SushiSwap Head Proposes Acquisition of Blur
Alex McCurry, head of the SushiSwap protocol, publicly inquired whether to acquire Blur and expressed willingness to communicate if anyone from the team reaches out.
He further asked if Blur has zero revenue and stated that while he is uncertain, he is open to learning more. This proposal follows Blur's announcement that it will discontinue its frontend on November 12, 2026, while the protocol will continue to operate on-chain and BLUR will maintain control over the fee switch.
McCurry took over leadership of SushiSwap after acquiring over 10 million SUSHI tokens (worth approximately $3.3 million at the time) through his company Synthesis in December 2025. Previously, the protocol reported over $10 million in revenue for 2024, but the total value locked fell from a peak of about $8 billion in 2022 to around $100 million.
Blur's monthly trading volume peaked at about $1.43 billion in March 2023 but has now dropped to below $7 million, with a token market cap of about $40 million to $60 million, and some data sources indicating fee revenue is close to zero. The protocol can still match orders on-chain, but the frontend shutdown and Blend loan matching will take effect on November 12.
McCurry expressed uncertainty about the revenue situation but is open to discussing the possibility of acquisition. SushiSwap has been actively repurchasing tokens recently and allocating part of the protocol fees to strategic reserves.
Capital may flow from the SushiSwap protocol reserves and investors to potential acquisition targets, driven by the discontinuation of Blur's frontend, putting pressure on low-revenue NFT protocol holders, while DeFi aggregators and liquidity providers may benefit from asset consolidation.
Source: Public Information
ABAB AI Insight
SushiSwap has undergone multiple leadership changes since its launch as a Uniswap fork in 2020, including the exit of early founders and regulatory pressures. Jared Grey served as head from 2022 until he transitioned to an advisory role in December 2025, with Alex McCurry taking over through Synthesis investment to drive revenue goals.
In terms of capital flow, Synthesis acquired over 10 million SUSHI for about $3.3 million to gain leadership, directing funds towards protocol operations and multi-chain expansion, motivated by the aim to scale low TVL protocols through mergers or integrations, reallocating resources from token buybacks and fee revenues to potential external assets.
Similar cases include early NFT market consolidation attempts and mergers between DeFi protocols, such as some DEXs absorbing volume decline from aggregators. Currently, the NFT market and some DeFi protocols are in a contraction phase, with Blur shifting from peak trading volume to protocol dormancy, while SushiSwap seeks external growth.
This essentially represents capital concentration: low-activity protocols face integration by profitable or cash-rich protocols, with the mechanism being that frontend shutdowns and near-zero revenues diminish independent operational value, making on-chain protocols acquirable assets, thus accelerating market clearing.
ABAB News · Cognitive Laws
Zero-revenue protocols are likely acquisition targets.
Frontend shutdowns leave on-chain assets intact.
Leadership changes lead to capital reallocation.