IN-DEPTH: SushiSwap rose to prominence on the promise of a more decentralized DeFi exchange. Now, after months of infighting, the honeymoon is over for $SUSHI and the DAO has to get serious about operations. Blockanalia unpacks the saga.
After months of public infighting and turmoil, popular DeFi platform Sushi has passed an ambitious governance overhaul designed to streamline internal processes with a hierarchical, departmental structure.
In spite of the rancor, however, with $5.2 billion in total value locked Sushi remains a jewel as a top-15 DeFi protocol. In September 2020, just weeks after Chef Nomi absconded with the developer fund , the DAO was in a rudimentary state. Elections were held to establish a multi-sig of DeFi community members, such as FTX CEO Sam Bankman-Fried, to manage the treasury and push the project forward, as well as ato hire former community manager 0xMaki to lead the project. However, this structure meant that the team needed approval from a majority of the multi-sig for any form of discretionary spending.
However, the team eventually realized that hosting such auctions could lead to regulatory scrutiny. This misstep was among the key motivating factors in asking Maki, who led the project through the Chef Nomi saga, to step down. While the transition was initially reported as Maki’s decision, multiple sources confirmed to CoinDesk that the choice to remove him came internally.
“Matt, me, Amanda and some others tried to dig into what was really happening, why they were trying to hide the deal. We asked multiple times and there was no clear answer, but they thought it was cyberbullying or something,” LevX told CoinDesk of his efforts. LevX told Coindesk that his efforts were “always for the Sushi community” and all he wanted to accomplish was greater transparency.
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