Within a week of going online, DeFi project SushiSwap’s total value locked (TVL) surpassed $1.5 billion. At its peak, it made up almost 70% of liquidity on the decentralized exchange Uniswap. SushiSwap only took seven days to launch. This article was originally published by CoinDesk China on Tuesday.
SushiSwap co-founder 0xMaki (later referred to as Maki) once proudly said, “It took Uniswap two years to get to where it is today, it only took us 7 days.”
SushiSwap’s founding team is extremely small, with only three people: Chef Nomi (later referred to as Chef), sushiswap and 0xMaki. The first two are responsible for code and product development, while the latter is responsible for growth and operations.
Last Saturday, SushisSwap co-founder Chef suddenly sold all the tokens that were supposed to be used for a development fund without notifying the community. This move sparked dissatisfaction and doubt in the community, and SUSHI’s price plummeted.
As doubts in the community continued