03The SushiSwap Issue
“Where didChef go?”

The morning after. The hat is still on its hook. The soup is still on.

15 SUSHI STORIES
Chapter IIIThe Chef Who Left the Kitchen

Chapter Three

The Chef Who Left the Kitchen

In which a hat is left on its hook and the kitchen learns to share its keys

One morning, about a week after the kitchen opened, Maki rolled in and found the hat on its hook, the soup still simmering and the Chef nowhere to be seen.

There was a note. It said, roughly, sorry. Overnight, the Chef had taken the kitchen’s savings jar (the developer fund, a pile of SUSHI set aside to pay for building things) and swapped it all for ETH. Around 38,000 ETH of it.

The customers were furious. The price of SUSHI tumbled down the stairs. And the kitchen, which everybody had been told belonged to its customers, suddenly felt as if it belonged to whoever held the keys.

The SushiSwap Issue 16
03The SushiSwap Issue
“Where didChef go?”

The morning after. The hat is still on its hook. The soup is still on.

Chapter Three

The Chef Who Left the Kitchen

In which a hat is left on its hook and the kitchen learns to share its keys

One morning, about a week after the kitchen opened, Maki rolled in and found the hat on its hook, the soup still simmering and the Chef nowhere to be seen.

There was a note. It said, roughly, sorry. Overnight, the Chef had taken the kitchen’s savings jar (the developer fund, a pile of SUSHI set aside to pay for building things) and swapped it all for ETH. Around 38,000 ETH of it.

The customers were furious. The price of SUSHI tumbled down the stairs. And the kitchen, which everybody had been told belonged to its customers, suddenly felt as if it belonged to whoever held the keys.

15–16

III · The Chef Who Left the Kitchen

A Ring of Many Keys

THE KITCHEN TREASURY3 OF 5 KEYS TO OPENno single cook can open it alone
The new treasure chest: five keyholes, and it only opens with three. Tap the keys.

For a few days the keys were handed around like a hot potato. They went to a famous trader from a big exchange, who passed them on to a group of trusted community members.

That group made a new kind of lock: a multisig. Five cooks each got a key, and the chest would only open when at least three of them turned theirs together. No single cook, however tall the hat, could empty it alone.

Then, a few days later, something nobody expected happened. The Chef sent the ETH back, all of it, to the kitchen’s treasury, with another note. This one said, roughly, I’m sorry. It’s yours.

17–18

III · The Chef Who Left the Kitchen

Turn the Keys

The kitchen wants to spend some of its treasury to pay the cooks. Here are five keyholders. Tap them to turn their keys. The chest opens only when enough of them agree.

Try opening it with just one key. Then try a sneaky one: what if somebody wants to empty the whole chest?

From that week on, the kitchen kept its keys on a ring. It was slower, and a bit more annoying, and much, much safer. Meanwhile, out in the fields, the harvest was waiting.

Try it · Turn the keys

3

Tap keyholders to turn their keys. The chest needs 3 of 5.

A made-up 3-of-5 multisig. Real multisigs set their own thresholds, and a timelock can make approved changes wait before they happen.

19–20