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.

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.

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.

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.