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SushiSwap Elects New ‘Head Chef’ after On-Chain Election

SushiSwap Elects New ‘Head Chef’ after On-Chain Election

SushiSwap Elects New ‘Head Chef’ after On-Chain Election

After months of uncertainty and debate, the SushiSwap community has elected a new “chef”. Jared Grey, former CEO of Bitfineon and the decentralized financial services ecosystem EONS, will serve as head of the decentralized autonomous organization (DAO).

“With almost 11 of the 13 million yes votes, we’re excited to welcome Chef Jared Gray to the sushi family!” SushiSwap tweeted. The latest development comes as SushiSwap battles online with the broader global markets.

Several executives left the DAO, and as a result of the ongoing market downturn, value creation of cryptocurrencies channeled through SushiSwap fell to just about $500 million from its peak of about $7 billion in November 2021, reported Bloomberg.

To select their new leader, the community organized a multi-stage search process in which candidates held open-invitation mic sessions, had them post formal proposals, and held a final chef de cuisine debate, open to five candidates by the end stretch, SushiSwap said in a statement. The remaining four candidates who qualified to participate in the final round of voting were Andy Forman, Kenneth Hurley, Jared Cohen and Pauly Walton, according to the DAO.

In response to the recent announcement, the price of SUSHI, the decentralized exchange’s governance token, rose by 1 at 08:20 a.UTC.8% over the 24-hour period to hit the $1.12 level, according to data from Coin Market Cap.

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