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 late 2021 — best known for rescuing the protocol after founder Chef Nomi dumped $14M in developer tokens, and for expanding SushiSwap to 15+ chains before being removed by governance vote.

Background

  • Identity: French developer; maintains pseudonymity; real identity not publicly confirmed
  • Entry: Joined 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. 0xMaki became the face of day-to-day development after Nomi returned the funds and handed over the multisig keys.

BentoBox and Kashi: BentoBox was a capital-efficient vault for LP tokens and protocol funds. Kashi built isolated lending markets on top of BentoBox — allowing borrowing against any ERC-20 token pair without affecting other markets.

Trident (V3 AMM): Concentrated liquidity and multiple pool types; brought SushiSwap toward competitive 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.

History

  • August 2020 — Chef Nomi launches SushiSwap. 0xMaki joins as a core developer from the earliest days.
  • September 2020 — Chef Nomi dumps ~$13M in SUSHI dev shares. Community crisis. SBF steps in to help stabilize; 0xMaki manages developer continuity.
  • September 2020 — Protocol keys handed to SBF temporarily. 0xMaki becomes primary ongoing development lead as Nomi returns the ETH and exits.
  • 2021 Q1–Q3 — Expansion phase. SushiSwap expands to multiple chains; TVL grows; Kashi and BentoBox launch; Trident development begins.
  • Late 2021 — Governance dispute. Community vote removes 0xMaki from his formal leadership role amid disagreements over decentralization and decision-making structure.
  • 2022–present — Post-SushiSwap activity. 0xMaki remains active in DeFi, involved in various ecosystem and infrastructure projects.

Common Misconceptions

“0xMaki was behind the exit scam.”

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

“0xMaki was removed for wrongdoing.”

The governance vote was contentious and disputed. It was framed by some as a decentralization effort and by others as a political dispute. No public accusations of fraud or fund misappropriation were made against 0xMaki.

Criticisms

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

Social Media Sentiment

  • r/CryptoCurrency / r/ethfinance: 0xMaki is remembered positively for the SushiSwap rescue. The governance removal is treated as a cautionary example of DAO politics rather than a reflection on his competence or integrity.
  • X/Twitter: Active presence post-SushiSwap. Followed by DeFi developers and researchers. Commentary tends toward infrastructure and ecosystem topics rather than retail trading.
  • Discord (SushiSwap, DeFi communities): The 2021 governance vote is occasionally referenced in discussions about DAO leadership design — cited as an example of how governance can be weaponized against builders.

Last updated: 2026-04

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