Decentrallized Exchange Sushi has announced its expansion to Aptos. Currently, SushiSwap is deployed on Ethereum, BNB Chain, Fantom, Arbitrum, and Polygon (MATIC). This move is noteworthy as it represents Sushi’s inaugural venture onto a non-Ethereum Virtual Machine (EVM) chain. It is worth noting that the news comes as Aptos will unlock tokens valued at over $20 million tomorrow.
Aptos, a Layer 1 blockchain, is designed with an emphasis on user experience and secure development. Its infrastructure, coupled with the Move programming language, offers developers a robust platform to craft web3 applications tailored to current consumer demands. The Move language, specifically tailored for smart contracts, facilitates the creation of applications in a manner that is efficient, secure, and straightforward.
This collaboration between Sushi and Aptos, aptly termed as “Move-ing” up to a superior Cross-Chain DEXperience, sees Sushi leveraging the capabilities of Aptos’s Move programming language. As a starting point, Sushi will introduce its version 2 Automated Market Maker (AMM). This integration is anticipated to not only provide deeper liquidity across major blockchain networks but also to enhance the cross-chain trading experience substantially.
About Aptos
Aptos is a Layer 1 Proof-of-Stake (PoS) blockchain, distinguished by its unique smart contract programming language, Move, developed by Meta’s Diem blockchain engineers. Envisioned to propel mainstream adoption of web3, Aptos aims to empower a diverse ecosystem of DApps addressing real-world user challenges. Boasting a potential transaction throughput exceeding 150,000 tps via parallel execution, Aptos has garnered significant financial backing. In 2022, it secured $200 million in a seed round led by Andreessen Horowitz, followed by a $150 million Series A round. Binance Labs’ strategic investment later elevated its valuation to $4 billion. Aptos was co-founded by Mo Shaikh and Avery Ching, both ex-Meta employees with significant blockchain expertise. Aptos’s uniqueness lies in its high transaction speed, parallel execution engine, and the Move programming language, offering a more efficient alternative to Ethereum‘s Solidity. The Aptos blockchain’s native currency, APT, has a circulating supply of 130 million out of an initial 1 billion.
About SushiSwap
SushiSwap (SUSHI) is a decentralized automated market maker (AMM) launched in September 2020 as a fork of the renowned Uniswap. Designed to enhance the AMM market, SushiSwap introduces features absent in Uniswap, including augmented rewards for its community through its native token, SUSHI. The platform was initiated by the enigmatic Chef Nomi, with other pseudonymous co-founders being sushiswap and 0xMaki. SushiSwap’s uniqueness lies in its AMM system, which eliminates traditional order books, addressing liquidity challenges faced by conventional decentralized exchanges. It charges a 0.3% fee on transactions in its liquidity pools, distributing a portion of these fees to SUSHI token holders, who also gain governance rights. SUSHI tokens are generated at 100 tokens per block. With no premine, its supply began from zero and is expected to reach approximately 326 million by September 2021.
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Jared Grey, the head chef of Sushi, a Japan-based decentralized autonomous organization (DAO), recently issued a statement in response to a subpoena from the United States Securities and Exchange Commission (SEC). Grey reassured the Sushi community that, as far as he knows, no one associated with Sushi has violated U.S. federal security laws.
Grey also addressed the most frequently asked questions from the community regarding the subpoena in a FAQ format. He stated that he is cooperating with the SEC, but he has no knowledge of the SEC issuing subpoenas to anyone else associated with Sushi. However, Grey acknowledged that it is possible that the SEC may issue further subpoenas to others linked with Sushi in the future.
The SEC is responsible for regulating the securities markets and enforcing securities laws in the United States. The agency has recently taken an interest in the world of decentralized finance (DeFi) and blockchain-based financial instruments. In December 2020, the SEC filed a lawsuit against Ripple Labs, alleging that the company had sold unregistered securities in the form of its XRP cryptocurrency.
Grey’s statement comes at a time when DeFi is gaining significant traction and regulatory scrutiny. DAOs like Sushi are community-governed organizations that are collectively managed by their members. These organizations are designed to operate in a decentralized manner, with decision-making power distributed among their members.
Grey’s statement indicates that Sushi is taking the SEC’s inquiry seriously and is cooperating with the agency. The chef’s reassurance that no one associated with Sushi has violated U.S. federal security laws may ease the concerns of the Sushi community and other stakeholders.
