Sujiko

Sujiko was a decentralized derivatives exchange on Solana that let traders take leveraged long and short positions on NFT collection prices without owning the underlying assets. The platform is no longer operational.

What It Did

Sujiko addressed a specific gap in NFT markets: the near-total absence of short exposure and derivatives instruments for collectors and speculators. Traditional NFT trading required buyers to hold large sums of capital to gain exposure to a given collection. Sujiko offered an alternative: perpetual futures contracts on blue-chip NFT collections, allowing traders to express directional views on collection prices with as little as $1 in collateral and up to 10x leverage.

The platform supported trading pairs for major NFT collections spanning Bitcoin, Ethereum, and Solana ecosystems, including Azuki, Bored Ape Yacht Club (BAYC), DeGods, Milady, and Pudgy Penguins, each quoted as perpetual futures (e.g., AZUKI-PERP).

How It Worked

Sujiko operated on a hybrid liquidity architecture combining three mechanisms.

Core vAMM (Virtual Automated Market Maker): Provided baseline liquidity sourced from liquidity providers and acted as the counterparty of last resort for trades that could not be matched elsewhere in the system.

Decentralized Limit Orderbook (DLOB): An off-chain order recording layer backed by on-chain settlement. Off-chain workers recorded and organized limit orders, while execution and settlement occurred on-chain on Solana.

JIT (Just-In-Time) Auctions: A Dutch auction mechanism designed to route market orders toward existing orderbook liquidity. When a market order arrived, a JIT auction opened at the oracle price and moved toward the vAMM-quoted price. If a market maker filled the order within the auction window, the vAMM was bypassed; otherwise the vAMM acted as the counterparty. This design aimed to reduce price impact for traders while giving market makers a structured opportunity to compete for flow.

Traders deposited USDC as collateral. Oracle price feeds were sourced from both Pyth Network and Switchboard, giving the platform two independent data providers for NFT collection floor prices. The fee structure ranged from 0.1% to 1.5% depending on spot liquidity conditions and volatility at the time of the trade.

Sujiko Warriors NFT

The protocol primary membership and access mechanism was the Sujiko Warriors collection, an 8,888-piece NFT set that served several functions within the ecosystem.

• Holders received gated access to the trading platform during its guarded launch phase.
• A portion of protocol trading fees was distributed to Warriors holders as revenue sharing.
• Warriors NFTs contributed to the protocol insurance fund reserves.
• Holders received priority access to future SolWorks products, art upgrades, and airdrops.

Warriors NFTs were tradeable on secondary markets including Magic Eden and Tensor. There was no separate native fungible token for the protocol; the Warriors NFT was the principal ecosystem asset.

Team and Background

Sujiko was built by SolWorks, a Solana-focused development team. The founder and primary engineer was Zhe, a full-stack engineer with more than ten years of software development experience. The broader team included designers, community managers, and blockchain developers. The project placed second in the DeFi track at Solana Grizzlython hackathon, providing early public visibility for the protocol concept.

Solana Ecosystem Fit

Sujiko design was built around Solana throughput characteristics, specifically the 400ms block times and low transaction costs, which were prerequisites for the JIT auction mechanism to function within practical latency windows. The hybrid DLOB architecture also reflected design patterns used elsewhere in Solana DeFi, where off-chain order management paired with on-chain settlement is a common approach to combining orderbook expressiveness with blockchain finality. The use of dual oracle providers for NFT collection floor prices reflected an ecosystem-wide practice of redundant price feed sourcing.

Current Status

The sujiko.trade website as of mid-2026 indicates that the platform is no longer operational. The project Twitter account (@sujiko_perps) shows no activity in recent periods. No announcement of an official shutdown has been publicly surfaced, and the protocol did not appear to reach a full public mainnet launch before activity ceased.