Project lead behind $2.8 billion DEX Sushiswap is set to step down

An anonymous leader at decentralized exchange protocol Sushiswap — Maki — is set to step aside from his position with the project, according to a well-placed source. 

Sushiswap gatecrashed the so-called decentralized finance space last summer, piggybacking on the success of predecessors like Uniswap. DEXes provide a way for crypto traders to swap tokens peer-to-peer. Such venues have seen their volumes surge over the last year as traders flock to platforms with less regulatory oversight and more tokens than centralized counterparts.

It is not exactly clear why Maki — who effectively is the most important person in the Sushi ecosystem — is leaving. Decentralized networks are governed by a community of participants versus a corporate board and can have an impact on the makeup of protocol leadership. 


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Maki's address has been removed from the operations multisig, indicated by this transaction on the blockchain, but not the treasury multisig.

Volumes on Sushiswap have leveled off after surging in May 2021. In August, the protocol saw traders swap $10.2 billion worth of tokens. 

At last check, Sushi was trading at more than $14.63 per token. It's up more than 850.4% over the last year, according to data from CoinGecko. The firm has a market capitalization above $2.8 billion.

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Frank Chaparro is the Editor At Large at The Block. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. He runs his own podcast The Scoop and writes a biweekly eponymous newsletter. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected].