SushiSwap, the decentralized exchange (DEX), announced a leadership change on December 1. Alex McCurry, founder of blockchain firm Synthesis, has assumed control of the protocol.
McCurry completed a purchase of more than 10 million SUSHI tokens, granting him leadership over the decentralized exchange and its associated operations.
McCurry shared the update on X, calling the opportunity a “dream” and citing the need for strong execution and an aggressive roadmap. He stated that SushiSwap’s existing infrastructure offers potential if backed by effective leadership and strategy.
Jared Grey Steps Down After Three Years
Jared Grey, who held the role of Head Chef and Managing Director, announced that he will step down and take on an advisory role. Grey had been leading SushiSwap since 2022, following a period of internal disagreements and a failed merger proposal.
During his time, Grey oversaw multi-chain expansion and regulatory challenges, including subpoenas from the U.S. Securities and Exchange Commission.
In a post on X, Grey said, “Leading Sushi has been a dream role, and I’m proud of what we’ve accomplished, even though there’s so much more work to do.”
SushiSwap Faces Performance Declines
SushiSwap, once one of the top decentralized exchanges in the DeFi sector, has experienced a sharp downturn. Its total value locked (TVL) stands at $106.5 million, down 99% from its all-time high of over $9 billion in November 2021, according to DeFiLlama.
The protocol’s native token, SUSHI, is currently priced at $0.34, reflecting an 11.85% drop in the past 24 hours. Declining metrics and weak revenue have raised concerns about the protocol’s future sustainability.
McCurry is expected to announce updated plans for the protocol soon, as SushiSwap aims to restructure and regain user confidence in a competitive DeFi market.