Dossier
Susa
Coverage of Susa in the Nexus archive.
- bought SUSHI at $5.20 in 2021. wrote it off in 2023. pulled it up last week and it's not the protocol i remembered.
SUSHI token, once a DeFi summer standout, has plummeted from $23.38 in 2021 to ~$0.20 in 2026, with TVL collapsing 98.7% to $102M. Despite governance controversies and revenue declines, Sushi expanded to 40+ chains, launched on Solana via Jupiter's API, and introduced a perpetuals DEX (Susa). New CEO Alex McCurry's firm acquired 10M+ SUSHI pre-tenure.
- Sushi quietly shipped 5 new products in 12 months. the architecture is more interesting than the token chart suggests.
Sushi protocol has evolved from a Uniswap fork to a multi-product DeFi ecosystem with specialized DEX offerings like RP7, SushiXSwap, Susa, and Blade. Despite challenges like governance debt and a $50M slippage incident, it achieved $20B+ cumulative volume in 2025, positioning itself as a cross-chain competitor to 1inch and Uniswap.