This morning, Jared Gray, the new "chef" (CEO) of SushiSwap, was condemned by many netizens including yannickcrypto.eth on Twitter. Jared was accused of carrying out continuous fraud through projects such as MultiPlex PC and ALQO. He even had an "abnormal relationship" with a horse.

Afterwards, although Jared responded that "the relevant accusation is completely untrue", the meme about "SushiSwap x horse" began to spread virally, and the price of SUSHI on the secondary market was also affected. The dollar, down 7.8 percent in 24 hours.

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Era of Nomi: Come Faster, Run Faster

SushiSwap rose in August 2020. With the vampire attack on Uniswap, SushiSwap has accumulated a considerable liquidity scale in a short period of time, becoming the most eye-catching newcomer in the DeFi market.

With the rising popularity of the project, SushiSwap's first "chef" and anonymous founder Nomi also made a splash. However, when people were looking forward to the follow-up action, Nomi made a decision that was beyond everyone's expectations— - Ran.

On September 5, 2020, Nomi suddenly withdrew about 38,000 ETH from SUSHI's liquidity pool, worth about $13 million at the time. Although Nomi has been arguing that his behavior is not running away, the market obviously does not think so. The price of SUSHI fell from the highest of $5 on September 5 to the lowest of $1.11 on September 5, a single-day drop of nearly 80%.

• Nomi’s explanation at the time: “I sold my shares and it has nothing to do with whether Sushiswap is a scam. I don’t know why everyone thinks I’m a liar now. I didn’t steal anyone’s money. It's been made very clear in the blog post."

In the end, under pressure from the community, Nomi chose to return the funds to the community, and handed over the private key of the SushiSwap administrator to the industry leader SBF, who accused Nomi of being widely supported by the community at the time. Subsequently, SBF returned the agreement control right to the SushiSwap community through multi-signature.

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0xMaki Era: Brief Glory, Finally Quiet in Internal Fighting

After Nomi left, the leaderless SushiSwap community decided to hire a new "chef".

Subsequently, Adam Cochran, one of the multi-sig administrators and a partner at Cinneamhain Venutres, proposed that 0xMaki take up this position. Although the community had a brief disagreement on the salary setting, the proposal finally passed the governance process smoothly, and 0xMaki took office.

Objectively speaking, 0xMaki’s leadership of SushiSwap is absolutely successful. SushiSwap immediately ushered in the "golden moment" of its own development. The total amount of locked funds rose steadily, and the currency price also hit a new high, gradually securing its position as the leader of DeFi. By focusing on the highlight of "community-driven", SushiSwap and the "VC-driven" Uniswap have formed a sharp difference at the brand level, and even showed a situation of rivalry for a while.

But the good times didn't last long. In September 2021, 0xMaki suddenly announced his resignation as "chef" and continued to serve SushiSwap as a consultant. Although 0xMaki stated that the resignation was only for personal reasons, clues show that this does not seem to be the case.

Shortly after the incident, AG, the head of SushiSwap Asia Pacific, publicly denounced SushiSwap management on social media, and revealed that 0xMaki was deliberately excluded from the project by core team members such as Rachel Chu.

In addition, a picture information that is suspected to be a screenshot of an internal vote also shows that 0xMaki’s resignation seems to be a decision made by a collective vote of 11 people including Chief Technology Officer Joseph Delong.

Subsequent developments seem to support this statement. Since then, SushiSwap's infighting has intensified, and many developers such as 0xKeno, LevX, Mudit Gupta are rumored to have left the development team one after another.

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Jonathan Howard: Missing out on 'chef' job due to salary disagreement

After 0xMaki left, SushiSwap is also continuing to look for a new "chef".

In fact, before the current "chef" Jared took over, the closest candidate for this position was Jonathan Howard, co-founder of NFT studio Big Head Club.

In July of this year, the SushiSwap community nominated Jonathan as "chef", but the community was very dissatisfied with the proposed salary plan. According to the initial proposal, if Jonathan is elected, he will receive $800,000 in stablecoins plus a fix of 600,000 SUSHI tokens each year during the four-year unlocking period; in addition, there will be 350,000 SUSHI as rewards when new products are released , if the price of SUSHI increases by more than several expected prices during his tenure, he can get up to an additional 1.2 million SUSHI; finally, if the community decides to dismiss Jonathan for some reason, he will also be entitled to 24 months of salary severance expenses.

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Can the new era of Jared Gray start smoothly?

On October 3, after a long debate, the former CEO of Eons Finance, Jared Gray, finally stood out from the competition with the other four candidates and officially became the third "chef" of SushiSwap.

In Jared's election plan, he listed his plans for the future development of SushiSwap, including:

• Optimize and review core products and development processes;

• Identify areas of revenue growth with the lowest spending;

• Rebranding to focus back on SushiSwap's mission;

• Improving financial efficiency to fund critical infrastructure;

• Negotiate with the legal department to establish a compliant DAO entity;

• Establish a multi-level DAO structure with a sub-DAO system;

• Explore venture capital business and establish Sushi Labs;

• Reaffirm the development method and empower the development team;

• Increase liquidity by integrating new technologies or products;

• Establish a market research team to discover hidden opportunities;

• Launch new products and build more future brands.

Obviously, Jared has his own "big ambitions" for the role of "chef", but with today's farce unfolding, the first thing Jared needs to do is to figure out how to repair the already damaged Baikong's community trusted it.