Sushiswap β Statistical Analysis
Sushiswap (V3 Katana) exhibits moderate capital efficiency (30d Volume/TVL of 5.07x) with significant multi-chain deployment but faces recent volume decline (-49.48% in 24h) and lacks crucial audit data.
Updated: Β· Data Window: 24h / 7d / 30d (varies by metric availability)
1. Market Overview
Sushiswap (V3 Katana) maintains a Total Value Locked (TVL) of $86.4M, experiencing a minor -0.93% 24h change. Recent trading activity shows a 24h volume of $10.2M, a significant decrease of -49.48% from the previous day. Over a longer horizon, 7d volume stands at $96.5M and 30d volume at $438.2M. The protocol's market cap is $52.9M, with $3.6M in staking TVL.
2. Capital Efficiency
The protocol demonstrates varied capital efficiency. The 24h Volume/TVL ratio is approximately 0.118x ($10.2M / $86.4M), indicating low short-term utilization. However, the 7d Volume/TVL is 1.117x and the 30d Volume/TVL is 5.07x, suggesting better historical liquidity turnover. Daily fees amount to $8.7K, equating to roughly 0.085% of the 24h trading volume, reflecting the revenue generation per unit of trade.
3. Liquidity & Pair Spread
Sushiswap offers a wide range of trading options with 39 listed coins forming 76 trading pairs. This ratio suggests a healthy diversity of assets and trading routes, providing users with ample liquidity access across various token combinations, rather than concentrating on a few dominant pairs.
4. Chain Dominance
Liquidity is highly concentrated, with Katana accounting for $50.5M (58.45%) of the total TVL. Ethereum follows with $24.8M (28.70%), while Hemi ($4.1M) and Base ($3.2M) contribute smaller but notable shares. A long tail of 23 additional chains collectively hold the remaining TVL, indicating a fragmented multi-chain strategy with significant reliance on the Katana deployment.
5. Analyst Verdict
Sushiswap (V3 Katana) exhibits a mixed profile. While historical volume and fees (30d volume of $438.2M, $447.7K fees) indicate established traction and revenue generation, recent performance shows a sharp -49.48% drop in 24h volume. The protocol's reliance on Katana for over half its TVL poses a concentration risk. Critically, the absence of a Trust Score and 0 reported audits introduces significant unmitigated operational and security risks, impacting its overall maturity assessment despite its multi-chain presence.