SushiSwap Proposal Calls for a Merger with the Bancor Network

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Key Takeaways:

  • SushiSwap proposal calls for a merger with the Bancor network.
  • The main idea is that the two projects will create a new network that will benefit liquidity providers and traders.
Sushiswap Proposal Calls For A Merger With The Bancor Network
SushiSwap Proposal Calls for a Merger with the Bancor Network

SushiSwap is a decentralized exchange and Automated Market Maker (AMM) popular and experienced. Despite this, it has had a lot of internal strife in the last few months. Sushi and the Bancor Network are now rumored to be merging, according to a community proposal.

SushiSwap’s Chief Technical Officer, Joseph Delong, announced his resignation on December 9th. This was not a fluke; it was the culmination of a long-running feud within the community. A leaked screenshot from November revealed a poll in which Delong asked whether 0xMaki, a key developer for SushiSwap, should leave the core team and take on an advisory role.

The former technology chief denied the allegations and threatened to resign if the community did not support the proposed core team. He also proposed paying core team members 200,000 SUSHI tokens, which were worth about a million dollars at the time, but the core team members denied it.

A proposal has been posted on the SushiSwap forums calling for a merger with the Bancor Network. The main idea is that the two projects will create a new network that will benefit liquidity providers and traders.

The proposal doesn’t detail the technical aspects, but one of the reasons cited is the turmoil in SushiSwap’s leadership. According to a snapshot on Bancor, the voting will end in a few hours, and unless something unexpected happens, it does not appear likely that the proposal will pass. At the time of writing, over 56% of people opposed it, while only 44% favored it.

Mark Richardson, Head of Research at Bancor, commented on the matter. He said that the proposal, in its current shape and form, lacks the substance needed to be taken seriously but is not fundamentally against the initiative.

He said that, 

“I want to wrap this up by saying that I would be so excited to merge the Bancor project with Sushi. I can see very clearly that such an event could have immense value for all involved. There seems to be a synergy of developer talent, community energy, and shared vision that would be very powerful. I don’t want my criticisms here to be misconstrued as an outwardly negative reaction. I wouldn’t bother showing up if I thought the idea was vacuous. But it is [very] incomplete.”

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Chaahat Girdhar

I'm Chaahat Girdhar, a journalist by profession who's turning her dreams into vision and vision into reality. I'm curious and have an appetite for gaining new knowledge. So I'm looking forward to learning things in the better way possible.