SushiSwap is changing leaders after an investment from Synthesis, naming its founder Alex McCurry as Managing Director while longtime Head Chef Jared Grey shifts to an advisory role. The move lands as SUSHI trades near $0.33, down about 12% on the day amid a broader crypto pullback.
Grey, who led the Ethereum-based decentralized exchange (DEX) for over three years, said he will continue to guide the team behind the scenes, according to a post on X. SushiSwap, a cornerstone brand in Decentralized Finance (DeFi), lets people trade tokens directly through smart contracts without a central intermediary.
Leadership shuffle with fresh funding
Synthesis has made a capital investment into Sushi and installed its founder, Alex McCurry, to run day-to-day operations. Grey, who held the quirky "Head Chef" title (essentially the project lead), is staying on as an advisor to support the transition and strategy.
The change underscores SushiSwaps push to restructure and sharpen its focus after years of building across multiple blockchains and navigating market swings and regulatory pressure.
By the numbers
- Total value locked (TVL): roughly $106.5 million today, far below the peak above $9 billion in November 2021 (DeFiLlama).
- Token price: SUSHI around $0.33, down about 12% on the day.
- Activity: more than $2 billion in DEX trading volume over the last 30 days.
Why this matters
- Fresh capital plus a leadership reset could accelerate product updates and partnerships at a time when DEX competition is intense.
- Governance continuity matters in DeFi. Keeping Grey involved as an advisor may reassure long-time community members and liquidity providers.
- Market timing is tough: launching a new phase during a drawdown tests whether users stick around for features, not just token prices.
How we got here
SushiSwap went through public internal strife and a failed merger effort in 2022 before the community backed Grey to lead. Since then, the project has rebuilt core components, expanded to additional chains beyond Ethereum, and worked through compliance questions that have faced many crypto teams.
What this means for users
- For traders: The app should continue to operate normally. Watch for fee changes, new pools, and cross-chain upgrades as the new leadership sets priorities.
- For liquidity providers (LPs): LPs deposit assets into pools to earn trading fees. Any shift in incentives or pool strategy could affect yields and risk; monitor governance posts and announcements.
Market context
DEXs like SushiSwap and rivals such as Uniswap compete on liquidity depth, fees, and token incentives. With TVL far below its 2021 high, SushiSwaps path forward likely hinges on attracting more stable liquidity, improving routing across chains, and rolling out features that can win order flow even during a quiet market.
What to watch next
- Roadmap clarity: Details on product priorities, liquidity programs, and any organizational changes that follow McCurrys appointment.
- Volume and liquidity: Whether the funding and leadership shift bring stickier liquidity and higher daily volume.
- Regulatory posture: How Sushi communicates risk, KYC/AML approaches where relevant, and developer operations across jurisdictions.
The big picture: a renewed management team, cash in the tank, and a token under pressure. If SushiSwap can convert the investment and leadership change into steady user growth and deeper pools, it could regain ground in the DEX race.