With a market cap of $233 million, Uniswap clone SushiSwap is climbing the ladder up with its price remaining at $2.33, down 26% in the past week.
Last week, the migration of SushiSwap saw it taking over 80% of liquidity from Uniswap, recording at $1.50 billion.
While since then Uniswap has been recovering, with its liquidity back over $1 billion, after falling to $450 million, and volume around $400 million, SushSwap is seeing a decline, with liquidity going down to $840 million and volume to $170 million.
The total amount of deposits (TVL) of Uniswap has grown 70% to $1.2 billion while SushiSwap’s declined by 43% to $800 million, as per DeBank.
“Making DeFi a Joke Again”
As we reported, SushiSwap’s anonymous creator Chef Nomi released an apology and returned all the funds, $14 million worth of ETH, right before this weekend. This has been following the successful migration of the protocol after Chef Nomi handed over the control to FTX CEO Sam Bankman-Fried.
Here we go what is coming next for SushiSwap !https://t.co/Iy4Ixi509t
— 0xMaki (@0xMaki) September 12, 2020
However, the latest issue has come with the new governance proposals that include an airdrop of 2 million SUSHI to liquidity providers and a buyback of tokens with the funds returned by the creator Chef Nomi.
Also, it involves paying a considerable financial incentive to a member of the SushiSwap team. The proposal is to hire 0xMaki as the lead project, head of the core team, and give him a “one-time founders grant,” with 500k SUSHI, worth over a million dollars, upfront and another 500k SUSHI locked over a one-year period.
Also, another 500k SUSHI vested over two-years for his continued work on SushiSwap. 68.24% of votes are currently in favor of this proposal.
“Thanks for making defi a joke again. One step forward, 10 steps back,” said Yearn.Finance creator Andre Cronje in response to SushiSwap’s new developments.
He likened the ongoing DeFi environment with that of the 2017’s ICO. From airdrops, buybacks, insane salaries, large team allocation, team dumping, whitepaper only, and forked geth, everything is getting checked out.
The name has changed but looks like the actions of some remain the same.