Apology with $14M
To everyone. I fucked up. And I am sorry.
— Chef Nomi #SushiSwap (@NomiChef) September 11, 2020
After having rug-pulled users and other participants by selling his dev stack and dropping the price by over 60% in less than a day, Chef Nomi apologises to the community and returned $14 million worth of ETH to the treasury. Which was a highly unexpected move, one that frankly many others would have likely not done.
Chef Nomi’s Comp
After having returned 38,000ETH, Chef Nomi stated: “I will let the community decide how much I deserve as the original creator of SushiSwap. In any currency (ETH/SUSHI/etc). With any lockup schedule you wish.” He turned his decision around and made it decentralised, in the hands of the community. A lockup schedule would ensure the rug-pull incident would not happen again.
0xMaki: $1,000,000+ Upfront?
A member of the current team of developers and one of the original founders working independently on SushiSwap goes by the name 0xMaki. A proposal was put forward by Adam Cochran to compensate them handsomely in order to work full-time on the project. The compensation is outlined as follows:
- 500,000 SUSHIs upfront ($1M+)
- 500,000 SUSHIs locked over a one-year period as a founders grant
- 500,000 SUSHIs vested over two-years for continued work on Sushi
More votes were casted in favour of this proposal than against until now.