The post SushiSwap CEO steps down as Synthesis invests $3.3M in struggling DEX appeared on BitcoinEthereumNews.com.

Decentralized exchange SushiSwap announced a leadership transition today,1 December, with Synthesis founder Alex McCurry acquiring over 10 million SUSHI tokens and assuming control of the protocol.  The move comes as the once-prominent DEX grapples with a catastrophic 99% collapse in total value locked and underwhelming revenue figures. Source: X Jared Grey, who led SushiSwap through three turbulent years marked by SEC subpoenas and governance controversies, is stepping down to an advisory role.  The announcement positions the change as a growth opportunity, citing profitability and ambitious expansion plans. However, on-chain data and financial statements paint a starkly different picture. The numbers behind SushiSwap SushiSwap’s total value locked has plummeted from over $8 billion in early 2022 to just $101.79 million currently, representing a 98.7% decline.  The protocol’s TVL chart from DefiLlama shows flatline activity essentially since 2023. There has been no meaningful recovery despite multiple restructuring attempts and product launches. Source: DefiLlama The company claims to have generated over $10 million in revenue in 2024. 2025 revenue, according to data, totals approximately $4.5 million across all quarters. Q1 brought in just $337,000, Q2 at $195,000, Q3 at $1.37 million, and Q4 projected at $2.63 million.  The discrepancy suggests the $10 million figure may combine fees with revenue or represent forward-looking projections rather than realized income. McCurry’s investment, although significant in terms of token count, amounts to roughly $3.34 million at current prices, with SUSHI trading at $0.3341.  The token has crashed 70% since its July peak near $1.10 and remains down 98.5% from its March 2021 all-time high of $23. Source: TradingView Market reality sets in The timing of Grey’s departure raises questions about the sustainability of SushiSwap. The DEX recently announced a roadmap, which includes expansion to Solana.  SushiSwap faces intense competition from dominant players like Uniswap while struggling to…

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Filed under: News - @ December 1, 2025 9:21 pm