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1) A way forward for Sushi, and a way further back.
2) Again, I am not sushi and am not involved in it. I do own some SUSHI and SRM. Not investment advice.
3) I'd like to lay out the ways that @NomiChef was a piece of shit.
a) they did huge damage to the sushi and defi communities
b) they could have held out for the long run and been a core leader of a prominent project. They could have gotten more than 5m SUSHI from that.
a) they did huge damage to the sushi and defi communities
b) they could have held out for the long run and been a core leader of a prominent project. They could have gotten more than 5m SUSHI from that.
4) This wasn't even _selfishly_ the right choice for them.
They were the good guy and they became the bad guy. The amount you lose for that is huge.
They were the good guy and they became the bad guy. The amount you lose for that is huge.
5) And they did damage to their core cause: to show that if a project is so forkable -- if there isn't enough community and new development behind it -- its reign is thinner than it seems.
Instead they just reflected that upon themselves.
Instead they just reflected that upon themselves.
6) So what now?
Well, first it's imperative that Nomi release all keys and continue with the migration. As long as Nomi has control of Sushi, it does not have a future.
Well, first it's imperative that Nomi release all keys and continue with the migration. As long as Nomi has control of Sushi, it does not have a future.
7) But beyond that: I'd like to talk about why I got involved in farming SUSHI in the first place.
First, it gave great yield.
Second, it showed the promise of DeFi. It was building, quickly; and unifying a community; and dynamic and active.
First, it gave great yield.
Second, it showed the promise of DeFi. It was building, quickly; and unifying a community; and dynamic and active.
8) There is so much that can be done with an AMM, and so little of it was.
And I was really excited for a community-owned AMM to build at prosper and show the same explosion of growth that the rest of DeFi was seeing.
And third, it was an opportunity for Serum.
And I was really excited for a community-owned AMM to build at prosper and show the same explosion of growth that the rest of DeFi was seeing.
And third, it was an opportunity for Serum.
9) Serum offers something really cool to SUSHI -- the chance to apply the composability that DeFi pioneered and displayed to a whole new set of projects. The idea of having an AMM, orderbook, borrow/lending book, and more all compose on each other is super exciting.
10) I still own a lot of SUSHI, because I still believe in its promise; in fact we're a significant fraction of the current SUSHI/ETH pool.
11) I've also recently been contacted by the people behind Sushi. _People_. And I didn't realize that Nomi was the one with all the keys.
That was a fuckup on their part, and a fuckup on my part not to clarify.
That was a fuckup on their part, and a fuckup on my part not to clarify.
12) I can't undo what Nomi did, no one can but him.
But I can offer a way forward for Sushi.
First, Nomi has to give up all control, keys, etc. for Sushi and has to do so now. If not, his project is dead.
But I can offer a way forward for Sushi.
First, Nomi has to give up all control, keys, etc. for Sushi and has to do so now. If not, his project is dead.
13) Second, if he does so, the offer to build another copy of it on Serum -- while keeping the current version on Ethereum--still stands.
And in fact there's more. Nomi sold 5mm SUSHI from the dev pool.
If the above happen, I will personally return 5mm SUSHI to the community.
And in fact there's more. Nomi sold 5mm SUSHI from the dev pool.
If the above happen, I will personally return 5mm SUSHI to the community.
14) They will be airdropped on all SUSHI stakers after the migration and Serum buildout.
Otherwise, if the above don't happen--so be it.
There will be an AMM on Serum either way, and it will be composed with orderbooks and borrow/lending, and it will be fucking awesome.
Otherwise, if the above don't happen--so be it.
There will be an AMM on Serum either way, and it will be composed with orderbooks and borrow/lending, and it will be fucking awesome.
15) @ProjectSerum is charging forward and building powerful products, one way or another.
https://serum-academy.com/en/dex-list/
https://serum-academy.com/en/dex-list/
16) TL;DR:
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
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
