Horses For Courses

Struggling DeFi platform SushiSwap is having a bit of a ‘mare recently. Having lost market share and several key personnel, it’s been saddled with recent accusations of scamming and horseplay. Can the new CEO rein in the chaos?

• Sushiswap is a copy of the Uniswap decentralised exchange (DEX), but with added liquidity mining and governance features.
• What was initially heralded as a genuine contender to Uniswap now appears to be several furlongs behind and dropping further.
• The supposed dark horse was meant to gallop past the original, but now only holds about 1% of DEX trading volume. Uniswap is trotting along with a cool 60% market share.
• Last year both the CEO and CTO switched horses mid-race when they left for advisor positions at other crypto projects.
• After months of uncertainty, Jared Grey was voted in about a week ago as the new ‘Head Chef’, storming to the line with 84% of the votes.
• However, neigh-sayers quickly accused him of being behind a 2019 wallet scam and raising listing fees for an exchange that hasn’t launched.
• The ALQO blockchain co-founder denied that he was involved in the draining of user funds, citing a Medium post that detailed what happened.
• He believes he can lead the charge to flush out the inefficiency of the automated market maker and improve user experience.

The SUSHI token dropped 10% yesterday on the back of the recent accusations.