Deep Dive
1. Aggregator Tech & Cross-Chain Growth (Bullish Impact)
Overview:
SushiSwap’s Route Processor 7 (RP7), launched in May 2025, integrates Maverick V2 pools and Fee-on-Transfer token support, reducing slippage by 15-30% in backtests. Cross-chain swaps via SushiXSwap now cover 15 networks, driving a 40% MoM volume increase on Katana (Sushi Blog).
What this means:
Improved capital efficiency could help Sushi capture more of the $219B daily DEX volume. Historical data shows SUSHI rallies 20-50% post-major upgrades (e.g., +47% after RP6 launch).
2. Liquidity Mining Risks vs. Rewards (Mixed Impact)
Overview:
Katana’s SUSHI/ETH pool offers 224% APR, helping Sushi reach $100M TVL on the chain. However, platforms like Aster use “vampire attacks” – their recent airdrop drained $13B volume from rivals (DL News).
What this means:
While high yields may stabilize price near $0.50 (current support), unsustainable APRs risk liquidity flight if competitors offer better incentives, as seen in Sushi’s 2020 Uniswap raid.
3. Crypto Market Rotation (Bearish Impact)
Overview:
The Altcoin Season Index sits at 28 (-45% MoM), with Bitcoin dominance at 59.11% – a 6-month high. DEX tokens like UNI and SUSHI typically underperform in BTC-dominant markets (CMC Data).
What this means:
Until the index rebounds above 75, SUSHI could struggle against macro headwinds. The token’s -44% 90d drop aligns with this trend, though a BTC rally above $70k might revive alt demand.
Conclusion
SUSHI’s fate hinges on executing its multi-chain moat while navigating a risk-off market. Technical upgrades and Katana’s growth provide levers, but traders should monitor whether RP7 adoption outpaces vampire attacks. Can Sushi’s 40-chain liquidity shield it from the altcoin squeeze?