SushiSwap, the forked version of Uniswap, has been all over the headlines these past days despite still being relatively new to the industry. From a myriad of controversies surrounding its former owner, to the sudden surge of interest on the DeFi unicorn, SushiSwap has indeed been the central topic within the industry as of late. And now, as its new head, Sam Bankman-Fried, announced on Twitter, SushiSwap has successfully migrated and now has its very own established decentralized exchange platform. Not only did it manage to step away from its rival’s shadow, but this development has also made them the world’s leading decentralized exchange in terms of liquidity volumes.
Bankman-Fried has laid out the migration plans on his Twitter account prior to the actual process. Furthermore, he made sure to share the latest developments throughout the migration day, posting on Twitter the testing results and even some specific token transfers – letting his followers now what is happening in real-time. He then finally posted a short but very impactful tweet symbolizing SushiSwap’s success and bright future ahead. Posting a simple: “Done” as soon as the migration process concluded.
The migration conducted by SushiSwap transferred the tokens used as liquidity for token transfers on Uniswap to its brand new established liquidity pools. This process will then develop a completely new destination for decentralized token trades. Basically, SushiSwap will no longer need or mirror Uniswap as it will now be an entirely different entity of its own moving forward. Notably, an approximate value of $830 million worth of tokens has since been moved and is now at the hands of SushiSwap.
Bankman-Fried’s take on the controversies surrounding SushiSwap’s former head, Chef Nomi
As we may recall, SushiSwap was once controlled by the pseudonymous founder, Chef Nomi. The still-unidentified personality initially held over $27 million of developer’s fund before running away with a large portion of it, passing down the reigns of SushiSwap to Bankman-Fried, a former established investor of the platform and-now owner.
According to Bankman-Fried, even though it may appear that Chef Nomi initially created SushiSwap with the aim of scamming investors, it is not the genuine intent for the project. He believes that Nomi was just overtaken by the feeling of immediate success and greed, which propelled him to look for an easy way out while also managing to pocket substantial amounts of money in the process.