However, the fact that Grey is cooperating with the SEC suggests that the agency is taking its investigation seriously. It is possible that the agency may uncover evidence of wrongdoing, either by individuals associated with Sushi or by the organization itself. If this were to occur, it could have significant implications for the wider DeFi ecosystem.
Overall, Grey’s statement provides some insight into the SEC’s inquiry into Sushi and the wider world of DeFi. While it is unclear at this stage whether the SEC will issue further subpoenas or take any other action, it is clear that the agency is taking a close interest in this emerging area of finance. As the DeFi ecosystem continues to evolve, it is likely that regulatory scrutiny will only increase, and DAOs like Sushi will need to ensure that they are operating within the bounds of applicable laws and regulations.
A whale-monitoring site reveals that the wealthiest Ethereum (ETH) whales are accumulating three decentralized finance (DeFi) assets as we enter a new year.
Data fromWhaleStats shows that the 1,000 non-exchange Ethereum whales are gobbling up SUSHI, the governance token of the decentralized exchange (DEX) SushiSwap.
The whale-tracking platform shows that over the past week, deep-pocketed crypto investors bought an average of 3,499 SUSHI worth $32,868, good for a fourth-place finish on the list of top coins bought by ETH whales.
The second-richest ETH whale in existence, with total crypto assets worth $3.5 billion, bought 1.83 million SUSHI valued at $17.56 billion in three separate transactions.
Whales are also loading up on the native token of lending and borrowing protocol Aave, buying an average of 78 AAVE worth $21,314 over the same time period to rank seventh.
Ethereum whales are also ramping up their Uniswap(UNI) holdings. WhaleStats shows that the large crypto investors purchased an average of 678 UNI tokens worth $11,972 in the last seven days to rank 10th.
The leading smart contract platform itself remains the top purchased altcoin among the most affluent Ethereum whales with an average purchase amount of $1.84 million worth of ETH over the same timeframe.
Taking the second and third spots are stablecoins Tether (USDT) and USD Coin (USDC).
Ethereum scaling solution Polygon (MATIC) lands at number five, followed by blockchain-based gaming ecosystem The Sandbox (SAND). Stablecoin Gemini Dollar (GUSD) grabs the eighth slot while decentralized oracle network Chainlink (LINK) sits at number nine.
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The wealthiest Ethereum (ETH) whales are busy gobbling up Polygon (MATIC) and two other decentralized finance (DeFi) altcoins as the crypto markets take a breather.
Data from whale-surveilling platform WhaleStats shows that the top 1,000 Ethereum whales bought an average of $12,766 worth of MATIC tokens in the last 24 hours.
One notable Polygon transaction involves the second-largest Ethereum whale in existence purchasing 2,000,000 MATIC tokens worth $5.02 million as the altcoin pulled back from its all-time high of $2.92. At time of writing, MATIC is trading at $2.57.
Another altcoin that deep-pocketed investors are accumulating amid the pullback is DeFi protocol Aave (AAVE). According to WhaleStats, whales purchased an average of $10,627 worth of Aave over the same period.
Light, the fourth-wealthiest Ethereum whale, made one of the largest Aave purchases in the past day to the tune of 19,949 Aave worth $5.55 million.
WhaleStats also reveals that large crypto investors are loading up on decentralized exchange Sushi (SUSHI) with an average purchase amount of $4,140 over the same timeframe.
Looking at the top ten altcoins purchased by Ethereum whales in the past day, leading smart contract platform ETH sits at the top of the list with an average purchase amount of $289,590.
Stablecoins Tether (USDT) and USD Coin (USDC) rank second and third.
Woo Network (WOO), a decentralized fintech startup and pool trading platform, takes the seventh spot followed by Wrapped Bitcoin (WBTC). Metaverse tokens Decentraland (MANA) and The Sandbox (SAND) round out the list.
Source: WhaleStats
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A popular crypto strategist and trader is unveiling his crypto portfolio as we close out 2021, claiming that he snagged one under-the-radar altcoin.
Pseudonymous analyst The Crypto Dog tells his 719,500 followers that he’s holding Bitcoin (BTC) and other layer-1 altcoins like Near (NEAR) and Fantom (FTM).
“Long BTC (less trades > more profit)
DUSK (investment, not trading)
NEAR (haven’t sold any)…
FTM I scooped a Christmas bag, still holding.”
The crypto strategist adds that he’s also holding the token of decentralized exchange Sushi.
“SUSHI outperforming strong.
