SushiSwap Review: What It Is, How It Works, and Why It Still Matters

When you trade crypto on a SushiSwap, a decentralized exchange that lets users swap tokens directly from their wallets without relying on a central company. Also known as Sushi, it's one of the earliest and most influential DeFi exchange platforms built on Ethereum. Unlike centralized exchanges like Binance or Coinbase, SushiSwap runs on smart contracts—meaning no one owns it, no one can freeze your funds, and no KYC is required. It launched in 2020 as a fork of Uniswap, but added one big twist: it gave users a share of trading fees through its native SUSHI token, a governance and reward token that lets holders vote on changes and earn a cut of platform fees.

SushiSwap didn’t just copy Uniswap—it improved on it. By introducing liquidity mining, a system where users who provide trading pairs get rewarded with SUSHI tokens for locking up their crypto, it sparked a wave of similar programs across DeFi. That’s why, for a while, it became the go-to place for yield farmers. Even today, you can still stake your tokens, earn fees from trades, and participate in governance—all without handing over your private keys. But it’s not all smooth sailing. SushiSwap’s liquidity is thinner than it used to be, its interface feels outdated compared to newer DEXs, and many of its features are now duplicated or outperformed by competitors like WOOFi or Astroport.

What’s left is a platform that still works, but only if you know what you’re doing. If you’re looking for low fees, no account setup, and a chance to earn passive income from trading pairs, SushiSwap still delivers. But if you want speed, advanced tools, or deep liquidity for big trades, you’ll find better options elsewhere. The posts below dig into exactly that: real user experiences, hidden risks, how SUSHI token rewards actually work, and how SushiSwap compares to other decentralized exchanges like Phoswap and ZKSwap. You’ll also see how liquidity mining changed the whole DeFi game—and why some of those early rewards are now barely worth the gas fee to claim.