Statistics: Sushiswap

1. Market Overview

Sushiswap reports a Total Value Locked (TVL) of $95.0M, alongside a 24-hour trading volume of $23.5M. The protocol's TVL has seen a slight decline of -2.70% over the last 24 hours. Volume, however, experienced a significant surge of 93.88% in the past day, indicating recent heightened activity. Monthly volume stands at $432.0M, generating $390,123 in fees. The native token has a market capitalization of $56.3M and is currently priced at $0.206125.

2. Capital Efficiency

The protocol demonstrates strong capital efficiency, with a 30-day Volume/TVL ratio of 4.55x. This indicates that the locked capital turns over approximately 4.55 times per month, suggesting active trading relative to TVL. The 24-hour Volume/TVL ratio is 0.247x, following a recent volume surge. Generated fees amount to approximately 0.184% of the 24-hour volume, leading to an annualized fee generation of roughly 5.0% relative to TVL, before LP distributions. The MCap/TVL ratio stands at 0.39, which is relatively low and may suggest a conservative market valuation of the protocol relative to its locked assets.

3. Liquidity & Pair Spread

Sushiswap lists 16 coins across 36 trading pairs, yielding an average of 2.25 pairs per listed coin. This indicates a concentrated liquidity structure. A significant portion of the TVL, $3.9M, is allocated to staking. The distribution of TVL is highly concentrated on specific chains, with the top two chains (Katana and Ethereum) holding over 87% of the total liquidity.

4. Chain Dominance

The protocol's TVL is predominantly concentrated on two chains: Katana with $57.2M (60.2%) and Ethereum with $26.0M (27.4%). Together, these two chains account for approximately 87.6% of the total TVL. Other chains like Base and Hemi each contribute $3.9M (4.1%), while Polygon and Arbitrum hold smaller, but notable, shares of $1.2M and $1.1M respectively. This significant concentration suggests a primary focus on its namesake chain and Ethereum as its core liquidity hubs.

5. Analyst Verdict

Sushiswap exhibits strong operational activity with a high 30-day Volume/TVL ratio of 4.55x, indicating robust market traction and efficient capital utilization. However, a critical concern is the absence of recorded audits (0), posing a substantial security risk for a DEX managing $95.0M in TVL. The current token price of $0.206125 represents a significant decline from its all-time high of $23.38, underscoring potential market sentiment challenges despite recent positive volume shifts (93.88% 1d volume change). The low MCap/TVL ratio of 0.39 further suggests investor caution or a perceived undervaluation relative to its locked assets. Addressing security concerns through audits would be paramount for long-term growth and investor confidence.