Decentralized exchange platform Uniswap launched its own governance token UNI on September 17th, and 130,000 UNI tokens were gifted to its hard fork SushiSwap. Uniswap has minted 1b tokens that will be released to the community in the next four years.
SushiSwap’s founder, Chef Nomi, after a series of mischievous events, congratulated Uniswap for its token launch, adding that the protocol has added “a ton of value to the DeFi community over the years,” and that the team behind SushiSwap is “grateful.” In addition to its first tweet, Chef Nomi revealed that Uniswap gifted Sushiswap 130,000 UNI tokens, enough to fund SushiSwap’s future development team for several months. Sushiswap is a hard fork of Uniswap, which means that it is a bi-product of the Uniswap project. On its first day in the DeFi market, Sushiswap reached $250 million in its TVL in cryptocurrencies, taking the industry by storm. Shortly after SUSHI’s price soared, its founder, Chef Nomi decided to sell his SUSHI tokens, to have Ethereum in return. This sparked many comments from the crypto community, calling the move an “exit scam.” This move was then followed by the transfer of control of the protocol to FTX’s CEO, Sam Bankman-Fried. On Sept. 11, Chef Nomi returned $14M worth of Ether (ETH) back to the SushiSwap's project fund.