Sushi CEO: Sushi Aims to Build DeFi Super Application
Alex McCurry, a representative from Sushi, believes that SushiSwap has established a solid foundation in core metrics such as user scale, revenue, and brand, positioning it as a leader in DeFi. He stated that the goal is to create a "DeFi super application," emphasizing that the derivatives (perps) business is still in its early stages with significant growth potential yet to be realized.
This statement comes amid a renewed competition among decentralized exchanges (DEXs). Data from the English community and on-chain platforms indicate that the DEX sector is evolving from a focus on spot trading to an integrated structure of "spot + perpetual contracts + lending + aggregators," with multiple protocols attempting to enhance user retention and revenue density through product expansion.
At the same time, the market has noted a resurgence in the Sushi brand's visibility, but its overall trading volume and revenue still lag behind leading protocols. Whether perps can generate new volume will be a key variable in realizing its narrative.
Source: Public Information
ABAB AI Insight
"DeFi super application" essentially represents a competition for traffic entry and capital pathways. Single-function protocols can achieve growth in early stages through innovation, but as user acquisition costs rise, multi-product integration becomes a necessary choice to improve retention and monetization efficiency. Sushi's statement reflects a structural leap from "protocol" to "platform."
The repeated emphasis on perps indicates a shift in revenue structure. Spot trading fee competition is fierce and nearing compression, while perpetual contracts offer higher frequency, greater leverage, and more stable fee sources, becoming a core profit pool for centralized exchanges. For DeFi to enhance revenue density, it must establish capabilities in this area.
However, the path to a DeFi "super application" faces structural constraints. Liquidity is highly fragmented, user experience still lags behind centralized platforms, and the composability between protocols weakens the closed ecosystem of a single application. This suggests that a "super application" is more likely to be an interface layer or aggregation layer rather than a traditional integrated giant.
From a longer-term perspective, this narrative reflects that DeFi is transitioning from an experimental phase to a competitive elimination phase. The early model of relying on token incentives for growth is gradually becoming ineffective, and protocols must prove their real cash flow capabilities and user stickiness. Sushi is attempting to rebuild market perception with "fundamentals + product expansion," essentially competing for survival in the next round of industry reshuffling.