While the internal crises rocking the SushiSwap project has seen a number of top developers make their exit, Sestagalli’s proposal of a SushiSwap takeover has received mixed feelings from the community members whose hands the fate of the proposal now lies.
Daniele Sestagalli, a core developer renowned for a series of projects on the Layer-1 Avalanche blockchain protocol has published a set of bold proposals bordering on the takeover of decentralized exchange platform SushiSwap. The move comes after SushiSwap’s former Chief Technology Officer Joseph Delong tendered his resignation from the team following a series of internal conflicts.
Sestagalli is credited for his works with projects like Wonderland and Abracadabra, all native to the Avalanche ecosystem. The projects are established, generally called ‘Frog Nation’ and the three tokens associated with these protocols including TIME, SPELL, and MIM are collectively worth as much as $5.9 billion in capitalization.
Seeing the pivotal influence Sestagalli has in today’s decentralized finance (DeFi) ecosystem, he is proposing SushiSwap to join the Frog Nation ecosystem.
“Sushi’s expansion and growth have been non stop – it’s time to give Sushi additional resources and autonomy to continue and better define its mandate and governance during a time when it needs it the most. Frog Nation proposes Daniele Sesta to become a part of the Sushi project through a new service collective with defined mandates to bring additional direction to the project and to help continue what Sushi has been doing, which is be THE decentralized DEX. A new service collective with its own discretionary abilities will exist to serve the DAO,” the proposal reads.
SushiSwap is one of the most controversial protocols that emerged in 2020. Back in September last year, Coinspeaker reported that the SushiSwap protocol welcomed a new management team after the original founder rug pulled by selling off a large chunk of his SUSHI token holdings. FTX Derivatives Exchange founder, Sam Bankman-Fried took over the keys to the project, revitalizing the lost hopes in the protocol at the time.
Is the Sestagalli’s SushiSwap Takeover Proposal Ideal?
While the internal crises rocking the SushiSwap project has seen a number of top developers make their exit, Sestagalli’s proposal of a SushiSwap takeover has received mixed feelings from the community members whose hands the fate of the proposal now lies.
“Wow interesting proposal. I like the emphasis on focusing on becoming the best DEX across all chains. Just from looking at the low TVL on some massive chains such as Avalanche, shows how much Sushi has to gain by focusing on being the go to DEX. I think Abracadabra is currently rethinking their spell emissions and how staked spell works so I’m sure the teams could learn a lot from each other and discuss how xSushi can be reworked to better benefit the platform,” one member from the SushiSwap forum posted.
Another member is more skeptical about the futuristic potentials of Sestagalli taking over the project. “I personally will take a stance against this proposal. While Dani has done a great job with his projects they lack any real vision,” the user said.
The news of the SushiSwap takeover has arguably sent the price of SUSHI up 11.94% to $6.06 at the time of writing per data from CoinMarketCap. A confirmation of the Sestagalli takeover is thus likely to stir a massive run in the price of Sushiswap in the near future.
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