Sushi
SUSHI
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
SUSHI represents the governance and fee-sharing token of the SushiSwap decentralized exchange ecosystem. Active development remains verifiable into mid-2026 with ongoing npm package releases, repository updates, and product initiatives like the 'Blade' engine aimed at boosting protocol TVL and fees. However, the asset faces several fundamental headwinds across multiple pillars: tokenomics suffer from ongoing inflationary emissions without a hard cap, which dilutes passive holders; community engagement metrics are undemonstrated despite ~126k holders; and governance exhibits centralization risks where only CORE team proposals are binding. In terms of security, Sushi experienced historical exploits in 2023 (including the April 2023 reentrancy exploit and the September 2023 RouteProcessor2 incident) alongside an unrecovered >90% price drawdown from its all-time high, though proactive remediation and bug bounty programs remain active. No qualifying red-flag cap applies as the past exploits occurred over 24 months prior to current evaluation and no active regulatory enforcement or insolvency was found.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Sushi (SUSHI)
SUSHI is the native governance and utility token for SushiSwap, a multi-chain automated market maker and decentralized exchange protocol. The token was launched without a pre-mine, allocating roughly 90.9% of its initial distribution to public farming and 9.1% to insiders. SUSHI operates with an un-capped total supply subject to ongoing inflationary block emissions. Its primary utilities include participating in protocol governance and a fee-sharing mechanism where a fraction of swap fees is allocated toward market buybacks of SUSHI for xSUSHI stakers.
The protocol's governance operates through a hybrid framework utilizing SushiSwap forum discussions and Snapshot voting. Administrative safeguards include a 4-of-6 Treasury Council multisig and a 3-signature Operations multisig, although structural centralization risks remain because only proposals submitted by the core team are binding. Active development has continued across its repositories and package releases, including deployments such as the "Blade" liquidity product aimed at generating protocol volume and fee revenue.
SushiSwap has experienced notable security incidents and market setbacks. In April 2023, the protocol suffered a reentrancy attack resulting in approximately $3.3 million in stolen funds, of which whitehat security researchers recovered over 1,000 ETH. Later in 2023, an exploit targeting the RouteProcessor2 contract resulted in roughly 795 ETH being dispersed as MEV rewards alongside additional losses, prompting post-mortem remediation commitments and smart contract deployment changes. Furthermore, the SUSHI token has sustained an unrecovered price drawdown of more than 90% from its 2021 all-time high, while ongoing block emissions continue to present dilution risks for non-staking holders.