SushiSwap Went up by 10% Since the Migration Procedure Activation

Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.
  • Soon after the controls and keys were transferred to SBF, the value of the token rose by 10% in less than an hour.
  • On September 9th, 48 candidates surfaced for the SushiSwap key management rights after the voting procedures for the multi-signature (MultiSig) was completed
  • The Sushiboard data revealed that the SushiSwap migration has been officially activated

A few days ago, the control of the decentralised protocol SushiSwap was transferred from Chef Nomi to Sam Bankman Fried. This happened after the purported head of the SushiSwap protocol swapped all the developer Sushi funds to convert them into ETH after the token soared the $10 mark. On heavy inquiry from the Sushi community, Nomi said that his actions were somewhat similar to that of Litecoin’s founder. However, soon after the controls and keys were transferred to SBF, the value of the token rose by 10% in less than an hour. Currently, the token is valued at $2.30 and is down by 23% in the last 24 hours. 

48 Candidates Emerge for key Management Rights as Voting Procedures Open

On September 9th, 48 candidates surfaced for the SushiSwap key management rights after the voting procedures for the multi signature (MultiSig) was completed. Sam Bankman Fried, who is also the founder of FTX, Robert Leshner, the founder of the Compound protocol and Larry Cermak, the Research Director of the Block are some of the prominent personalities who contributed in the voting. Some of the other voters are CMS Holdings crypto holding fund, Matthew Graham, the CEO Sino Global Capital and Mick Hagen, the founder of the Genesis Block. 

The Platform Management Rights Would be Distributed Among 9 Top Candidates

The Sushiboard data revealed that the SushiSwap migration has been officially activated. SushiSwap’s new head has confirmed that the top 9 voters would receive multiple signatures and gradually, the controls of the platform would be transferred to them soon after the voting procedures come to an end. This means that the 9 candidates would have equal power as Chef Nomi and any activity or change in the SushiSwap platform requires 6 out of the 9 votes from these candidates. 

On September 9th the Token rose Above the $3 Mark

The SushiSwap migration is still under work and on September 9th the token’s value rose to $3.08. Currently, the token is ranked 64th on the basis of total market capital by the crypto analytic site, CoinGecko. The market capitalisation stands at $205 million and the trading volumes are equal to $373 million. The token was listed on the Binance Exchange on September 1st. As of now it has been reported that the company has locked assets worth $1.2 billion.

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