After battling multiple controversies in the DeFi community, SushiSwap, the hyped fork of the decentralized exchange (DEX) Uniswap, created by the anonymous developer “Chef Nomi”, has successfully completed its protocol migrating, draining Uniswap of a huge chunk of liquidity.
Uniswap is almost two years old and the platform had gained a lot of traction and became the largest decentralized exchange with over $1.8 billion in total value locked at its peak.
However, in a historic move, SushiSwap, which not even a month old, has managed to topple the top DEX by providing a better option for DeFi enthusiasts.
The migration was completed on September 9 and saw more than 70% of Uniswap’s liquidity move to the SushiSwap protocol.
After the protocol’s original anonymous founder ‘Chef Nomi’ got involved in controversies regarding a possible exit scam, Nomi had to handover control to FTX CEO Sam Bankman-Fried on Sep. 6 in a surprise takeover.
Bankman posted a migration plan on Twitter that highlighted the various steps taken during the process.
The CRV/ETH pool was the first to be migrated followed by a pool-by-pool migration after successful testing.
The platform will now be governed by a multi-signature wallet that grants full administration rights for the protocol and will be managed by nine candidates elected by voting. Any action will require six of the nine candidates to agree.
The Voting process was also completed successfully and the top nine candidates were all Sushi whales.
Furthermore, a 2 million Sushi airdrop is also on the way for investors who continue to provide liquidity after the migration.
1 million Sushi tokens for this airdrop will be provided by new leader Sam Bankman-Fried, and the remaining 1 million will be sourced from the development fund.
Founder of popular DeFi protocol Yearn Finance, commented on the event, tweeting: