Fans of the “Frog Nation” haven’t had a very good last few days. Indeed, the collective of blockchain projects has been rocked by controversy. Yet, today offers a bit of hope. SushiSwap (CCC:SUSHI-USD) is seeing its project taken over by the leader of Frog Nation, Daniele Sestagalli. Sestagalli is getting a shot at turning around the struggling SUSHI crypto and its decentralized exchange (dex) platform. Could Sestagalli and his Frog Nation followers get SushiSwap back on track?
Frog Nation is a DeFi collective led by prominent dapp developer Daniele Sestagalli. It most prominently features two projects, Abracadabra (CCC:MIM-USD) and Wonderland (CCC:TIME-USD). These two projects became majors points of controversy last week. The projects, as well as other cryptos tied to Frog Nation, tanked in value after it came to light that a Wonderland executive is one of the founders of the controversial QuadrigaCX exchange. QuadrigaCX is a network that came to worldwide attention after its users were robbed of their assets under custody, leading to an FBI investigation into the project.
The news has left a permanent rift in users’ trust of the Wonderland platform and associated projects. A vote by the community is pushing Sestagalli to announce today the closure of the Wonderland platform entirely. But as the old adage says: when one door closes, another opens. That seems to be the case for Sestagalli today, as he and his Frog Nation seek to redeem the SushiSwap platform.
SUSHI Crypto Begins Upward Climb Under New Frog Nation Leadership
The SushiSwap platform has been struggling along for the last year. Indeed, internal power struggles have led, essentially, to the implosion of the platform’s management. The SUSHI crypto is not able to escape the struggles, either, dropping from $9.46 to $3.88 in January alone.
But now, it looks like the dex has a little hope for the future. That’s because Sestagalli is taking a leadership role on the platform, taking it under the Frog Nation umbrella. Back in December, Sestagalli published the Frog Nation proposal on the SushiSwap forum. The proposal came with a robust plan for bulking up the dex, and users were largely supportive of the idea.
As the proposal period came to a close, it became apparent that users really want to see Sestagalli revamp the platform. And now, in the midst of the Wonderland news, he finally is undertaking that role. A blog post by the developer on his website introduces SushiSwap’s users to Frog Nation and provides insight into the role he and other Frog Nation members will play in the takeover.
As we get into this new era for the platform — which remains one of the largest dexes by transaction volume — the SUSHI crypto is trending upward. SUSHI is up 0.5% today; transaction volume is increasing by 11%.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.