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After the departure of the CTO, SUSHI increases by 20%



The Chief Technical Officer of the decentralized exchange SushiSwap has resigned due to increasing tensions in the team.

SUSHI rises after CTO departure

The CTO of the popular SushiSwap DEX, Joseph Delong, announced his resignation on December 9th. He stated that this was in the best interests of the sushi community. After many and long power struggles, he has now thrown in the towel.

"The chaos that reigns now is unlikely to lead to a solution that leaves as much shadow on the DAO as it once was without a radical structural change."

After much controversy among the leadership of the sushi community, some members claimed that key developer 0xMaki had been ousted.

In November, a leaked screenshot showed a poll by Delong asking if Maki should leave the core team and take on an advisory role.

However, Delong has refuted claims that Maki has been fired and threatened to resign if the community doesn't support the current core team. However, this threat fizzled out after SushiSwap recently announced its own NFT and Metaverse platform. The project should be led by a DAO. In truth, a handful of whales own the most governance tokens.

Delong suggested paying the core team members 200,000 SUSHI tokens each, which, to his dissatisfaction, was not accepted.

There have been repeated allegations of self-enrichment in extravagant spending without community oversight or government votes. On December 5th, Delong wrote a lengthy tweet thread calling everything as absurd slander.

Another proposal to restructure the DAO has been submitted. The proposal, which is still being examined, suggests the creation of a more formalized body to manage the project and greater transparency in the use of funds.

Aaron Brown, a crypto investor who writes for Bloomberg, said:

"The power struggles at SushiSwap show that decentralized organizations do not always work better than centralized organizations."

"The two fundamental problems with SushiSwap are too many opportunists in the initial creation and the failure to carefully match incentives."

SUSHI retailer investors seem to have viewed this move positively, as the price has risen by up to 20% in the last few hours.

Last month, SUSHI was hit hard as the token has lost almost 50% of its value in the past 30 days. Currently, the price is 73% off its all-time high March 13 at $ 23.38. At the time of writing, the price is $ 6.01.

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