Sushi
DEX and swap aggregator that started in 2020 as a Uniswap fork, with the SUSHI governance token.
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Sushi key facts
| Category | Decentralized exchange |
|---|---|
| Platforms | Web, API |
| Custody | Non-custodial |
| Launched | August 2020 |
| Token | SUSHI (Ethereum, no hard cap) |
| Fees | Protocol fee typically 0.05% of each swap, used for SUSHI buybacks |
| Company | Sushi Holdings Ltd. |
| US availability | Available: terms restrict only sanctioned jurisdictions |
SUSHI token
- Price
- $0.1785 +1.4% 24h
- Market cap
- $51.2M
- Fully diluted value
- $52M
- 30-day change
- -24.7%
Market data: CoinGecko, updated Nov 9, 2026. Educational content, not financial advice.
What is Sushi?
Sushi, often called SushiSwap, is a decentralized exchange that launched in August 2020 as a fork of Uniswap. It runs an AMM and an aggregator that routes swaps across other DEXs. Protocol fees, typically 0.05% of each swap, buy back SUSHI for xSUSHI stakers.
How Sushi works
The Sushi Aggregator has three parts.
Extractor reads live pool state from many DEXs, including reserves, swap fees and balances. Tines, an off-chain routing engine, runs Dijkstra's shortest path algorithm over that data, weighing liquidity, fees, gas cost and price impact. The RouteProcessor contract then executes the chosen multi-hop or multi-venue route onchain in one transaction.
Sushi's own liquidity sits in cpAMM pools (x * y = k) and clAMM pools with concentrated liquidity. Blade, built by Shipyard Software under Sushi Labs, is a separate DEX for blue-chip tokens that prices trades off-chain from centralized exchange feeds and validates them with onchain proofs, so LPs earn from arbitrage rather than fees.
How to start with Sushi
- Connect a wallet at sushi.com and swap.
- The aggregator's supported chain list loads live from an endpoint, so check it for your network.
- Sushi Holdings Ltd.'s terms, last modified August 12, 2026, bar users in listed sanctioned or restricted jurisdictions; the United States is not named among them.
- Blade LPs need only a wallet that is not on the OFAC list, with no deposit limit or lockup.
Sushi fees and limits
- The tokenomics page says protocol fees, typically 0.05% of each swap, buy SUSHI on the market for the xSUSHI pool, so stakers benefit from trading volume.
Blade takes DAO fees from its profit yield rather than from a swap fee. You pay network gas on every trade, and the terms make you responsible for all fees tied to your transactions.
Risks to know before using Sushi
- The security page lists an Immunefi bug bounty and GoPlus asset risk checks but does not name auditors.
- SUSHI keeps being minted through block rewards and has no hard cap, which governance can adjust.
- The What is Sushi page records that founder Chef Nomi withdrew development funds in 2020 and returned them after community pressure.
- Blade's prices come from off-chain feeds tied to centralized exchanges and are checked with onchain proofs, so it depends on that pricing pipeline working.
Sushi usage
From DefiLlama (TVL) (fees users paid), updated Nov 9, 2026.
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Where Sushi ranks on DappAtlas
Sushi pros and cons
- Aggregator routes swaps across several DEXs
- Protocol fees (typically 0.05% of each swap) fund SUSHI buybacks
- Public swap, quote and price API
- SUSHI has no hard-capped maximum supply
- Founder Chef Nomi withdrew development funds in 2020 before returning them
- Aggregator chain list loads live and varies from SDK support
Sushi FAQ
What is Sushi?
Sushi, often called SushiSwap, is a decentralized exchange that launched in August 2020 as a fork of Uniswap. It runs an AMM and an aggregator that routes swaps across other DEXs. Protocol fees, typically 0.05% of each swap, buy back SUSHI for xSUSHI stakers.
How much value is locked in Sushi?
$90.2M according to DefiLlama on Nov 9, 2026. It is deployed on 44 chains: Ethereum, Katana, Robinhood Chain, Base, Arbitrum, Polygon and others.
How much does Sushi cost?
Protocol fee typically 0.05% of each swap, used for SUSHI buybacks, according to Sushi’s own page (checked Sep 26, 2026).
How much do users pay Sushi in fees?
$714,894.9 over the last 30 days, according to DefiLlama on Nov 9, 2026.
Does Sushi have a token?
Yes, SUSHI. Its market cap was $51.2M on CoinGecko on Nov 9, 2026. Educational content, not financial advice.
Is Sushi available in the US?
Available: terms restrict only sanctioned jurisdictions, according to Sushi’s own page (checked Sep 26, 2026).
Does Sushi hold my funds?
No. Sushi is non-custodial: you keep your funds in your own wallet and sign each transaction.
Sources
How this page works
Sources: Sushi: official site, Sushi: What is Sushi, Sushi: Tokenomics. Data as of Sep 26, 2026.
Not affiliated with any project listed. Educational content, not financial advice.