SushiSwap founder converts portion of developer fund to $13M in ETH


Chef Nomi, the founder and lead developer of SushiSwap, has converted a portion of SUSHI tokens allocated for the development of the SushiSwap ecosystem for roughly 37,400 ETH, an amount worth approximately $13 million at the time of this writing. This conversion was done in a series of two transactions.

According to Chef Nomi, the tokens were converted to ETH so that he could "stop caring about price" and "focus on the technicality of the migration." SushiSwap plans on migrating Uniswap LP tokens deposited on its service to its soon-to-be-launched trading platform on Sunday.

"People asked if I exited scam. I did not. I am still here. I will continue to participate in the discussion. I will help with the technical part. I will help ensure we have a successful migration," Nomi explained in a Twitter thread.

SushiSwap was launched with much fanfare, promoting itself as an "evolution" of decentralized exchange protocol Uniswap. Within three days after its launch, the platform accumulated $700M in asset deposits. According to tracker Zippio, SushiSwap currently has $1.1B in deposits.

According to CoinGecko, the price of the SushiSwap token has fallen more than 50% in the past 24 hours, and is currently trading hands at about $2.25.

This story has been updated with new information about the amount of SUSHI converted to ETH.

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May 5, 2022, 3:17PM UTC