SushiSwap, Uniswap, an offshoot of the popular decentralized exchange, and one of the most recent highlights of the DeFi mania, has received a lot of scrutiny in the past few days. The platform token, known as the Sushi quickly made up 77% of Uniswap’s value as of Sept. 1, earning more than $ 1.5 billion in blocked value in less than a week since its inception.
However, many have voiced their suspicions about certain aspects of the project. including concerns about a $ 27 million development fund controlled solely by the project manager; an anonymous personality known only as “Chef Nomi”.
The general manager of the project, 0xMaki, The situation in the emerging protocol was recently examined on the project’s Discord server. “SushiSwap has no team, only community members”, He said to Cointelgraph, adding:
“Everyone who programs, writes or helps is part of the team. There are seven people in NYC against the world. I’ll let you guess who will win. We believe that both (SushiSwap and Uniswap) can coexist, by the way.”
The speed at which SushiSwap has become the focus of attention in the crypto industry is partly what made the industry very skeptical. “We are currently assembling an airplane in mid-flight”, Explained 0xMaki and noticed All project members are currently juggling their full-time jobs and starting this new experiment.
“We deliver so much in four days. It’s easy to raise red flags when you’ve done nothing for the project. We’re being audited by three companies and (we’re) in the middle of a partnership turmoil. Check out hotdog’s finances on red flags. “.
Hot dog, another new DeFi project, Fortune recently soared to $ 5,000 per token before collapsing more than 99% after its launch on September 2nd. It is currently trading for less than a cent on Uniswap. Like many financial assets this week, Sushi also saw a significant drop in value, but nothing like what we’ve seen at Hotdog.
0xMaki went on to claim that The people who build the sushi platform don’t have any personal holdings in the project token. “Nobody has sushi, 0”He said about the personal holdings of his team members. “Nothing mined, bought or sold”, The managing director went on to claim, adding: “Just the development fund for everyone who joins us.”
Adam Cochran, Partner of Cinneamhain Ventures, published a number of Tweets cynical about the sushi project, Warning the public about the situation around the development fund. 0xMaki explained: “We’re currently out of sleep and working hard, but it will be blocked by a multi or DAO shortly.”
The general manager said the SushiSwap team welcomed Cochran “to open a PR proposal to change things instead of just spitting poison into the public space”, and I add “Speaking means nothing and the code shows everything.”
He said to Cointelegraph: “In the meantime, they can assume we are scammers if they want and it would be safer.” 0xMaki made it clear that the project’s ultimate goal is to distribute its development funds to taxpayers in the form of subsidies:
“All subsidy payments are subject to change based on what the community thinks is best. You may also see a proposal paid in stable coins or a combination of sushi and sushi rights. We’re not there and there’s a lot to be done . We Wear Everyone needs to relax and stop projecting what they would do if they had access to $ 26 million. It speaks volumes about its values. “
He noticed the efforts to attract new team members, But he also warned that the project “could fail at any moment”. before it is announced “The audits will show it soon!”
Actually, SushiSwap underwent a full PeckShield company audit shortly thereafter. Although the company described a number of problems, did not return with significant concerns about the safety of the project. SushiSwap has also undergone a security review by the blockchain solution provider Quantstamp. Quantstamp Communications Manager, Jaye Harrill previously told Cointelegraph:
Furthermore, SushiSwap looks like another vegetable farm built at night with an endless APY thrown by the anonymous name NomiChef. However, if we take a closer look, we find a very dedicated community at Discord that is really talking about the growth of the project they are part of. “
In continuation of the rapid development of SushiSwap The project’s exchange functions are already being tested live for a single pair of assets: Sushi / USDT. The transition from sushi to Uniswap’s own platform was also recently approved. Upon completion, Uniswap’s volume will move to nearly $ 180 million on its competitor’s SushiSwap platform.
Despite the project’s seemingly rising star It remains to be seen whether the exchange will actually achieve its proposed intentions. Until all problems are completely resolved All hopeful users should be careful and cautious in this (and any) unexplored and experimental blockchain space projects.