DeFi

Sushi DAO Finally Got A New Head Chef

Following the conclusion of a governance vote, the Sushi DAO community has a new Head Chef.

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Jared Grey was declared the winner of the voting, which began on September 26 and finished today at 12:00 p.m. UTC. Grey was one of five contenders for the role of Sushi chief executive (Head Chef). He received 11 million votes out of the 13 million casts by governance token holders. This equated to more than 83% of the total votes cast.

The core team said:

“This snapshot will culminate the Head Chef search process, and will be used to bind the Sushi protocol’s decision on the next Head Chef.”

Jared Grey has experience in company development and IT consulting. He formerly served as CEO of the DeFi yield platform Eons Finance.

Today’s vote might bring an end to the Sushi DAO leadership story, which has lasted nearly as long as the protocol itself. It all started in September 2020, when Sushi’s first Head Chef, the pseudonymous “Chef Nomi,” stepped down.

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This followed allegations that Nomi attempted to “rug pull” SushiSwap users by stealing more than $14 million from the project. Chef Nomi eventually surrendered the finances and management of the SushiSwap project to a development team led by FTX CEO Sam Bankman-Fried.

A new leadership team was formed, but they quickly ran into problems. Chef Maki, Nomi’s replacement, will retire in September 2021. Then, in December 2021, Joseph Delong quit as chief technology officer after reports of financial mismanagement and infighting among project developers.

Jonathan Howard was recommended as the new Head Chef by the project team in 2020. Sushi DAO members, on the other hand, were outraged by Howard’s proposed remuneration plan.

Howard would have received $800,000 per year in addition to $600,000 invested in SUSHI tokens under this scheme. In August, Howard pulled his name from consideration, sparking a new search that resulted in today’s vote.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.