SUSHI and the confusion and panic it created about the incident.
The official Sushiswap Twitter account posted about an impending liquidity migration in less than 48 hours but this also raises some questions.
Actually, the migration phase from Uniswap to Sushiswap should only start at block 10,850,000, and seems this was not the case.
The Sushiswap creator also makes an effort to remind his detractors of all the work he has done alone.
The creator intimates that the token’s price volatility has created unwanted pressure.
“And that is what I do.
I created (an) idea.
I created (the) community.
I did it best when I don’t (sic) have to price under pressure.
And if you believe in the community.
You believe in the idea. You stay.
If not, you are free to leave.
It is an open experiment.
No strings attached,” said the defiant creator.
Cryptic Ocean is a blockchain technology company that provides end-to-end blockchain development and blockchain consulting services to multiple business domains.
Our goal is to help companies adopt new technologies and simplify complicated issues that arise during technology evolution.
Contact us for the best solutions about the use of blockchain technology to solve the toughest challenges faced by the world today.
Must read our other blocks on blockchain.