Wish I had a big bag but you can’t catch them all.”
Other altcoins on the trader’s radar are blockchain scaling solution Polygon (MATIC) and decentralized finance payment network Terra (LUNA).
The Crypto Dog also says that he is particularly invested more in one altcoin that uses zero-knowledge (ZK) technology to preserve the privacy of smart contracts.
“DUSKnew all-time highs. ZK season really is starting… Yes, a big reason why I went in so heavy on DUSK was because of the valuation MINA has while DUSK was so small.
At the core, DUSK tech > MINA. MINA market cap is still 4.7x higher than DUSK.
I know which one I’d rather hold.”
Dusk Network (DUSK) is a privacy-focused blockchain suited for financial applications and enables organizations to issue tokens governed by smart contracts that preserve privacy.
Currently, DUSK is trading at $0.76 with a market cap of $302.84 million.
Meanwhile, Mina Protocol (MINA), a project that also uses ZK technology to offer direct and permissionless access and end-to-end privacy on their blockchain network, is trading at $3.53 with a market cap of $1.18 billion.
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Sushi has risen 17% amid rumors of an internal restructure.
Daniele Sestagalli, a DeFi developer known for spearheading the “DeFi 2.0” wave, is rumored to be joining the project.
Sushi has faced internal issues for several months. The SUSHI token has also trended down throughout the year.
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It’s thought that Daniele Sestagalli may step into the project as part of an internal restructure.
Sushi Rebounds From Recent Woes
Sushi is leading the market.
The DeFi project’s SUSHI token has jumped 17.1% this afternoon, trading at $9.14 at press time. Other DeFi tokens like Uniswap’s UNI and Compound’s COMP are also up today, though SUSHI is the clear standout.
One key factor behind the rise could be the growing excitement surrounding Daniele Sestagalli’s possible involvement in the project. Sestagalli has become something of a cult hero in the DeFi community, known for his contributions to the so-called “DeFi 2.0” wave. Sestagalli founded Abracadabra.Money, Popsicle Finance, and Wonderland Money and is seen as the leader of what he calls the “frog nation”—a community of crypto enthusiasts that advocates for preserving the decentralized aspect of decentralized finance.
Last week, Arca’s Alex Woodard put forward a Sushi governance proposal suggesting that Sestagalli joins the project as “Head Visionary/Strategist” as part of a restructure. It also put forward Sushi team member Omakase as a Head of Operations and Business Development. The proposal has had a mixed response from the Sushi community so far, though Sestagalli’s possible involvement in the project has proven popular.
Earlier today, Sestagalli posted a tweet promising “a DEX owned by Frogs for Frogs” in reference to Sushi, around the time SUSHI was soaring. It’s received 3,391 engagements at press time.
Imagine getting 100% of the fees of Binance distributed to you. That’s the future of $SUSHI holders. A DEX owned by Frogs made for Frogs.
— Daniele 🐸✊ (@danielesesta) December 27, 2021
Interestingly, before Woodard put the proposal forward, a separate Sushi governance proposal titled “Fire Omakase due to stealing money and Daniele governance attack collusion. Add a constitution” had gained traction. The post alleged that Omakase had censored messages and stolen Sushi funds, accusations other posters on the forum have levelled against Sushi in the last few days. Omakase posted a response refuting the allegations. “These claims are categorically false and quite frankly irresponsible,” they wrote. “Stealing money from company is absurd considering there is no company and no funds have ever been misappropriated out of the very decentralized nature of a multisig process.”
The accusations leveled at Omakase and Sestagalli’s possible involvement in the project come after months of internal issues in the Sushi camp. Most recently, the project’s chieftechnology officer Joseph Delong announced his departure, saying that he was “saddened that Sushi is so imperiled within and without.” Delong had previously noted how there had been “a lot of drama within Sushi” and pointed to conflicts with a former team member known as BoringCrypto and other core team member departures. BoringCrypto held the licence to Sushi’s Kashi product and recently sold it to Sestagalli’s Abracadabra.Money project.
Before Delong left, a Business Development lead known as AG was fired “for a continued pattern of behaviour that made for a toxic workplace.” And, perhaps most memorably, the project’s popular co-founder 0xMaki stepped down in September.
Rekt published a damning investigation amid the ongoing drama, in which an anonymous source alleged that the Sushi team had unevenly distributed an allocation of tokens from MISO’s BitDAO sale between team members. It also claimed that 0xMaki was fired from the project, and that a core team member had used the Sushi treasury to fund their day trading habit.
