The creator of yearn.finance accuses SushiSwap of discrediting DeFi14. September 2020
Suship tweeted her latest updates which included an Airdrop, a buyout and a 90% drop in inflation.
André Cronje, creator of DeFi, is not very happy with this news.
The founder of yearn.finance called these events a huge step backwards for DeFi
The controversy continues around Bitcoin Era software, the Uniswap fork that has attracted over $ 1 billion in cash.
The SushiSwap project is now under the control of the community . The latest updates to the project were tweeted by @SushiSwap and include an Airdrop (free token distribution), buyout, and a 90% drop in inflation, among others. The creator of DeFi (decentralized finance) and founder of yearn.finance Andre Cronje, is hardly thrilled. His review follows tweets from Chef Nomi, founder of SushiSwap, who apologized to Mr Cronje for “tarnishing the reputation of the DeFi movement”. Apparently, this excuse was not enough.
One internet user explained that the events presented in the update remain focused on the interest of wearers.
-It would be nice if you could explain why, because I don’t see anything wrong with it.
-Because everything listed here only benefits holders, and no one other than them, so that the value of their $$ goes up in the short term.
The incident is related to ICOs (Initial coin offering)
Taken at face value and considering the roller coaster of events around SushiSwap, the update appears to support the continued development of the project. However, developer André Cronje is not convinced.
The founder of yearn.finance called this project a huge step backwards for the DeFi space. Without any hesitation, he also compared the developments of SushiSwap to the ICO scams in the previous bull-run. At the time, the ICO (Initial coin offering) projects had managed to raise a lot of money thanks to cryptocurrency, this with little effort.
As Mr Cronje points out, there are some similarities between the series of tumultuous events around SushiSwap and ICOs. For example, we find the founder selling his shares or Airdrops and buybacks when a huge share of development had been allocated. All this while SushiSwap was “just a fork” of Uniswap.
The SushiSwap saga
Following a series of events, SushiSwap saw its control transferred to FTX CEO Sam Bankman-Fried, and then to the community via a multi-signature.
SushiSwap gained a lot of attention as the craze for DeFi grew. So much so that at one point, the project held more cash than Uniswap, the protocol from which it branched off (forked).
SushiSwap was on the road to redemption in the eyes of the community. As reported by BeInCrypto , Chief Nomi issued a detailed apology for tarnishing the reputation of the DeFi space and agreed to return to the project treasury all the funds he obtained from the sale of his tokens. SUSHI.
This initiative has received a positive response from many members of the crypto community, and SUSHI investors have been optimistic about the future of the project.
It is this same optimism that has led to new governance proposals from the community. It includes an Airdrop to liquidity providers, a buyout with funds returned by Nomi and a considerable financial initiative for the main developer of SushiSwap.