No significant risks! After evaluating the SushiSwap code, the founder leaked screenshots of negotiations with Coinbase.

SushiSwap, which has recently gained popularity through liquidity provided by Uniswap, has had its code audited by a smart contract auditing firm for the first time and no significant risks were found. In addition, SushiSwap's founder, Chef Nomi, leaked private messages with the person in charge of listing on Coinbase on Twitter. Although the messages were promptly deleted, the content seemed to suggest that SUSHI may be listed on Coinbase.

SushiSwap Protocol Code Evaluation

Founder Chef Nomi announced on Twitter that the SushiSwap protocol code has been audited by Quantstamp and no major issues were found. Quantstamp, a U.S.-based smart contract auditing company, estimated that there are five medium to low-risk factors in the SushiSwap protocol, including the ability for liquidity tokens to be added multiple times, leading to reward confusion.

Quantstamp also highlighted the possibility of asset theft, especially in cases where administrator keys are stolen. However, SushiSwap has implemented a Timelock contract mechanism during the contract modification process, allowing users a 48-hour window to withdraw funds in any change operation.

According to the SushiSwap protocol, 10% of the SUSHI tokens issued per block are reserved for project development and security audit funds, but Quantstamp found that developers' share is only 9%.

Despite the endorsement from Quantstamp, the crypto community criticizes this as merely a "security review" rather than a formal audit, accusing Chef Nomi of misleading the public. Nevertheless, amidst the frenzy of the DeFi market, users are willing to participate in the latest projects at high risks, and even mainstream exchanges are rushing to list them.

Coinbase Listing Manager's Private Message Negotiation

According to reports from external sources, Chef Nomi revealed on Twitter this morning that Zach Segal, the Coinbase listing manager, had contacted him via private message, sharing screenshots of their conversation. However, Chef Nomi later deleted the tweet. Chef Nomi stated:

For transparency, the Coinbase listing manager messaged me. I don't know why Coinbase wanted to understand my protocol code, you can guess, I will never ask any exchange to list the SUSHI token, I never endorse and never will.

Recently, Coinbase explained their listing standards on their official blog. When evaluating ERC-20 tokens for listing, they conduct four security reviews, including code verification, use of industry-standard libraries, etc. Coincidentally, Quantstamp completed the code evaluation today, and with derivative exchange FTX also listing the Sushi token, a follow-up from Coinbase is highly possible.

SushiSwap, by attracting liquidity from other platforms, has been labeled as "vampire mining attack" by crypto analyst Martin Krung. This behavior has also drawn criticism from many industry influencers, including the founder of the most affected Uniswap, and even Ethereum founder Vitalik expressed sadness over this strategy. External media research director Larry Cermak expressed surprise at the extremely high trading volume of the Sushi token, believing that this phenomenon is unlikely to be sustainable.