As the issues within Sushi became public, its native token suffered. It hit a low of $4.91 on Dec. 6, declining 79% from its all-time high price recorded in March. Now, it appears to be making a swift recovery.
Disclosure: At the time of writing, the author of this feature owned ETH, SUSHI, and several other cryptocurrencies. They also had exposure to UNI and COMP in a cryptocurrency index.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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Sushi, Uniswap, Aave, and Compound have all posted double-digit gains today.
DeFi has had a difficult few months after an extended period of consolidation.
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Sushi, Aave, Uniswap, and Compound have posted substantial gains today.
DeFi Tokens Rise
DeFi blue chips are regaining momentum.
Sushi, one of the biggest multi-chain decentralized exchanges, has started to recover after going into freefall since the start of November. Internal issues in the protocol’s development have weighed heavily on its price, resulting in a drop of more than 63%.
After Sushi CTO Joseph Delong resigned from the project on Dec. 8, several proposals have been put forth for the future governance of the protocol. Out of these, one putting decentralized finance evangelist Daniele Sestagalli and his team in a leading role has proven popular. Sestagalli is the co-founder of several successful protocols grouped under the so-called “DeFi 2.0” label, including Abracadabra.Money, Wonderland.Money, and Popsicle Finance.
Since the proposal went live, the SUSHI token has rallied. It’s up 16% today, extending gains of more than 25% over the last three days, according to data from CoinGecko.
SUSHI/USD chart. Source: CoinGecko
Uniswap, another decentralized exchange, has also seen its token jump after launching on the Ethereum scaling solution Polygon. The UNI token has risen 11% on the day, breaking its December downtrend. Uniswap has also launched on the Layer 2 Optimistic Rollup solutions Arbitrum and Optimism in a bid to overcome Ethereum’s weighty gas fees.
The DeFi market recovery has extended beyond decentralized exchanges. Aave and Compound, two lending platforms often referred to as “DeFi banks,” also show strength. While Aave is leading the pair after rising 16.5%, Compound has also put in a double-digit gain of 11.3%. Aave has had a particularly busy year after deploying to new networks like Polygon and Avalanche and launching permissioned pools for institutions. Another lesser known DeFi protocol called Convex Finance, an Ethereum-based app for earning yield on Curve Finance tokens, has also outpaced most of the leading projects; it’s up 22% today.
The recent rise from DeFi tokens follows months of weak price action. Many DeFi tokens shed more than 50% of their value following the May market crash and have had difficulty recovering. Time will tell whether these tokens can rally further amid uncertain market conditions.
Disclaimer: At the time of writing this feature, the author owned ETH and several other cryptocurrencies.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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Joseph Delong has left Sushi following internal conflict with other developers.
The news comes amid a wave of controversies and several months after co-founder 0xMaki stepped down from a leadership role to an advisory role.
Sushi has historically been controversial but is still regarded as one of the most notable DeFi projects.
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Sushi CTO Joseph Delong has resigned from the project after reports of internal conflict. Delong’s resignation is the latest turn of events for the highly controversial project.
Sushi CTO Resigns
The Sushi saga has encountered another twist.
The DeFi project’s CTO, Joseph Delong, posted a resignation notice on Twitter on Dec. 8, stating that his departure would be “effective immediately.”
Though Delong said that he would look back on the project positively, he went on to say that he is “saddened that Sushi is so imperiled within and without.” He expressed fears that Sushi’s issues will not be resolved by remaining team members, and that the project will become a shadow of what it once was.
Delong urged the project to bring in outside management and to be “wary of any self-proclaimed leaders” from within the group. He noted that he will transfer accounts and information to future leaders as necessary.
Unlike past departures, it does not appear that Delong will maintain any relationship with Sushi. Following a vacation, Delong plans to begin work on a new unnamed project.
Delong’s Ongoing Complaints
Delong’s resignation follows a prolonged period of infighting within the project.
On Dec. 5, Delong said that there had been “a lot of drama within Sushi” and manipulation from outside the project, stating that the “absurd defamation has risen to a level I can’t tolerate.”
Specifically, Delong drew attention to complaints from BoringCrypto, otherwise known as 0xM3rlin, and the departure of core team developer Mudit Gupta as issues that heightened the conflict. Various other developers, including 0xKeno and LevX, have reportedly left Sushi’s core development team as well.
