The Problem with SushiSwapIn the dynamic landscape of crypto, forking code and building on ideas is now commonplace. This is a testament to the collaborative spirit that drives innovation. However, there's a clear difference between building upon ideas and outright stealing them. Today, we're addressing an issue that affects not just ApeSwap but challenges the core values of our industry.At ApeSwap, we pride ourselves on our originality and dedication. As a smaller entity in this vast ecosystem, we believe in the power of true innovation and the importance of original work. It's disheartening when industry giants like SushiSwap, rather than supporting protocols in the ecosystem, appear to push down emerging players by taking their work. Actions like these don't just hurt individual companies; they hinder the entire industry's growth.We won't be silenced or overshadowed. This post is both a recount of our experience and a call to action for all industry players to stand up for fairness, respect, and integrity.Our Experience with SushiSwapOur engagement with SushiSwap started positively in late February of 2023, sparked by a meeting at ETHDenver. Over the next months, we dedicated countless hours to our collaboration with the Sushi team. We discussed the benefits of Bonds, their potential to address the emissions challenges Sushi faced, and even developed a proposal we hoped to jointly present to the Arbitrum DAO. However, about 18 days ago, our communication abruptly stopped.
Now, after months of collaboration, we've discovered that Sushi has presentedthis proposalto the Arbitrum DAO, claiming our collective work as solely theirs. ApeSwap did not give SushiSwap permission to use the research, materials, or content of the proposal.Seeing our efforts credited to another is more than just disheartening; it's a reminder of the challenges smaller entities often face in this space. We believe in giving credit where it's due, and we feel it's essential to share this story to highlight the need for acknowledgement and respect in business.In the following section, we display the original ApeSwap graphics that Sushi misused for their proposal.
ApeSwap’s ExpertiseApeSwap has been refining theBonds productfor over 18 months, with more than $4.2M in bonds sold and partnerships with over 50 entities. As of this article's writing, Sushi hasn't sold any Bonds or even offered a bond product.Here is the first articlewe published introducing this product (formerly known as Treasury Bills) in March of 2022, and here is arecent case study.Here is the innovative token standard we developedto facilitate our Bond sales, which has recently been formalized as anofficial ERC standardso the rest of the industry could leverage our work.The Bigger IssueThis incident isn't just about ApeSwap and SushiSwap. It's a reflection of a larger issue that can plague our industry. When bigger entities overshadow or disregard the efforts of smaller teams, it sends a message that might is right. This isn't the ethos we want to promote. A thriving industry is built on mutual respect, collaboration, and a shared commitment to progress, not on the suppression of emerging voices. We approached sushi with positive intentions, looking to collaborate and grow the space together; they blatantly stole our work.How We're Moving ForwardSetbacks are a part of growth, and we're choosing to see this experience as a stepping stone. We're more committed than ever to our mission and values. We'll continue to innovate, collaborate, and contribute to our industry with integrity. We're also taking measures to protect our intellectual property and ensure that our work is recognized for its merit. Stealing someone else's work and calling it your own should have repercussions.We're here for the long haul, and we're excited about the future we're building, not just for us but for the entire DeFi community. ApeSwap will continue working towards helping Web3 projects become sustainablethrough Bonds.ConclusionWe wholeheartedly support the forking and sharing of ideas; it's precisely what motivated our initial discussions with the Sushi team. However, we firmly oppose the outright appropriation of ideas and materials from potential collaborators. Integrity, respect, and originality are pillars that should uphold every industry. We urge our peers, partners, and competitors to champion these values. Let's celebrate genuine efforts, give credit where it's due, and work together to create an environment where every voice, big or small, is heard and valued.Stand With ApeSwapWe're not just fighting for ApeSwap; we're fighting for every small entity, every innovator, and every creator in the DeFi space. We urge everyone who believes in fairness, respect, and integrity to stand with us.- Share Our Story: Amplify our message by sharing this article on your social media platforms.- Engage in Open Dialogue: Let's have transparent conversations about the importance of giving credit and respecting intellectual property in the DeFi community. Support Genuine- Innovators: Encourage and uplift projects that are genuinely innovating and contributing to the ecosystem. Recognize and reward originality.Together, we can ensure that the DeFi space remains collaborative, respectful, and innovative. Stand with us, stand for integrity.The ApeSwap team.
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