Sushi DAO, the group behind one of the most popular decentralized cryptocurrency exchanges, is counting on a new leader to turn around the failing firm.
The group behind one of the top decentralized cryptocurrency exchanges, Sushi DAO, is relying on a new leader to reshape the market. Jared Grey faces an uphill battle as the newly chosen “head chef,” Sushi’s equivalent of a CEO. According to data tracker DefiLlama, several leaders have left the industry in the last year, and SushiSwap, once the darling of the industry, has seen the total value of cryptocurrency sent to the platform decline to about $500 million from a peak of $7 billion in November 2021. Since reaching an all-time high in March 2021, its native Sushi token has decreased by more than 95%.
DeFi, the emerging cryptocurrency market, has had a difficult year overall as token prices fell, hacks increased, and the global stock market entered a bear market, decreasing investor appetite for what they perceive to be riskier assets.
Numerous top projects have seen the value of their treasuries decline as a result of internal DeFi industry blowback and the stock market crash. According to blockchain data company Nansen, SushiSwap is currently valued at $17 million, the majority of which is in its Sushi token, down from more than $50 million in April.
One of the five candidates who advanced to the final round was Grey, who co-founded a few cryptocurrency startups. The final round of debate took place two weeks ago on Sushi’s channel on Discord. At the time, he claimed that the project had “been underserved a little bit by some past leadership.”
SushiSwap, which was created in 2020 using the same code as Uniswap, another well-known decentralized exchange, initially gained popularity because of its grassroots community, despite the internal drama. On the other hand, Uniswap is renowned for having significant venture capital backers like Andreessen Horowitz and its primary business supporter, Uniswap Labs.