BoringCrypto specifically expressed dissatisfaction with Delong’s development skills and leadership, suggesting that his main achievement was promoting the project by “shit-posting on Twitter.”
Delong responded to those complaints by saying that his role was misunderstood. He went on to explain that he joined Sushi as CTO at the request of co-founder 0xMaki to help reform the project—a task that would have involved the creation of a legal entity in order to sign business contracts and open bank accounts. Such a move would have brought Sushi in line with the operation model of projects like Uniswap, which is operated by Uniswap Labs. Now, with Delong’s departure, it is unclear whether such an entity will be created.
Prior to Delong quitting the project, some members of the Sushi community were calling for Sushi’s Product Manager Rachel Chu to be fired from the project. She kept her job, while AG, who oversaw Business Development, was let go “for a continued pattern of behaviour that made for a toxic workplace.”
Amid the internal disputes, Rekt published an investigation featuring several accusations concerning the project’s core team. An anonymous source alleged that an allocation of tokens from MISO’s BitDAO sale was unevenly distributed between members of the team. It’s also alleged that a core member of the team used funds from the Sushi treasury to day trade.
Currently, a restructure to Sushi’s DAO is under consideration, which could rearrange individual leadership roles and reform the way in which the project is administered.
0xMaki Unlikely to Return
In September 2021, Sushi co-founder 0xMaki stepped down from leadership in the project to take on an advisory role.
Though 0xMaki supposedly left his role out of choice, leaked screenshots of a Telegram chat suggest that Delong and others voted for 0xMaki to leave the project’s core team in favor of the advisory position. 10 of 11 votes were in favor of 0xMaki leaving the team. The reasons for 0xMaki’s departure were never clarified to the public.
Now, some members of the community are petitioning for 0xMaki to return as Sushi’s leader. One Twitter poll has received 85% support for 0xMaki’s return, with one commenter noting that this would be “this would be the best redemption [arc] ever.”
Ultimately, 0xMaki’s return seems unlikely. He told The Defiant that he would not return to the project beyond his advisory role.
Sushi’s Controversial History
The recent leadership controversies are not the first time that Sushi has been on unstable ground. Indeed, the project has been plagued by issues since its inception.
Sushi founder Chef Nomi was at the center of one of the project’s earliest controversies. Weeks after its launch in August 2020, Chef Nomi took $14 million worth of ETH in an attempted rug pull. Though Chef Nomi returned those funds, he soon resigned before the end of September 2020.
Sushi’s initial launch was also the subject of controversy in its own right. The project was largely based on the code and features of Ethereum’s best known decentralized exchange, Uniswap. Sushi’s strategy involved incentivizing users to deposit Uniswap tokens on SushiSwap to gain more rewards—a tactic known as a “vampire attack.”
Despite its numerous controversies, Sushi remains one of the most notable and most active DeFi platforms in operation. It’s among the most liquid DeFi projects and has expanded to several networks since launching on Ethereum. Data from DeFi Pulse says that it holds about $3.59 billion in its smart contracts at press time.
Disclaimer: At the time of writing this author held less than $100 of Bitcoin, Ethereum, and altcoins.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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A crypto whale known for its Ethereum (ETH) holdings is making a splash by buying big into six different altcoins.
The transaction tracker WhaleStats tweeted out that a whale known as “Light” just bought over $11 million of Wrapped BTC (WBTC), which is an Ethereum token designed to maintain a constant peg to the price of Bitcoin.
“ETH whale ‘Light’ just bought 200 WBTC ($11,352,400 USD).
Ranked #4 on WhaleStats.”
The wallet now has a total value of $5.7 billion, including 362 WBTC valued at $20.2 million. WBTC at time of writing is worth $57,084, the same as BTC.
Light also scooped up a heaping helping of decentralized blockchain indexer The Graph (GRT).
“ETH whale ‘Light’ just bought 2,000,000 GRT ($1,849,946 USD).”
The Graph is down 6.23% today to $0.93.
The feeding frenzy continued as the whale acquired more than $1.8 million worth of decentralized exchange (DEX) SushiSwap, whose native token SUSHI is currently trading at $7.50.
“ETH whale ‘Light’ just bought 250,000 SUSHI ($1,837,500 USD).”
Next up is ILV, the native token of the open-world role-playing game Illuvium that’s built on the Ethereum blockchain. The whale devoured a thousand ILV for more than $1.75 million.
“ETH whale ‘Light’ just bought 1,000 ILV ($1,753,260 USD).”
