DeFi

Joseph Delong resigns as CTO of Sushi after poor token performance 

  • Joseph Delong, the CTO of Sushi, announced that he is stepping away from the project "effective immediately
  • According to Delong, it is now the time to bring together the community and move towards an effective resolution
  • Joseph Delong has been in the spotlight in recent days over SUSHI's poor price performance and rumours of project struggles

Joseph Delong, the CTO of Sushi, announced Wednesday that he is stepping away from the project “effective immediately.”

It is time to bring together the community

Joseph Delong explained in a tweet that in the interest of the Sushi Community, he is signing as CTO effective immediately. Sushi’s its token has been seeing poor price performance, with the price of SUSHI down 51.2% on the month to $5.80 before Delong resigned. Also, rumours of poor management & disagreement in the core team of Sushi played a role in his decision. Several allegations from various Twitter accounts pointed out these issues in recent weeks. According to Delong, it is now the time to bring together the community and move towards an effective resolution.

Delong also gave Sushi some advice on how to proceed. He said, “I highly recommend the installation of a C-suite from outside the DAO and give them the tools to effectively manage a team. Be wary of any self-proclaimed leaders arising from the current core team. In addition to the tweet, Delong also shared a tweet of the resignation on-chain with a transaction sent to the Sushi Treasury multi-sig, but this tweet was later deleted. 

What happened at Sushi?

Delong is a long-time Ethereum and Web 3 contributor who has worked on an Eth 2.0 client for ConsenSys, been involved in the Ethereum infrastructure fundraising organization MolochDAO, and worked on Dapper Labs’ Flow blockchain. In recent weeks, he has been in the spotlight after the community turned against him. Sushi was accused of firing 0xMaki after a leaked screenshot from a SushiSwap telegram appears to show Joseph Delong questioning whether the project should ask Maki to leave. If these rumours are true it would mean 0xMaki his resignation did not go down the way it was originally portrayed and that the team was not transparent.

The price of SUSHI reacted positively to the resignation of Joseph Delong and went up from $5.90 to $6.78, which is almost a 15% increase. In the meantime, Sushi is currently planning to release Trident. This major upgrade is expected to include a number of Automated Market Maker (AMM) models linked together via Tines, an order routing engine, as well as BentoBox, a yield-bearing base layer for the various AMMs. 

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About Author

Stan Colenbrander

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Stan is the head of news and podcast host at Cryptonary. He was formerly a member of the Cryptonary Pro community. In early 2021, he decided to drop out of journalism school at university to pursue journalism in real life and make an impact in the crypto space. . His areas of interest include the NFT industry, decentralised finance, and blockchain startups.

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