SushiSwap Came With Noise
SushiSwap launched in 2020 as a fork of Uniswap, offering token rewards in SUSHI to attract liquidity. Despite early controversy and drama around its founder, the platform survived, transitioned governance, and grew into a distinct multichain DeFi hub.
What It Actually Does
- Swap tokens via AMM pools
- Add liquidity to earn fees
- Stake SUSHI in SushiBar to receive xSUSHI rewards
- Use BentoBox for yield strategies
- Access lending and leverage through Kashi
- Cross-chain swaps with routing optimizers
SushiSwap evolved into more than just a DEX – it became a broad DeFi playground.
The Multichain Push
SushiSwap now runs on over 30 chains including Polygon, Arbitrum, Optimism, BNB Chain, Avalanche, and Base. This improves access and lowers fees, though it spreads liquidity across many networks. Some chains are active, others are quieter, but cross-chain swaps generally function reliably.
SUSHI Token – Still Alive?
- Governance and fee-sharing token at the core of SushiSwap
- Staking in SushiBar gives xSUSHI and passive income
- No hard cap – early inflation, now more controlled
- Not booming, but still circulating with active utility
Sushi Labs and the DAO
Initially governed fully by community votes, SushiSwap ran into governance gridlock. In 2024, Sushi Labs, a DAO-funded core team, took over development leadership. Today, governance is mixed – the community decides on large proposals, while Labs executes code and upgrades.
Liquidity and Volume
- Peak (2021): billions in TVL, rivaled Uniswap
- Now: daily volume around $10–20M
- Supports 300+ assets and hundreds of pairs
- No longer a top-tier DEX, but still relevant
UX and Feel
- Clean, dark-themed interface
- Wallet connection and chain selection are smooth
- Features like Kashi and BentoBox can overwhelm newcomers
- Experienced DeFi users will find flexibility and modularity
Who Uses Sushi Now?
The typical SushiSwap user base includes DeFi regulars, governance enthusiasts, and builders who like modular infrastructure. Beginners and whales often prefer other platforms. Sushi is no longer trendy but continues to serve its niche community across multiple chains.
Pros and Cons
| Pros | Cons |
|---|---|
| Multichain presence across 30+ networks | Liquidity and volume far below 2021 peak |
| Wide range of DeFi features (swaps, staking, lending) | Complex UX may overwhelm newcomers |
| Open, permissionless access | Fragmented liquidity across many chains |
| SUSHI token still functional with staking rewards | Not among the top DEXes anymore |
Final Thoughts
SushiSwap remains alive and functional, though no longer dominant. It offers multichain access, modular DeFi tools, and community governance under the guidance of Sushi Labs. For massive liquidity and mainstream adoption, competitors like Uniswap and PancakeSwap lead. But for DeFi users who want flexibility, options, and a still-active ecosystem, SushiSwap continues to deliver.