SushiSwap CEO steps down as Synthesis invests $3.3M in struggling DEX

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 recapture the liquidity and user base that once made it a DeFi powerhouse. 

Whether new leadership and capital injection can reverse the protocol’s multi-year decline remains uncertain as the DEX landscape continues to consolidate around established winners.

Final Thoughts

• SushiSwap’s 99% TVL collapse from $8B to $100M reveals a protocol in severe decline, not the growth story presented in today’s announcement.
• The actual investment size of $3.34M appears modest for a turnaround effort, raising questions about whether this capital injection can meaningfully reverse years of deterioration.