Thread by @moo9000

1/ THE SAGA OF SUSHI 🍣🍣🍣

Things that went right and wrong in $SUSHI.

Enter the thread 👇

2/ With Sushi" I mean commentators, farmers, traders, exchanges and all controversial characters in the saga. You.

There are only controversial characters on this one.

3/ There are no good guys.

Users were greedy - they though 1500% APY can be sustained.

Exchanges were greedy - Binance listed $SUSHI in 2 days when it usually takes months for a good project.

4/ The developer(s) cashed out in a way that showed a lack of integrity.

Criticizers and accusers fail to see if any innovation or positive aspects happened.

5/ What went right? 🍣🍣🍣

👇

6/ Like with $YAM, Sushi managed to mobilise a global community. "Show traction" in the VC speak. Very fast.

7/ The terms of engagement were laid out in a written manner, very understandable.

See the original post medium.com/sushiswap/the-…

8/ Early governance was coming together using Snapshot. It showed good promise.

See governance here snapshot.page/#/sushi and in Discord

9/ The deal was "fair".

Everyone could farm $SUSHI and get involved. "Shares" were distributed only through working. There were no primary markets for $SUSHI (a project selling its token)

10/ (Everyone gets excited about "fair distribution" as cryptocurrency industry is plagued by funds who get in early with preferred terms just to dump their stash on retail investors.)

11/ (Note that this preferred investor treatment is also present on the public stock markets: see $UBER and all venture capital funds)

12/ Sushi was simple.

The value promise was easily understood.

13/ User interface was good. People actually could use it (not often happens with crypto, you know...)

14/ And it was fun. Super fun. Delightful. New. Enjoyable. Farming, hype, all the drama surrounding it,

15/ What went wrong in $SUSHI? 🍣🍣🍣

Many things.

👇

16/ "Trust, but verify"

The terms of engagement were good, but were broken.

17/ Before the governance or multisig wallet were put in the place, the sole developer(s) cashed out all of the development fund $SUSHI.

(In a sense, it was a smart move as all of the crypto market started dying on Saturday and $SUSHI was dying fastest)

18/ Most of farmer whales were already dumping $SUSHI as they could see the price was not sustainable on the current level.

19/ (So the sale of dev fund did not really move the price that much. It was more of having the founder removing his skin from the game.)

20/ As a hindsight if you have $14M and you can get it while everyone is going to hate you - would you take it?

Lack of integrity of a character.

21/ Exchanges got greedy.

Whereas it usually takes months to get listed, $SUSHI was listed on Binance and FTX over the weekend.

Because Uniswap was and is still eating their lunch.

22/ CZ from Binance even tweeted that "we need to list fast to stay relevant"

23/ Everything that lists on Binance will pump and dump. I cannot fathom why.

In a sense, Binance broke $SUSHI.

24/ Copycat accusations:

Stealing innovation is easy. But in the case of exchanges, it has always been racing to the bottom. Sushi is no different.

Trading is a process and all that matters are the fees.

25/ Uniswap itself originally was inspired by @bancor that was the first Automated Market Making (AMM) exchange based on bonding curves, as far as I know.

26/ Manhunt:

Everyone wants to ravel the mystery of Chef-san, so that they can punch him in the face.

Instead of taking responsibility of your own actions, blame someone else.

27/ Why this happened for $SUSHI? 🍣🍣🍣

All in one week!

👇

28/ Price went up fast. It will always come down faster.

Trust also for public stock markets: see all cannabis stock.

29/ People claim they put their life savings to buy $SUSHI

II do not buy this bullshit as I am yet to meet such a foolish person.

30/ And the price moved fast because of greed.

Everyone missed early $YEARN - now they thought it is their time to be a part of the successful decentralised project that will fly to millions in weeks.

GET RICH QUICK, FOLKS

31/ Already overheated crypto market happened to crash at the same time. Unlucky timing.

32/ Not sure what was going in the head of $SUSHI Chef when decided to cash out $14M. He could cash millions and still be friend of everyone.

Now he is just a hated character.

33/ We will probably found out in the long term who he is.

34/ As the $SUSHI project would have had a fair valuation between $100 - $1B if compared to Silicon Valley startups or equally sized cryptocurrency projects.

35/ Even if $SUSHI started as a scam, it was showing greater potential.

36/ Maybe chef just got drunk from all the stress and lack of sleep and made one bad move.

This is my theory.

37/ What can we learn from the first book of $SUSHI saga? 🍣🍣🍣

👇

38/ Learn positive things first:

39/ How to mobilise community fast.

40/ How to launch fair

41/ Learn from mistakes:

42/ a) Have governance or multisig in-place since the start, so that one flawed character cannot compromise the project.

43/ b) Trade carefully on things that are following traditional "bubble goes up too fast" pattern

44/ c) Make sure there is timelock or vesting for farmers. Better bonus for long term believers. This mitigates quick farm and dump schemes.

45/ What there will be for $SUSHI in the future? 🍣🍣🍣

46/ The story developers. FTX has taken over $SUSHI. Likely exciting things happen in a few days.

47/ So....

To be continued!

Stay tuned next week.

$SUSHI