Crypto trading has taken the back seat in the digital economy in 2022, with the market remaining under the bears' control for most of the year. Furthermore, traders have seen their faith rocked by the consecutive failures of centralized exchanges. These intermediary marketplaces have been the powerhouse of the industry since its humble beginnings. Now, they seem to crumble under mounting allegations of scams, lawsuits, and solvency concerns. Meanwhile, they make a convincing case for the imminent decentralization of crypto…
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Featured on homepageNewsAltcoinsSushiSwap’s Head 0xMaki Leaves Office, Warms up for an Advisory Position
Featured on homepageNewsAltcoinsSushiSwap’s Head 0xMaki Leaves Office, Warms up for an Advisory Position
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SushiSwap’s Head 0xMaki Leaves Office, Warms up for an Advisory Position
0xMaki, a prominent individual in the crypto space, is vacating his leadership duties at SushiSwap. He intends to begin working as an advisor in the decentralized autonomous organization.
0xMaki’s Departure
At the moment, the project lead doesn’t have any valid reason for stepping down. However, 0xMaki plans on making an official announcement on his decision soon. Several cases raise questions even as the protocol’s co-founder exits from leadership. In the early days, a particular user made a suggestion that Maki should receive 1.5 million Sushi.
The user further said that the payment should run for three years. Going by the current prices, 0xMaki could have Sushi worth more than $20 million. As a reply, 0xMaki says that the protocol had controversial issues and doubts whether the proposal could be applicable today.
Interestingly, he admits that the core developer’s share of the protocol is below 1%. Another scenario took place when the co-founder’s address went missing from the multi-sig operations.
The removal from the multisig activities took place on September 14, 2021. Multisig allows several users to confirm transactions rather than enabling one party to perform the actions. Thus, it boosts the protocol’s transaction system as the method requires multiple private keys.
No Leader On Board?
0xMaki and Chef Nomi are both founders of the SushiSwap platform. The DeFi protocol functions as a decentralized exchange offering token swapping services. It also enables users to participate in liquidity farming which generates earnings for investors.
The tables began to turn after Nomi withdrew 2.5 million Sushi, converting the holdings into ETH. He made an additional withdrawal of 20,000 ETH using the same liquidity pool. Days later, Nomi refunded ETH worth $14 million to the treasury after the alleged exit scam.
Since the event, Chef Nomi became distant from the SushiSwap project. 0xMaki explains that he wasn’t in touch with Nomi following the exit scam incident.
Past Involvements of the Co-Founder
0xMaki was part of SushiSwap’s vampire attack, which took place in 2020. A vampire attack usually aims at encouraging competition between two DeFi protocols. SushiSwap’s vampire attack had the idea of acquiring most of the liquidity on Uniswap.
As such, the DEX platform said it would reward users more revenue for providing liquidity on Sushiswap. Users who would deposit their digital tokens on SushiSwap were eligible for rewards.
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Furthermore, SushiSwap gave rewards in terms of fees to users who stake their SUSHI tokens. Today, SushiSwap ranks as the top ten DeFi platforms with locked assets worth $4.4 billion.
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