SushiSwap founder converts portion of developer fund to $6M in ETH

Chef Nomi, the founder and lead developer of SushiSwap, has converted a portion of SUSHI tokens allocated for the development of the SushiSwap ecosystem for roughly 17,971 ETH, worth approximately $6.3M at the time of this writing.

According to Chef Nomi, the tokens were converted to ETH so that he could “stop caring about price” and “focus on the technicality of the migration.” SushiSwap plans on migrating Uniswap LP tokens deposited on its service to its soon-to-be-launched trading platform on Sunday.

“People asked if I exited scam. I did not. I am still here. I will continue to participate in the discussion. I will help with the technical part. I will help ensure we have a successful migration,” Nomi explains in a Twitter thread.

SushiSwap was launched with much fanfare, promoting itself as an “evolution” of Uniswap. Within three days after its launch, the platform accumulated $700M in asset deposits. According to tracker Zippio, SushiSwap currently has $1.1B in deposits.

This story is developing and will be updated as new information surfaces.

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