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"I care about migration, not about coin price!" SushiSwap founder sells large amounts, Michelin one star turns into Genki Sushi

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"I care about migration, not about coin price!" SushiSwap founder sells large amounts, Michelin one star turns into Genki Sushi

As the overall market declines, liquidity mining tokens are experiencing drastic drops. YFI, hailed as the DeFi Bitcoin, plummeted 24% in 24 hours, while the clone project DFI.money (YFII) dropped 20%. The sweet potato coin YAMv2 suffered a massive 47% drop, and even Taiwan's Hakka coin (HAKKA) saw a 34% decline. Curve's CRV decreased by 23%, and its replica Swerve SWRV, despite gaining attention, also plunged by 53%.

One of the most dramatic falls is seen in SushiSwap (SUSHI), which not only dropped by 53% but also faced the possibility of a large sell-off from its anonymous founder, Chef Nomi, who claims it was done to ensure the project's continuity.

What Did Chef Nomi Say Today?

At 5 PM on the 5th, SushiSwap founder Chef Nomi posted a message stating:

"To the SushiSwap community. Due to the panic caused by the migration of liquidity from Uniswap, I have taken some measures to ensure my commitment and to ensure a smooth migration. This is my main job as a founder.

I have converted all SUSHI tokens in the developer pool into LP tokens (Liquidity Proof tokens) in the Uniswap SUSHI-ETH pool. These LP tokens will migrate along with all LP tokens staked in the MasterChef contract by everyone.

I have also converted my share of the developer pool into a multisig contract, subject to the governance council. I will soon set up a voting mechanism with them. With this measure, no more SUSHI from the developer pool will go to my account; it will belong to the community.

After the migration is complete, SUSHI holders will receive a portion of the fees collected by the SushiSwap protocol exchange. Everyone who wishes to see the project succeed should commit to the migration and become a part of the project in the long term."

Chef Nomi: I Do Not Care About the Coin Price

Later in the evening near 8 PM, Chef Nomi posted again, stating that everything he does is for the community, but he only receives blame and panic.

He said: "Let me tell you what happened. I converted all my share in the developer pool to ETH. I will no longer care about the coin price and will focus on the technical part of the migration."

Chef Nomi: I Am Not Running Away!

The act of selling SUSHI has left many feeling resentful and puzzled. Chef Nomi said: "People ask me if I am running away. I am not running away. I will continue to engage with everyone, continue to assist with the technical aspect. I will ensure that we complete the migration."

I Am Qualified to Receive These ETH

Chef Nomi has no qualms about selling the coins. He said: "Perhaps you think I should not receive that ETH? I believe I am qualified for my contributions. I wrote the migration code. I conducted all audits. I integrated the largest liquidity provider pool ever. I created a large community. I triggered over a hundred scam projects in liquidity pools. All in just one week."

Faithful Will Believe, You Are Free to Choose

Finally, Chef Nomi stated that he created all of this and does not want to act under price pressure. If people believe in all this, they can stay; if not, they are free to leave. After this, all developer rewards will not be under his control.

He also mentioned that if this experiment ultimately succeeds, you will see the benefits. If it fails, then we will return everything to Uniswap. Either outcome is fine.

Later in the night after 9 PM, he also announced his development progress on Ethereum: SushiBar and SushiMaker.

FTX Founder Condemns (Update on 9/6)

FTX and Serum founder SBF, the big head of SUSHI, made comments on the 6th in the morning. He said Chef Nomi is a complete mess; he has harmed his project, community, and future. But this does not represent the other people and leaders in the community.

SBF reiterated that he is not a Sushi developer and has not given investment advice. He also does not know Chef Nomi personally but has farmed some SUSHI and still holds a little. (Note: This means SBF has sold off a lot already.) However, SBF is looking forward to the migration and once again promoted his proposal on SushiSwap.

He also mentioned that anonymous teams are really scary. Anonymous teams with power are even scarier.

Furthermore, SBF later pressured Chef Nomi. SBF stated that Nomi must give up control of SushiSwap. Because it was originally a very promising project, but Nomi's selfishness ruined it. He mentioned that he still holds a lot of Sushi and has a significant share in the SUSHI/ETH pool because he believes in SushiSwap's promise.

SBF also mentioned that he had recently contacted the SushiSwap team, but he did not know that Nomi was the one with all the keys.

In short, SBF is pressuring. He wants Nomi to step down and emphasized that Serum has given SushiSwap a great proposal. He promised that if Serum successfully integrates SushiSwap, he will sell off Nomi's holdings and airdrop them back to the farmers.

Shortly after, Nomi chose to step down, handing over all control to SBF, surprisingly completing SBF's pressure. This means the Uniswap liquidity migration will be completed under SBF's leadership. And the Solana/Serum version of SushiSwap that SBF hopes for is likely to happen with the community's consent.

SBF has initiated a new Sushi community vote to agree to cancel Nomi's set migration time first, as it is linked to Nomi's private keys. Now it must be under SBF's control, and control will be specifically for the multisig. The vote is expected to end in the evening of the 7th, and the vast majority are in favor.

[For more information on the above, you can refer to this article: The vampire plan begins, the chairman is in place! SBF explains the migration plan, Uniswap hints at V3?]

Update on the 10th, in the morning of the 10th, after successfully transferring users' liquidity from Uniswap, SushiSwap currently has $1.27 billion in decentralized exchange liquidity. (Reference) Meanwhile, Uniswap's liquidity has shrunk from $1.6 billion to $518 million, returning to the funding levels at the end of August. According to DeFi Pulse data, Uniswap has dropped to third place in the DEX category in terms of Total Value Locked (TVL).

Binance Turns a Blind Eye, BAND CTO Suspected to Be Chef Nomi

Binance founder Zhao Changpeng clearly stated that listing is a market demand. He also mentioned that the advantage of decentralized exchanges is that no one will complain about the coins they list, whereas centralized exchanges will face criticism. Zhao Changpeng mentioned weeks ago that these coins are very risky and showed his post.

He also expressed support for innovation and stated that they all have high rewards and high-risk possibilities. Some will go to the moon, while others will plummet. In any case, risk management should always be a priority.

https://twitter.com/cz_binance/status/1302467934879531010

Additionally, there have been witch hunts, claiming that Sorawit Suriyakarn, the Thai CTO of the Band protocol oracle project, is Chef Nomi, but Band's official denial. On September 7th, Band Protocol issued a statement, stating that the IP address evidence circulating on the internet is not true; they simply shared the same IP with SushiSwap on Render.com's proxy server service, which many other companies also use. To avoid misunderstandings, they decided to switch to another proxy server. Sorawit Suriyakarn was only interested in auditing SushiSwap's contracts and product collaboration.