SushiSwap Completes ICO Scam Checklist, Claims Yearn.finance (YFI) Founder

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Sun, 09/13/2020 - 09:58
Alex Dovbnya
Yearn.finance (YFI) founder Andre Cronje says SushiSwap is making DeFi "a joke" again
SushiSwap Completes ICO Scam Checklist, Claims Yearn.finance (YFI) Founder
Cover image via twitter.com
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Andre Cronje, the creator of decentralized finance protocol yearn.finance, aired his grievances about SushiSwap in a recent Twitter thread, claiming that it’s making DeFi “a joke” again.              

The South African software developer further says that it checks every point of your typical initial coin offering (ICO) scam.

Checklist
Image by @AndreCronjeTech

A vampire saga

SushiSwap, which is basically a copypaste of Ethereum-based automated market maker Uniswap, was launched with the noble intention of taking power from venture capitalists and putting the community in the driver’s seat.    

Things took an ugly turn when SushiSwap’s anonymous founder Chef Nomi swapped all his SUSHI tokens for Ethereum (ETH) and handed control to FTX CEO Sam Bankman-Fried. As reported by U.Today, he then returned his riches back to the treasury in another unexpected twist.                  

In spite of this imbroglio, SushiSwap’s “vampire mining” strategy has succeeded, with $830 mln migrating from Uniswap this week.

However, with airdrops, sky-high salaries, and routine pump-and-dumps, the new big thing in DeFi seems like good old ICOs, which makes many industry luminaries question its viability.        

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A valueless token hits $44K

Back in July, YFI, the governance token of yearn.finance, became the new darling of yield farmers, which resulted in its explosive growth.

Investors paid no heed to Cronje’s warning that YFI had no monetary value.

On Sept. 13, the token reached a new all-time high of $44,081 on the Binance exchange after getting listed on Coinbase Pro.   

However, Cronje, who had to take out a loan to finance the development of yearn.finance, didn’t benefit from this meteoric rally.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.