Crypto Gloss

0xMaki

0xMaki is the pseudonym of a French DeFi developer who co-founded SushiSwap and served as its core developer and de facto leader from September 2020 through 2021. 0xMaki is best known for two things: first, helping rescue SushiSwap from collapse after pseudonymous founder Chef Nomi dumped his SUSHI developer shares (~$14M) in what the community called an exit scam in September 2020; and second, for building SushiSwap into a leading multi-chain DEX with Trident (concentrated liquidity), BentoBox, and Kashi lending — before being removed from a leadership role via governance vote in late 2021 amid disputes about decentralization and leadership structure.

Background

  • Identity: French developer; maintains pseudonymity; real identity not publicly confirmed
  • Entry: Joined Uniswap V2 fork project SushiSwap at launch in August 2020
  • Primary affiliation: Co-founder and core developer, SushiSwap (2020–2021)
  • Post-SushiSwap: Active in DeFi infrastructure and L2 ecosystems

Key Contributions

SushiSwap Recovery (2020):

  • When Chef Nomi converted SUSHI developer funds to ETH, 0xMaki and FTX CEO Sam Bankman-Fried (SBF) helped stabilize the protocol
  • SBF managed an emergency liquidity migration from Uniswap to SushiSwap, securing protocol survival
  • 0xMaki became the face of day-to-day SushiSwap development after Nomi returned the funds and handed over keys

BentoBox and Kashi:

  • BentoBox: A vault for managing LP tokens and protocol funds, enabling capital efficiency
  • Kashi: Isolated lending markets built on BentoBox — allowed borrowing against any ERC-20 token pair

Trident (V3 AMM):

  • Concentrated liquidity and multiple pool types in SushiSwap’s V3
  • Brought SushiSwap toward competitive AMM design against Uniswap V3

Multi-Chain Expansion:

  • Under 0xMaki’s tenure, SushiSwap expanded to 15+ chains — one of the first truly multi-chain DEX deployments

Timeline

  • August 2020: Chef Nomi launches SushiSwap; 0xMaki joins as core developer
  • September 2020: Chef Nomi dumps ~$13M SUSHI dev shares; community crisis; SBF helps stabilize; 0xMaki helps manage transition
  • September 2020 onward: Protocol keys handed to SBF temporarily; 0xMaki becomes core ongoing dev lead
  • 2021 Q1–Q3: SushiSwap expands to multiple chains; TVL grows; Kashi and BentoBox launch
  • Late 2021: Governance disputes over leadership and decentralization; 0xMaki removed from leadership via community vote
  • 2022–present: 0xMaki remains active in DeFi; involved in various ecosystem projects

Common Misconceptions

“0xMaki did the exit scam.”

The exit scam was Chef Nomi, not 0xMaki. 0xMaki was instrumental in rescuing the protocol and maintaining development continuity after Nomi’s actions.

“0xMaki was fired for wrongdoing.”

The governance vote that removed 0xMaki from his leadership role was contentious — framed by some as a decentralization effort and by others as a political dispute. There were no public accusations of fraud or fund misappropriation against 0xMaki.

Criticisms

  • Leadership structure: SushiSwap’s governance during 0xMaki’s tenure had an ambiguous founder/contributor power dynamic that created friction — ultimately resulting in the governance dispute that ended his role
  • SushiSwap’s subsequent struggles: After 0xMaki’s departure, SushiSwap went through multiple leadership crises (Jared Grey controversy in 2022) and struggled to maintain competitive position against Uniswap — suggesting the protocol had structural challenges beyond any individual leader
  • Pseudonymity accountability: Like other pseudonymous founders, 0xMaki’s accountability to the community was abstract — based on reputation and contribution rather than legal or identity-based mechanisms

Social Media Sentiment

0xMaki is viewed positively by most DeFi community members for the SushiSwap rescue and subsequent building. The governance removal was controversial — supporters felt it was unjust; critics felt SushiSwap needed fresh decentralized leadership. Post-SushiSwap, 0xMaki has been active in crypto Twitter and ecosystem discussions. Their reputation as a competent builder remains intact despite the governance conflict.

Last updated: 2026-04

Related Terms

Sources

  • CoinGecko — Sushi (SUSHI) — confirms the ~$14M Chef Nomi exit, leadership transition to 0xMaki, and SushiSwap history overview.
  • SushiSwap Developer Documentation — technical reference for BentoBox vault architecture and Kashi isolated lending markets built under 0xMaki’s tenure.
  • Sushi Community Forum — governance discussions including the 2021 leadership dispute and community vote that ended 0xMaki’s formal role.
  1. “Vampire Attacks: SushiSwap’s Uniswap Liquidity Migration” — Nansen Research (2020). On-chain analysis of liquidity migration from Uniswap to SushiSwap during the SushiSwap “vampire attack” — one of DeFi’s first significant TVL migration events.
  1. Chef Nomi’s Public Apology — Chef Nomi Twitter (September 2020). Nomi’s statement acknowledging the SUSHI dump, apologizing to the community, and returning the ETH equivalent of the sold SUSHI.