SushiSwap Leadership Transition: McCurry Acquires 10M SUSHI Tokens Amid TVL Challenges

• SushiSwap TVL has fallen 98.7% from $8 billion in 2022 to $101.79 million today.

• The protocol generated about $4.5 million in revenue through 2025, far below earlier claims of $10 million.

• SUSHI token price stands at $0.3341, down 70% from its July 2025 peak and 98.5% from its 2021 high of $23.

SushiSwap leadership transition: Alex McCurry’s acquisition signals potential revival for the DEX amid TVL collapse and revenue woes. Explore impacts on DeFi. Stay informed on crypto shifts.

What is SushiSwap’s leadership transition?

SushiSwap’s leadership transition marks a pivotal shift as Alex McCurry, founder of Synthesis, acquires more than 10 million SUSHI tokens and assumes control of the decentralized exchange on December 1, 2025. This change follows three challenging years under Jared Grey, who navigated SEC subpoenas and governance issues before moving to an advisory role. The protocol positions this as a pathway to profitability and expansion, though on-chain metrics reveal ongoing struggles.

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.

How has SushiSwap’s TVL declined under previous leadership?

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. Data from DefiLlama indicates flat activity since 2023, with no significant recovery despite restructuring efforts and new product introductions. This sharp drop underscores challenges in retaining liquidity amid fierce DeFi competition, where protocols like Uniswap have maintained stronger positions. Quarterly revenue figures further highlight the strain: Q1 2025 yielded $337,000, Q2 $195,000, Q3 $1.37 million, and Q4 is projected at $2.63 million, totaling around $4.5 million for the year—contrasting with claims of over $10 million, possibly including projected fees rather than realized earnings.

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.

Frequently Asked Questions

What caused SushiSwap’s significant TVL decline?

SushiSwap’s TVL dropped 98.7% due to increased competition from rivals like Uniswap, governance disputes, and broader DeFi market shifts. From $8 billion in 2022, it fell to $101.79 million by late 2025, as shown in DefiLlama data, with minimal recovery efforts failing to stem the outflow of liquidity and users.

Will Alex McCurry’s leadership revive SushiSwap?

Alex McCurry’s acquisition of over 10 million SUSHI tokens for about $3.34 million brings fresh capital and vision, including Solana expansion. However, with ongoing TVL and revenue challenges, success depends on innovative strategies to rebuild trust and attract liquidity in a competitive DeFi environment.

Key Takeaways

• SushiSwap’s TVL collapse: A 99% decline from $8 billion to $100 million highlights years of liquidity loss, not addressed by prior leadership.
• Revenue realities: 2025 figures total $4.5 million, questioning the $10 million claims and underscoring financial pressures.
• Investment impact: McCurry’s $3.34 million stake offers a modest boost, but reversing SUSHI’s 98.5% drop from all-time highs requires sustained DeFi innovation.

Conclusion

The SushiSwap leadership transition under Alex McCurry arrives at a critical juncture, with the protocol’s TVL decline and subdued revenue exposing vulnerabilities in the DeFi sector. As SushiSwap eyes expansions like Solana integration, this shift could foster renewal if paired with effective governance and user-focused updates. Investors should monitor on-chain metrics closely, as the DEX market favors adaptable leaders in an evolving landscape.

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.