Sushi officially plans to liquidate the treasury SUSHI tokens. Where is DeFi 2.0 heading?

Original | Odaily Planet Daily ( @OdailyChina )

Author: Wenser ( @wenser 2010 )

As ETH prices gradually recover, DeFi tokens have also ushered in their own skyrocketing moment. OKX market data shows that as of the time of writing, SUSHI is currently quoted at $2.54, with a 24-hour increase of 32.68%, leading DeFi-related tokens. In addition, UNI, HYPE, CRV and other tokens have all increased by more than 30% in 7 days, which makes people exclaim: Is DeFi 2.0 really coming?

Odaily Planet Daily will combine Sushi’s recent series of actions in this article to briefly analyze the future direction of DeFi 2.0 for readers’ reference.

With frequent actions, is Sushi firing the first shot in the DeFi revival?

In October, Sushi officials issued a message hinting that big news is coming. On October 21, Sushi issued a message Tomorrow in the early morning , implying that important news will be announced soon. At that time, the price of SUSHI tokens experienced a slight increase and was only $0.8318.

On the same day, Sushi CEO Jared Grey wrote , “Tests have shown that Sushi outperforms major aggregators on competing networks in key metrics such as price, gas, and latency, and the amount of aggregation is growing steadily month by month. In addition, Sushi is about to announce a strategic acquisition that will enable it to introduce innovative DeFi primitives with built-in stealth into the AMM and perps vertical.”

Since then, as an old DeFi platform, Sushi has taken the lead in firing the first shot of DeFi revival.

Subsequently, Sushi officially released a Super Swap roadmap , the main contents of which include:

• Multi-chain scalability: Sushi is already available on more than 35 chains, with more to come. This broad network ensures seamless transactions between new and old ecosystems, accessible through an intuitive Sushi user interface.

• Route Processor: The Route Processor provides the industry with the most decentralized cross-chain aggregation stack. By aggregating liquidity from hundreds of sources, RP 5 ensures competitive pricing and optimal transaction paths for diverse assets, even on fragmented networks.

• Swap API: Powered by route handlers, our swap API enables partners to integrate Sushi’s seamless swap experience directly into their applications. Future updates will introduce fee capture mechanisms, opening up new revenue streams for partners.

• SushiXSwap: SushiXSwap is now in its second version, supporting cross-chain swaps across 15 networks, with plans to expand further in the future.

• Features for Traders: Sushi’s user experience is trader-centric, offering essential tools such as tax token support, DCA, limit orders, mini-portfolios, and a simplified token selector.

• Blade: Blade is Sushis upcoming AMM, designed to solve the impermanent loss (IL) problem for liquidity providers. Using Blade, liquidity providers can expect stable returns on high-quality assets without worrying about the risk of impermanent loss.

• Kubo: A DeFi perpetual contract primitive designed to enable liquidity providers (LPs) to generate yield through delta-neutral strategies across multiple networks.

• ALM Smart Pools: Steer’s Smart Pools simplify V3 centralized liquidity management with user-friendly strategies that often outperform standard LP approaches.

From ecological expansion to product aggregation, from seamless integration to cross-chain exchange, from LP risk management to LP process simplification, Sushi has started a new round of product iteration and updates in many aspects, hoping to introduce liquidity on a larger scale and attract more users.

Subsequently, Sushi integrated with the zkLink Nova , ApeChain and other ecosystems, taking the previously planned multi-ecological integration steps.

As for the main theme of this cycle, Meme coin, Sushi also gave its own solution - on November 28, Sushi announced that the Dojo agent and Tweet Tokens function are now online. The agent allows users to tokenize their favorite posts or publish their own Meme coins directly from Twitter (ie, X platform). Publishing tokens from Twitter is completely free. Please note that the time interval between each user creating tokens is 5 minutes to avoid spam.

Thanks to a series of favorable factors at the project level, the SUSHI token has also been rising all the way, and the price exceeded $1.36 in early December, an increase of more than 200% compared to 4 months ago. A trader address who had previously opened a position of 1.5 million SUSHI (about $2.01 million) on August 9, in the face of a 134% return, could not resist the idea of taking profits, and sold it, making a profit of $1.17 million.

If the trader had held on to the position until now, his profit would have doubled to about $2.4 million. Of course, there are no ifs in the market, and the rise of the SUSHI token in recent days is closely related to a series of recent positive factors and the price repair of ETH.

On December 6, according to the Snapshot page , the Sushi community initiated a vote on the Financial Diversification Proposal, which will end at 5 a.m. on December 14. Sushi CEO Jared Grey explained that currently 100% of Sushis treasury assets are SUSHI tokens. In the proposed diversification strategy, 70% of the treasury holdings will be exchanged for stablecoins, 20% for blue-chip assets (BTC, ETH), and the remaining 10% for DeFi tokens (such as AAVE). If this operation is performed, the Sushi treasury will first systematically liquidate the current SUSHI holdings within the specified period to minimize the impact on the market. Implement an average cost strategy in the sell-off and execute sales under favorable market conditions.

The proposal’s goals include:

- Reduced volatility: Reduce the impact of SUSHI on the value of treasury holdings;

- Enhanced liquidity: Increase liquidity of operational and strategic assets;

- Generate income: Explore staking, lending or liquidity provision opportunities Data shows.

Currently, the proposal has received 774,000 SUSHI tokens voted in favor, which is about 84.5% away from the 5 million SUSHI required for the proposal to meet the conditions.

On December 8, Sushi CEO Jared Grey published another article summarizing a comprehensive governance reform adopted by Sushi DAO in April and released Sushi’s 2025 product roadmap, which includes:

• Wara (wara.exchange): A new integrated trading experience based on Solana;

• Susa (susa.exchange): A new on-chain order book perpetual DEX from Sushi.

