Following months of uncertainty and discussions, the SushiSwap community has elected a new “head chef”. Jared Grey, the former CEO of defunct crypto exchange Bitfineon and decentralized financial services ecosystem EONS, will serve as the leader of the decentralized autonomous organization (DAO).
“With nearly 11 out of 13 mln votes in favor – we’re delighted to welcome Head Chef Jared Grey … to the Sushi family!” SushiSwap tweeted.
The latest development comes as SushiSwap is struggling with difficulties similar to those encountered by many other crypto industry players. Several leaders have left the DAO, and, as a result of the ongoing market downturn, the aggregate value of crypto channeled through SushiSwap has dropped from its peak level of about $7 billion peak in November 2021 to only about $500 million, , Bloomberg reported.
To select its new leader, the community organized a multi-step search process, hosting open invite mic sessions for candidates, having them post formal proposals, and holding a final head chef debate which allowed five candidates to take part in the final stretch, SushiSwap said in a statement.
The remaining four candidates who were qualified to take part in the final round of the vote were Andy Forman, Kenneth Hurley, Jared Cohen, and Pauly Walton, according to the DAO.
In reaction to the latest announcement, as of 08:20 a.m. UTC, the price of SUSHI, the governance token of the decentralized exchange, was up 1.8% over a 24-hour period, reaching the level of $1.12, as indicated by data from CoinMarketCap.com.