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

After a period filled with discussions and uncertainty, SushiSwap’s community has chosen a new “Head Chef.” The decentralized autonomous organization (DAO) will now be led by Jared Grey, the ex-CEO of Bitfineon and the decentralized finance ecosystem, EONS.

SushiSwap announced via Twitter, “A resounding approval with nearly 11 out of 13 million votes – we’re thrilled to usher in Head Chef Jared Grey to the Sushi clan!”

This appointment emerges at a time when SushiSwap faces challenges parallel to the wider global crypto markets. The DAO has seen the departure of multiple leaders. According to Bloomberg, the cumulative crypto value funneled through SushiSwap has significantly descended from its November 2021 apex of approximately $7 billion to a mere $500 million.

The community embarked on a comprehensive selection procedure to determine its next leader. This included hosting open mic sessions for potential candidates, requiring them to submit formal proposals, and culminating in a final Head Chef debate. This debate featured five candidates vying for the top spot, as outlined in a statement by SushiSwap.

The other four contenders who made it to this decisive round were Andy Forman, Kenneth Hurley, Jared Cohen, and Pauly Walton, as informed by the DAO.

Following this major announcement, the SUSHI governance token of the decentralized exchange saw a price surge. At 08:20 a.m. UTC, its price had risen by 1.8% within a 24-hour span, standing at $1.12, based on data from CoinMarketCap.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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