Synthesis
Coverage of Synthesis in the Nexus archive.
- Anyone else been quietly watching the SushiSwap turnaround?
SushiSwap has undergone a significant turnaround, achieving over $10M in revenue and becoming profitable, with notable developments including a $3.3M investment from Synthesis and the integration of Katana, which has reached $100M TVL. The project's quiet period was misinterpreted as decline, but it has shown resilience. Key changes to token economics were made following a December emissions vote.
- 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.