Timeline of the Decline
March 2021
$23.38
All-Time High - Peak euphoria
December 2021
$8.00
Internal drama, leadership conflicts
June 2022
$1.00
Treasury crisis, development stalls
Current
$0.70
Post-collapse trading
What Went Wrong
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Internal Governance Chaos
Constant leadership conflicts and public drama destroyed community trust and developer momentum.
-
Treasury Mismanagement
The treasury ran dry due to excessive spending and falling token values, threatening protocol sustainability.
-
Uniswap V3 Competition
Uniswap's concentrated liquidity innovation made SushiSwap's AMM less competitive, draining market share.