Decentralized Exchange (DEX) SushiSwap SUSHI token saw 17% daily gain after a $50 billion private asset manager boosted investor sentiment by expressing commitment to the ecosystem.
Global asset manager GoldenTree revealed that it has been following SushiSwap for a while and is keen to be “more active in all things sushi” after launching its crypto arm – GoldenChain Asset Management. It has invested approximately $5.2 million in governance tokens as part of the deal.
GoldenTree “dope” to participate in sushi
GoldenTree revealed its plans to help sushi with its tokens, overall design, and strategy. While the company intends to present its views and work with the community to address challenging design issues, it said the broader community will lead and support things like the new square voting/sybil resistance voting structure.
The company revealed that it is sharing some ideas via Telegram with Sushi so far adding,
“We believe that sushi has incredible potential. Although the community has certainly gone through some tough challenges, we were amazed at the resilience of both the core team and the community in the face of these speed bumps, as you all continued to build and release top-notch products.”
Recognizing the challenges facing the SushiSwap ecosystem, GoldenTree praised the “ability” of both the core team and the community.
The price of the original token responded with a surge that made it north of 17%, from $1.1 to over $1.35 in about a day, before pulling back a bit.
Mix in driving
The announcement follows a leadership reshuffle of SushiSwap with Jared Gray, who has been elected as “Chief Chef” or CEO of Sushi DAO amid growing controversy over its management. In the past year, many leaders left the industry once loved.
Data from DeFiLlama revealed that the platform’s total reserved value has also fallen to $516 million from a record $7 billion in November 2021. Its original token, SUSHI, has suffered the same fate. Despite the recent upside, it has fallen more than 90% since its peak in March 2021.
In an effort to reverse the trend of declining market share, SushiSwap announced the launch of the “XSwap feature” that will allow cross-chain exchanges between seven major chains in July of this year. Initially, the protocol allowed traders to trade the assets across their distributions on Ethereum, Fantom, Binance Chain, Polygon, Avalanche, Arbitrum, and Optimism.
It also produced a restructuring plan to resolve internal crises.
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