SushiSwaps longtime leader, Jared Grey, is stepping down after more than three years as Head Chef and Managing Director, he revealed on Monday, Dec. 1.
Sushi, a decentralized exchange (DEX) and a decentralized finance (DeFi) protocol built on Ethereum, currently boasts a total value locked of $106.5 million, down significantly from its all-time high of over $9 billion in November 2021, according to data from DeFiLlama.
Grey called his time at Sushi “exhilarating” in a post on X. He said that while hes stepping down from his leadership role, he will remain involved as an advisor moving forward.
This move marks the second major leadership change for Sushi, one of the best-known DeFi brands, in three years. In 2022, the project faced months of internal turmoil and a failed merger attempt before the community elected Grey as “head chef,” as previously reported by The Defiant.
Since then, Sushi has spent the past few years rebuilding, expanding to more blockchains, and dealing with regulatory and market challenges, Grey said on X. Now, the project is preparing for another leadership change as it continues to reorganize its operations.
“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,” Grey said. “Even though I'm stepping down from my leadership position, I remain committed to providing strategic guidance to Alex [McCurry] and the team.”
Grey‘s departure comes as Synthesis makes a major capital investment into Sushi and appoints its founder, Alex McCurry, as the project’s new Managing Director.
SUSHI Chart
Sushis native token, SUSHI, is trading at $0.33, down 12% on the day amid a broader crypto market downturn that has persisted for several weeks. Over the past 30 days, SushiSwap has processed over $2 billion in DEX volume.