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.
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