SUSHI Soars 20% As Platform CTO Quits Due To Increased Team Tension

SUSHI soars 20% in price as the CTO of SushiSwap quit the team because of the increased tension among the team members so let’s find out more in today’s cryptocurrency news.

The Chief Technical Officer of decentralized exchange SushiSwap stepped down after the increase in tension within the team. Joseph Delong as the CTO of sushi soap DEX announced his resignation and stated that it was in the interest of the Sushi community that he decided to quit:

“The chaos that is occurring now is unlikely to result in a resolution that will leave the DAO as much more of a shadow than it once was without a radical structural transformation.”

There has been a lot of squabbling in the higher ranks of the Sushi community with allegations for some of the members that key developer 0xMaki was actually forced out. A leaked screenshot showed a poll from Delong asking whether Maki should leave the platform or take an advisory role. Delong refuted the claims that Maki dismissed and said he would quit if the community didn’t support the current core team. The threat has been enacted it seems as he announced its own NFT and metaverse platform. The project was supposed to be governed by a DAO but in real life, a handful of whales are holding most of the governance tokens.

https://t.co/y59FyX95xG

— Joseph Delong (@josephdelong) December 8, 2021

Delong submitted a proposal to pay the core members 200,000 SUSHI tokens but this didn’t pass the vote. There were repeated accusations of self-enrichment and extravagant spending without the community oversight and Delong even tweeted a long thread addressing what he called “absurd defamation.” Another proposal was submitted to restructure the DAO and the proposal was still under consideration which suggests setting up a more formalized entity to manage the project and even more transparency for spending the funds. Aaron Brown is a crypto investor who writes for Bloomberg Opinion and said that tension at sushiSwap only shows that decentralized organizations don’t always work better than the centralized ones:

“The two basic problems with SushiSwap are too many opportunists in its initial creation and failure to align incentives carefully.”

The move seems to gain the approval of the SUSHI traders as the SUSHI soars 20% over the past few hours. SUSHI is now trading at $6.27 after spiking to $6.82 a few hours ago from its low of $5.69. SUSHI has been hit hard over the past few months of infighting as it lost about 50% of the value in the past 30 days. It is now down by 73% from its all-time high of $23.38. it’s also worth noting that SushiSwap’s MISO token platform got exploited for $3 million in mid-September.