The spin-off of Uniswap exchange, SushiSwap, has recently analyzed fairly. On September 01, it had been found that Sushi, the native token of SushiSwap, was responsible for 77 percent of the action on Uniswap.
Further, it has been indicated that within a week of its introduction, the token has accumulated over $1.5 billion in locked value.
Chef Nomi Owns Key Of Sushi Wallet
Certain aspects of this project are a bit suspicious and one of them is $27 million developer funds which are secured in a wallet whose cryptographic key is only with the project head, Chef Nomi.
The general manager of the project 0xMaki, while discussing this nascent protocol stated that the Uniswap spin-off only has community members, not the team.
He further explained that any of the individuals who help them in coding or writing is part of their team. Additionally, 0xMaki specified that he and his team believe that SushiSwap and Uniswap could work side-by-side.
Soon after the release of SushiSwap into the crypto industry, it has become become popular and gained the spotlight, however, this situation also has raised some doubts in the industry.
Hotdog Lost 99 Percent Value
0xMaki stated that currently, the members of SushiSwap projects are struggling hard because, on one hand, they have been working on the introduction of a new experiment and on the other hand, they have their full-time organization.
The project’s general manager has mentioned, “We shipped so much in four days. It’s easy to prop up red flags when you have done nothing for the project. We are being audited by three firms and [are] on a partnership rampage. Look at hotdog finance if you want red flags.”
On September 02, another DeFi project named Hotdog was introduced in the market, which just after its release experienced a surge of $5,000 for a token. However, very soon it collapsed by over 99 percent.
Currently, the Hotdog token is being traded on Uniswap for less than a penny.
Like any of the financial assets in the market, Sushi also experienced a drop in its value this week but compared to Hotdog, the value of Sushi was still better.