SushiSwap's Lingering Troubles

AUG 29, 2022 • 6 Min Read

Genevieve Yeoh

DISCLOSURES: THE AUTHOR & EDITOR HAVE NOT PURCHASED OR SOLD ANY TOKEN FOR WHICH THEY HAVE MATERIAL NON-PUBLIC INFORMATION DURING THE RESEARCH AND DRAFTING OF THIS REPORT. THESE STATEMENTS ARE INTENDED TO DISCLOSE ANY CONFLICT OF INTEREST AND SHOULD NOT BE MISCONSTRUED AS A RECOMMENDATION TO PURCHASE OR SELL ANY TOKEN, OR TO USE ANY PROTOCOL. THE CONTENT IS FOR INFORMATIONAL PURPOSES ONLY AND YOU SHOULD NOT MAKE INVESTMENT DECISIONS BASED SOLELY ON IT. THIS IS NOT INVESTMENT ADVICE.

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SushiSwap has been plagued with infighting, management issues and product delays. Roughly two years ago, when the project launched, it was DeFi’s darling on the back of the “community-owned” narrative. At its peak, the DEX had over $7B of TVL (Nov. 2021), but that figure has drawn down to ~$700M thanks to stronger competition and crypto prices declining.

Over the last year, activity on SushiSwap has been dwindling per various metrics.

Let’s start off by looking at pool creation, a proxy for how much demand there is to add liquidity for new assets. Pool creation has slowed to a crawl across various networks compared to a year ago.

The number of traders and liquidity providers on Sushi has also shrunk drastically within the same period, down over 60% and 70% ye

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