DEX · SUSHI · $0.25B TVL. 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.
"A chain is as strong as its weakest link." The conservative composite takes the weakest dimension and inherits any notching cap, so a single structural weakness cannot be diluted by strength elsewhere.