• Kubo (kubo.bid): A new perpetual contract native product launched by Sushi Labs, launching new markets through delta-neutral strategies;

• Blade (part of SushiSwap): A novel LVR AMM solution that eliminates MEV for blue-chip assets;

• SushiSwap Aggregator: This product is already in development, but will expand its distribution by integrating new partners.
  

At the same time, in response to community comments, it stated that it had announced in April that there would be multiple token airdrops.

Sushi official homepage background image

At this point, Sushi’s ambition to develop the Solana ecosystem is clear.

In addition, its Invitation Rebate Program launched at the end of November has also begun to show results - the referrer will receive a 75% reward out of the 40% transaction fee; the referee will receive the remaining 25% reward, which can be regarded as one of the platform benefits for users initiatives.

Following Sushi’s move, a group of crypto users have high expectations for the development of DeFi 2.0, which once led the market. This is naturally the result of the efforts of various DeFi protocols and platforms.

How to start DeFi 2.0? New and old platforms have their own unique strategies

According to SoSoValue data , after experiencing a rotation of sectors rising, the crypto market sectors ushered in a correction today. Most crypto sectors fell by about 1.5% to 3% in the past 24 hours. Among them, the CeFi, Layer 1, AI and PayFi sectors, which were relatively strong last week, pulled back more significantly, with a 24-hour drop of about 3%. In contrast, the DeFi sector remained relatively strong, maintaining a 24-hour increase of 0.63%. Chainlink (LINK) and Uniswap (UNI) within the sector performed well, with 24-hour increases of 6.66% and 2% respectively.

In addition, according to previous news from IntoTheBlock, thanks to the continued surge in DeFi and Memecoin transactions, Ethereums protocol revenue increased by nearly 40% this week, reaching about $57 million. Looking closely, the current status of DeFi protocols and platforms is as follows:

Hyperliquid: The L1 public chain that drives DeFi 2.0

In the previous article The average order number is up to 30,000 US dollars, HyperLiquid becomes the largest airdrop of the year? , we have made a detailed introduction to Hyperliquid, which has attracted much attention in the market recently. After the article was published, the platform token HYPE rose from 8 US dollars to nearly 14 US dollars, setting a new record.

It can be seen that the fact that HYPE tokens were not first launched on CEX has done a wave of reverse marketing for Hyperliquid, and the positioning of L1 public chain has raised the ceiling of its project a lot; combined with a series of initiatives such as 3x leverage long or short HYPE and auction of spot listing quotas that Hyperliquid officials had previously opened up in accordance with community requirements, the project has great ambitions and the token price may have further room for growth.

According to the latest statistics from Hyperliquid Hub , Hyperliquid achieved a daily trading volume of US$10 billion in 7 days; daily open interest reached US$3.5 billion; and with a user base of 220,000+, its market performance was extremely impressive.

Hyperliquids performance is outstanding

Uniswap: Unichain is ready to go

Uniswap, a long-established DEX platform, is not far behind. Previously, the official launch of Unichain was announced, and some analysts said that Uniswap has long been a key driver of Ethereum mainnet activity. As Uniswap transitions to its own chain, validators on the Ethereum network may lose about $400 million to $500 million in revenue each year. But more serious than this economic loss is that it threatens Ethereums basic narrative as a deflationary currency. Uniswaps universal router is the largest account consuming gas fees, accounting for 14.5% of Ethereums gas fees, which is equivalent to destroying $1.6 billion worth of Ethereum, which means that the effect of the destruction mechanism will be weakened, further weakening Ethereums economic position.

In November, which just ended, Uniswaps monthly trading volume reached 38 billion US dollars , an increase of nearly 50% from October, breaking the previous record of 34 billion US dollars; the total monthly handling fee reached 5.44 million US dollars, ranking sixth among DeFi protocols; Arbitrum also became the first L2 on the Uniswap protocol to have a monthly trading volume of more than 20 billion US dollars . Recently, Uniswap Labs officially announced the news of a partnership with Fireblocks, a digital asset operation and payment platform . Through Fireblocks, asset managers, hedge funds and other financial companies can access the deep liquidity and competitive prices of the Uniswap protocol directly from the platform.

As a result, Uniswap has opened up the institutional-level user service system in one fell swoop.

Others: ORCA, RSR, DYDX, CRV

Among other DeFi-related tokens, ORCA, RSR, DYDX, and CRV also performed well due to different reasons:

ORCAs price has been rising due to its listing on Binance;

RSR has attracted market attention as the new chairman of the US SEC, Paul Atkins, serves as the projects early consultant;

DYDX’s trading volume is still at the forefront of the industry, and it has responded quickly to market hotspots such as Meme coins;

After coming out of the previous liquidation storm, CRV achieved a huge increase of 6 times in one month.

According to the projects with good protocol revenue performance in the current market, DeFi 2.0 has a promising future. (For details, please refer to the article Curve 6 times in January, who is the real value coin from the perspective of protocol revenue? )

Conclusion: When DeFi meets Meme coin, MemeFi may lead the next round of industry growth

As one of the hot sectors that took the lead in the market after the BTC price broke through $100,000, the DeFi track is also looking for new ways and directions while keeping pace with the times. Some market opinions believe that MemeFi may become the engine leading a new round of industry growth - combining the yield of DeFi mining and the low threshold and high-frequency operation of Meme coins to introduce more new investors and new liquidity to the market . Various Meme coin projects on Hyperliquid can also be regarded as new attempts in this direction.

In addition, Meme Coin project group LP is also a popular way of playing recently. For details, please refer to the article The Meme wave is not only about PVP, mining is also a good choice.

In the near future, perhaps we will also witness another new star in the Meme coin track besides pump.fun.