SushiSwap Market Update: Binance takes flak for SUSHI listing
- SushiSwap founder Chef Nomi has transferred admin rights to Sam Bankman-Fried, the CEO of FTX.
- Investor “CryptoWhale” has accused Binance of being irresponsible with their coin listings in recent times.
The founder of SushiSwap (SUSHI), Chef Nomi, has abruptly transferred all the admin rights to Sam Bankman-Fried (SBF), the CEO of FTX. The decision has taken place after SUSHI fell from $9.5 to $1.13 in just five days. The handover comes after Nomi reportedly withdrew 20,039 ETH and 2,558,644 SUSHI from the dev fund, which was to be used for financing the development of the project.
Community outrage at Nomi
Spencer Noon, the head of DTCC Capital, tweeted his thoughts.
BREAKING
— Spencer Noon (@spencernoon) September 5, 2020
Anonymous founder of @SushiSwap sells all of his $SUSHI
WHO COULD HAVE POSSIBLY PREDICTED THIS?! https://t.co/DtZoqQhUUt pic.twitter.com/cEje9335fZ
Erik Voorhees, the CEO of ShapeShift.com, also took to Twitter to comment on the incident.
SushiSwap demonstrates that you can copy a concept, and you can copy code, but you can’t copy community, continuity, or character.
— Erik Voorhees (@ErikVoorhees) September 5, 2020
Responding to the public outrage and allegation, Chef Nomi said that he did not “exit scam.” He further claimed that he deserved the dev fund as he created the project.
People asked if I exited scam. I did not. I am still here. I will continue to participate in the discussion. I will help with the technical part. I will help ensure we have a successful migration.@SatoshiLite did that and Litecoin had no problem surviving.
— Chef Nomi #SushiSwap (@NomiChef) September 5, 2020
The future of SushiSwap
The cryptocurrency community has positively reacted to the handover of SushiSwap to Sam Bankman-Fried. SBF said that SUSHI's keys would be transferred to a multi-sig, which would later become decentralized. He also criticized Chef Nomi’s decision to step down abruptly.
16) TL;DR:
— SBF (@SBF_Alameda) September 6, 2020
a) Nomi sucks and hurt the community
b) Sushi shows promise as a dynamic AMM built by the community
c) If Nomi doesn't step down, it's over for Sushi.
d) If Sushi adds a division on Serum, we'll give 5mm SUSHI to farmers
e) Either way, AMMs coming to Serum
Investor calls out Binance’s irresponsible listing methodologies
Binance is popularly known for responding quickly to changing market dynamics and increasing investor trading options on its platform. On most days, Binance lists multiple coins on its platform. In August alone, the exchange-listed 15 decentralized finance (DeFi) tokens. While some of these listings are genuine, investors often get scammed by other coins with zero trading volume.
A well-known cryptocurrency investor who goes by the name “CryptoWhale” took to Twitter to say that Binance’s rushed decisions to list more coins are troublesome for cryptocurrency investors. They added that it is a big barrier to digital asset adoption as well. CryptoWhale asked Changpeng Zhao, the CEO of Binance, to practice more accountability for investors and the cryptocurrency sector's reputation.
.@cz_binance @binance
— CryptoWhale (@CryptoWhale) September 5, 2020
You should really consider adding restrictions to the coins you add to your exchange.
Hundreds of scams have been listed on Binance over the years, and millions of dollars worth of investors funds forever lost.
Zhao responded, stating that people should do their own research as several projects are experimental. CZ noted that while some will fail, others will succeed, and it is up to investors to invest wisely after doing some research.
A high number of projects will fail. Only a small number of projects will stand the test of time. We don't know which ones they are. We can list just BTC, and wait for 10 years to list the 2nd coin. That won't help the industry grow.
— CZ Binance (@cz_binance) September 6, 2020
DYOR
We don't charge for listing, btw.
SUSHI/USDT one-hour chart
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SUSHI/USDT has dropped so far from 2.848 to 2.757 in the early hours of Tuesday. The hourly chart has fallen below the triangle formation after SUSHI charted three continuous bearish sessions since failing at the 2.928 resistance line.
This Monday, SUSH started around 3.10, before falling all the way down to 2.353. Following that, the buyers pushed the price to 2.928, before it settled around its current levels.
As previously reported by FXStreet, it is impossible to present a detailed SUSHI technical analysis, as the token is largely ruled by market speculation.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
