SUSHI up 20% as the platform’s CTO closes due to increased team tension
SUSHI is up 20% when SushiSwap CTO left the team due to increased tensions among team members, so let’s find out more in today’s crypto news.
The CTO of the decentralized exchange SushiSwap has stepped down after heightened tensions in the team. Joseph DeLonge, CTO of DEX sushi soap, announced his resignation and said that in the interests of the sushi community, he decided to leave:
“The chaos that is happening now probably will not lead to a solution that would make the DAO much more opaque than it used to be without radical structural changes.”
There has been much controversy among the upper echelons of the sushi community, with accusations against some members that the key developer, 0xMaki, has actually been kicked out. The leaked screenshot shows DeLonge’s questioning about whether Macs should leave the platform or take on the role of a consultant. DeLonge denied claims that Macy denied and said he would leave if the community didn’t support the current core team. It looks like the threat was made when he announced his own NFT platform and metaverse. The project is supposed to be managed by DAO, but in reality most of the governance tokens are owned by a handful of whales.
https://t.co/y59FyX95xG
– Joseph Delong (@josephdelong) December 8, 2021
DeLonge made an offer to pay the main contributors 200,000 SUSHI tokens, but the vote was not accepted. There were several allegations that he got rich and went broke without community oversight, and DeLonge even tweeted a long thread, citing what he called “unfounded libel.” Another proposal has been made to restructure the DAO and is still under study to create a more formal project management mechanism and more transparency in the use of funds. Aaron Brown, a crypto investor, writes for Bloomberg Feeling and says the tensions at SushiSwap only show that decentralized institutions don’t always perform better than centralized ones:
“Two fundamental problems with SushiSwap were that there were too many opportunists when it was originally founded and the incentives were not carefully orchestrated.”
The move appears to have been favored by SUSHI traders, as SUSHI is up 20% in the past few hours. SUSHI is currently trading at $ 6.27 after rising from a low of $ 5.69 to $ 6.82 a few hours ago. Over the past few months, SUSHI has been hit hard by the internal war and has lost about 50% of its value in the past 30 days. It is now down 73% from an all-time high of $ 23.38. It should also be noted that SushiSwap’s MISO token platform was mined for $ 3 million in mid-September.
