SushiSwap CEO Resigns as Synthesis Invests $3.3 Million in Troubled DEX

On December 1, decentralized exchange SushiSwap revealed a significant leadership change, with Synthesis founder Alex McCurry acquiring over 10 million SUSHI tokens and taking control of the protocol. This transition occurs amid SushiSwap's struggle with a dramatic 99% decline in total value locked (TVL) and disappointing revenue figures.

Key Takeaways

SushiSwap CEO Jared Grey steps down; Alex McCurry becomes new leader.
SushiSwap's TVL has drastically declined from over $8 billion in early 2022 to $101.79 million.
Revenue reports show significant discrepancies, with claims of $10 million in revenue for 2024 being questioned.
The DEX faces stiff competition and challenges in reclaiming its former user base and liquidity.

SushiSwap's leadership change announcement

Source: X

Jared Grey, who has led SushiSwap through three challenging years filled with SEC inquiries and governance issues, is transitioning to an advisory role. The announcement portrays this change as a chance for growth, emphasizing a focus on profitability and ambitious expansion plans. However, on-chain data and financial reports present a different and concerning narrative.

The Numbers Behind SushiSwap

SushiSwap's total value locked (TVL) has dropped dramatically from over $8 billion in early 2022 to just $101.79 million today, indicating a staggering 98.7% decrease. Data from DefiLlama reveals that TVL activity has essentially flatlined since 2023, with no notable recovery despite several attempts at restructuring and new product launches.

SushiSwap TVL trend

Source: DefiLlama

SushiSwap claims to have earned over $10 million in revenue during 2024. However, the total revenue for 2025 so far is approximately $4.5 million across all quarters. Breakdowns reveal that Q1 earned $337,000, Q2 brought in $195,000, Q3 generated $1.37 million, and Q4 is projected at $2.63 million. The disparity suggests that the reported $10 million figure may combine fees with revenue or may represent future expectations rather than actual earnings.

McCurry's investment, while significant in terms of token count, is worth about $3.34 million at current rates, with SUSHI trading at $0.3341. Since its peak of nearly $1.10 in July, the token has plummeted by 70% and remains down 98.5% from its all-time high of $23 in March 2021.

SushiSwap SUSHI price trend

Source: TradingView

Market Reality Sets In

Grey’s resignation raises critical questions about the future sustainability of SushiSwap. The DEX recently revealed a roadmap that includes plans to expand to Solana, but it faces strong competition from leading players like Uniswap. As SushiSwap attempts to regain the liquidity and user engagement that once positioned it as a key player in DeFi, the question remains whether new leadership and a significant capital investment can reverse the ongoing decline that has marked the protocol for several years.

Final Thoughts

As SushiSwap undergoes this leadership transition, the challenges ahead are immense. The DeFi landscape continues to evolve, with dominant players vying for market share. It will be crucial for the new leadership to implement effective strategies to navigate these turbulent waters and reposition SushiSwap as a formidable player in decentralized finance.