Max E.Thu, Dec 9, 2021 4:26 PM
SUSHI Price Increased By 20%: The Resignation of SushiSwap CTO
On December 9, Joseph Delong, CTO of the popular SushiSwap DEX, announced that he was leaving the post. After a "long struggle", he said, he decided to give up further efforts.
Delong noted that he expects the move to serve the interests of the SushiSwap community, and praised the community-based work that he said he would remember with positive feelings.
Explaining the reasons for this step, Delong tweeted that "the ongoing chaos will not lead to a resolution of the conflict", and as a result, the DAO will become "a shadow of itself".
The reason for the conflict within the project was the sudden departure of the project manager under the nickname 0xMaki, along with whom some other developers left, who made the quarrel public. In the SushiSwap community, the opinion arose that Delong was the initiator of 0xMaki's departure. In November, a screenshot of a survey was posted online, in which Delong asked the opinion of users: is it worth 0xMaki to leave the post of manager and confine himself to the role of a mere consultant.
However, Delong called the allegations unfounded and threatened to leave if the community refused to support the current leaders of the project. Initially, it was assumed that the DAO would manage the SushiSwap project, but in practice, the owners of the lion's share of governance tokens are a small group of "whales". Ordinary members of the community have repeatedly accused them of unnecessary spending, self-enrichment and lack of supervision.
Delong flatly dismissed all these accusations, calling them "absurd slander."
The community has proposed to reconfigure the DAO, creating a new structure for project management that will be able to ensure transparency in spending. However, the SushiSwap CTO demanded more autonomy for the main developers and threatened to leave his post if he refused. He offered to allocate 200,000 SUSHI (about $ 1.2 million) to each of the 19 key developers, but the proposal was rejected by the community.
Delong wondered if the current chaos within SushiSwap could be neutralized. He recommended moving key positions outside the DAO and developing effective team management mechanisms.
Ultimately, Delong stepped down, stating that he saw no way to cope with the current chaotic situation. He pledged to hand over all accounts to the next project manager.
Delong's departure drew clear approval from SUSHI investors: the price of the token has increased by 20% over the past 24 hours. SUSHI is currently trading at $ 6.27 after jumping to $ 6.82 a few hours ago from an intraday low of $ 5.69.
SUSHI has lost almost 50% of its value in the last month of turmoil caused by strife, dropping 73% from its March 13 all-time high of $ 23.38