ILV is currently up 6.70% on the day and exchanging hands at $1,845.
The DEX feast also featured automated finance protocol Uniswap, with the whale shelling out $1.6 million on the UNI token.
“ETH whale ‘Light’ just bought 79,998 UNI ($1,603,965 USD).”
UNI is up 1.58% on the day to $20.52.
Last on the shopping list is Curve DAO(CRV), the token that powers the Curve Finance DEX. According to DeFILama, Curve has more total value locked up than any other DEX.
“ETH whale ‘Light’ just bought 250,000 CRV ($1,145,000 USD).”
The 86th-ranked crypto is down 2.83% today and priced at $4.67.
WhaleStats also provides insight into the most popular tokens among whales.
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Featured Image: Shutterstock/funstarts33/Natalia Siiatovskaia
A new play-to-earn (P2E) blockchain game that hopes to emulate the addictive success of 2013 mobile phenomenon Flappy Bird has drawn backing from some of DeFi’s biggest names.
Kain Warwick from Synthetix, Stani Kulechov from Aave, Tyler Ward from Barnbridge, angel investor Santiago Santos (ex-ParaFi Capital) and 0xmaki from Sushi joined a pre seed round this week for the forthcoming Fancy Birds which is due to launch in around a month.
Fancy Birds is a single player mobile game with 8,888 randomly generated NFT characters minted initially with custom features, that fight through levels to earn their spot as “the fanciest bird in the nest”.
Successful players earn 40% of the Fancy (FNC) token supply and upgrades will see the game launch multiplayer mode, with breeding, staking and tournaments planned. The team is in discussions to launch it on Ethereum NFT scaling layer 2 project Immutable X.
As with a number of other potentially big meme projects, Fancy Birds seemed to spring out of nowhere on Twitter a couple of weeks ago after Illuvium founder Kieran Warwick wondered on Twitter: “How has someone not created a play to earn Flappy Bird?” He told Cointelegraph:
“It’s not complex, just super addictive and a lot of fun and at its peak it had 100 million users daily. Turns out someone is actually building it and it’s in beta now.”
Right here. Launching soon @KieranWarwick pic.twitter.com/N1mH10VMq7
— Fancy Birds | Play2Earn (@Fancybirdsio) September 27, 2021
Warwick came on board as an advisor and helped organize the pre seed, and the team is now reaching out to Framework Ventures, Delphi Digital and a16z for the next round.
The snowballing project is reminiscent of Barnbridge founder and Flappy Bird investor Tyler Ward’s Non Fungible Pepe project, which was memed into existence by a number of the same people earlier this year, making millions in a few weeks before transforming into Universe.xyz for copyright reasons.
Related:Crypto Pepes: What Does The Frog Meme?
Warwick’s own project Illuvium is another forthcoming blockchain P2E game that’s growing exponentially. The price of the ILV token has risen from $33 in June to the $800 mark now, it’s amassed a half a billion dollar market cap and 200,000 Discord members.
Warwick also advised them on setting up community governance based on the models of Illuvium and Synthetix.
“The team has been really receptive, they’re going fully decentralized with a DAO first, and a governance council, with 100% of profits (collected platform fees) going back to stakers,” he said.
“We reworked the tokenomics so it makes a lot more sense so I think they are poised to be really big players.”
Illuvium is an official partner, and fans will be able to use an 8-bit version of that game’s main character Rhamphyre to play in Fancy Birds.
Fancy Birds hopes to appeal to the huge P2E community in countries like the Philippines. “It’s tapping into the same thing as Axie Infinity and it’s on mobile so anyone can play so I’m expecting a tonne of players to pile in,” Warwick said.
There’s just a few weeks left of production for the gameplay trailer. We could not be more proud of the amazing work all our Core Contributors are putting in to bring the trailer to life.
Thank you all for your patience! You won’t be disappointed. pic.twitter.com/Ek8Btl0Nn3
— Illuvium (@illuviumio) October 11, 2021
Meanwhile Warwick said the Illuvium team was gearing up for the launch of its first trailer showing the world exactly how the game works.
“We’ve obviously built up a ton of hype, we have nearly 200,000 people in Discord now and things are going really well. But the one thing that we haven’t shown is our gameplay trailer,” he says.
“There’s going to be a lot of people that are waiting on the sideline, and it should help us to get them over the line to say, ‘This is real. This is actually happening. It is a triple A game’.”
