Foreword

Since 2020, SushiSwap, as one of the pioneers of decentralized exchanges (DEX), has undergone multiple transformations and challenges. Entering 2025, Sushi is no longer just an AMM based on Ethereum, but is moving towards a large DeFi ecosystem focused on multi-chain integration, product diversification, and governance structure upgrades.

Governance structure restructuring

In April 2024, Sushi DAO officially established the Sushi DAO Foundation and Sushi Labs through a comprehensive governance reform proposal.

• Sushi DAO Foundation: As the legal entity of the DAO, it is responsible for promoting the development of Sushi’s multi-token ecosystem.
• Sushi Labs: Gain autonomy, focus on product development and ecosystem expansion, particularly in the areas of aggregator and cross-chain integration.

This reorganization aims to improve governance efficiency and provide institutional support for Sushi’s diversified product layout.

2025 Product Roadmap

According to the announcement by Sushi CEO Jared Grey, the following five key products will be launched in 2025:

• Wara (wara.exchange): A brand new trading experience platform based on Solana, marking Sushi’s official entry into non-EVM chains and expanding its ecological territory.
• Susa (susa.exchange): A perpetual contract DEX built on the N1 blockchain, utilizing an on-chain order book mechanism to enhance trading efficiency and transparency.
• Kubo (kubo.bid): A perpetual contract platform that supports delta-neutral strategies, aimed at providing liquidity guidance for new markets.
• Blade: A new AMM solution focused on eliminating the Maximum Extractable Value (MEV) problem in blue-chip asset trading, enhancing trading fairness.
• SushiSwap Aggregator: Currently operational, it will expand its distribution scope and enhance user experience in the future by integrating more partners.

(Source:@jaredgrey)

The launch of these products demonstrates Sushi’s innovative capabilities in the DeFi space and its determination for cross-chain integration.

Fiscal diversification proposal

In order to reduce dependence on SUSHI tokens, Sushi DAO proposed a financial diversification plan to convert part of the SUSHI assets into other assets to enhance financial stability.

• 70%: Convert to stablecoins, such as USDC and USDT, to ensure liquidity and reduce volatility risk.
• 20%: Invest in mainstream cryptocurrencies such as Bitcoin and Ethereum to diversify assets.
• 10%: Retained as other DeFi tokens to support innovative projects within the ecosystem.

This move aims to build a more robust financial structure to support the long-term development of Sushi.

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Summary

Sushi’s strategic transformation in 2025 showcases its ambition to shift from a single-chain AMM to a multi-chain, multi-product DeFi ecosystem, including the reorganization of its governance structure, the promotion of product innovation, and the adjustment of its financial strategy, laying a solid foundation for Sushi’s sustainable development. For users who are interested in the development of the DeFi ecosystem, these changes at Sushi are worth continued attention and participation.