Cryptocurrencies
DeFi Project SushiSwap Finds a New Leader After Crypto Struggles
- ‘Head Chef’ faces withering flows of crypto onto exchange
- Past ‘flat hierarchy’ left conflicts unresolved: developer
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Sushi DAO, the organization behind a once top decentralized cryptocurrency exchange, is banking on a new leader to reshape the struggling business.
Jared Grey, elected “head chef,” Sushi’s equivalent to a chief executive officer, has an uphill climb. Several leaders have exited in the past year, and SushiSwap -- once an industry darling -- has seen the total value of cryptocurrency sent to the platform slide to about $500 million from a peak of $7 billion in November 2021, according to data tracker DefiLlama. Its native Sushi token has dropped more than 95% from an all-time high in March 2021.