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

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 counter-parts.

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.

Maki's address has been removed as a multisig, indicated by this transaction on the blockchain.

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.