Jared Grey is stepping down from his leadership role as “Head Chef” at SushiSwap after more than three years at the helm. The move, announced on Monday, December 1, is part of a significant leadership transition that will see Alex McCurry, founder of Synthesis, take over as the new Managing Director following a major capital investment from his firm.

A New Chapter for the DeFi Protocol

SushiSwap is a well-known decentralized exchange (DEX) and a key protocol in the decentralized finance (DeFi) ecosystem. The platform currently holds a total value locked of $106.5 million, a steep decline from its peak of over $9 billion in November 2021, according to data from DeFiLlama.

In a post on X, Grey described his time leading the project as “exhilarating.” While he is vacating his executive position, he confirmed he will remain involved with the project as an advisor. “Leading Sushi has been a dream role, and I’m proud of what we’ve accomplished,” Grey stated, adding that he remains “committed to providing strategic guidance to Alex and the team.”

This transition marks the second major leadership change for the DeFi brand in three years. Grey was elected as head chef in 2022 following months of internal strife and a failed merger attempt. According to Grey, his tenure focused on rebuilding, expanding to more blockchains, and navigating both regulatory and market challenges.

Market Reacts to the News

Following the announcement, SushiSwap’s native token, SUSHI, dropped 12%, trading at approximately $0.33. The price movement occurred amid a wider crypto market downturn that has affected digital assets for several weeks.