DEX · SUSHI · $0.09B TVL. Screen grades as of November 12, 2026: Solvency BB, Legitimacy BB, Growth CCC. Governance turmoil history; strategy drift; declining share.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $0.25B | $0.09B |
| 12-month TVL change | -40% | -69% |
| Worst 90-day drawdown | 40% | 17% |
| Drawdown scored | 40% (90-day only, v1.0) | 69% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | BB · 58.8 | BB · 52.5 |
| Growth | CCC · 21.8 | CCC · 16.5 |
TVL figures: DefiLlama, parent-level listing. The July 27, 2026 TVL was an analyst estimate and may have used a narrower definition, so part of the TVL difference can be definitional. Only these three inputs were refreshed in the re-screen; sustainability, unlocks, risk, audits, team, delivery, governance, category share and momentum were left as the July 27, 2026 estimates.
Solvency screens at BB (52.5 / 100), unchanged from the July 27, 2026 screen. The worst 90-day TVL drawdown is 17% and 12-month TVL change is -69%. TVL stability is scored on the 12-month decline of 69%, because it is worse than the latest 90 days. Sustainability ratio (1x), unlock pressure (2%) and risk quality (6 / 10) are carried over from July 27, 2026.
Legitimacy screens at BB (54.5 / 100). No Legitimacy input was refreshed in the November 12, 2026 re-screen, so the grade is unchanged from July 27, 2026.
Growth screens at CCC (16.5 / 100), unchanged from the July 27, 2026 screen. TVL is $0.09B, -69% over twelve months (it was -40% at the previous screen). Category share (2%) and momentum (2 / 10) are carried over from July 27, 2026.
The credit grade is Solvency BB. Legitimacy is BB and the Growth outlook is CCC; the weakest axis is Growth. These grades use TVL data as of November 12, 2026 and qualitative inputs from July 27, 2026.
The credit grade answers one question: can SushiSwap survive stress and pay its users back. Legitimacy (BB) and the Growth outlook (CCC) are published beside it and are never averaged into it. Weakest axis: Growth.
| Protocol | Solvency | Legitimacy | Growth |
|---|---|---|---|
| SushiSwap (this page) | BB | BB | CCC |
| Uniswap | AA | AA | BB |
| Curve | BBB | A | B |
| PancakeSwap | A | BBB | BB |
| Raydium | BBB | BBB | B |
| Aerodrome | BBB | BBB | B |
| Balancer | BB | A | CCC |
SushiSwap is the screen's clearest study in how governance failure compounds into commercial decline. Born as a vampire fork of Uniswap in 2020, it accumulated a decade's worth of organizational crises in four years — the founder's exit, repeated leadership turnover, treasury and legal restructuring, and strategic reversals — while its product stood still.
Solvency screens at BB. Break-even fee coverage (~1x) on the smallest TVL in the screen, a 40% drawdown, light unlocks. The 6/10 risk score reflects a sprawling multi-chain deployment surface maintained by a shrinking contributor base — the risk is neglect rather than any specific known flaw.
Legitimacy screens at BB and it is the defining dimension. Delivery scores 5/10, the lowest in the universe: successive roadmaps announced and abandoned. Governance scores 4/10 against a documented history of contested votes, contributor departures, and restructurings that concentrated authority. The Legitimacy axis exists to catch exactly this — a gap between what a protocol says it is and what it has done — and here it is the whole story.
Growth screens at CCC with the weakest momentum in the entire screen (2/10): 2% share, -40% TVL, and a franchise that has been losing ground continuously since 2021.
Composite CCC, the lowest in the universe alongside a handful of small caps — but for different reasons than they carry. Others are small; SushiSwap is diminished. A full rating's central question is whether the current organization has the stability to execute anything at all.
