SushiSwap, now commonly called Sushi, is a decentralized exchange (DEX) that lets people swap crypto through automated market maker (AMM) liquidity pools instead of a traditional order book. You connect a crypto wallet, choose a supported network and tokens, review the quote and fees, then approve and confirm the transaction in your wallet. Sushi also lets users provide liquidity to pools; its SUSHI token has governance-related roles.
What is SushiSwap?
Sushi’s official materials use “Sushi” and “SushiSwap” for the protocol and product. Sushi describes itself as a multichain DEX created in late August 2020. Its core trading system is an AMM: smart contracts use token pools to facilitate trades, rather than matching buyers and sellers through a conventional order book. Sushi’s overview and explanation of how it works provide its descriptions.
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In practical terms, a trade depends on the pool liquidity, route, network, and transaction settings available for the assets you select. A DEX is not the same as a bank account or a conventional brokerage account: you use a crypto wallet to interact with smart contracts, and you must review the transaction before signing it.
Sushi’s overview describes the protocol as operating across 40+ chains, but its other materials use different network counts for particular features. Network and route availability can change, so check the live app’s network selector rather than treating any one count as a definitive current total.
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How to swap tokens on Sushi
Sushi’s Quick Start Guide says users need a crypto wallet and gives MetaMask, Ledger, and Trezor as examples. Those examples do not establish that every wallet model supports every network or Sushi feature. You also need the tokens you plan to trade and enough of the network’s native asset to cover transaction fees.
- Connect your wallet: Open the Sushi app, connect the wallet, and select a network supported for the intended trade.
- Choose the trade: Select the token to swap from and the token to receive. Confirm that the token and network are the ones you intend to use.
- Review the quote: Check the estimated output, route, price impact, slippage setting, and network or cross-chain fees where shown. The displayed quote is more useful than comparing token prices alone.
- Approve the token if prompted: A token approval is a separate wallet transaction that permits a contract to use a token. Review the token and authorization details before signing; do not confuse an approval with the swap itself.
- Confirm the swap: Review the transaction in your wallet, including the network and fee, and sign only if the details match your intent.
- Check the result: Look at the wallet activity or the relevant blockchain explorer to confirm whether the transaction succeeded.
Not every token, network, or cross-chain route is necessarily available. Check the selected network and route in the current interface before proceeding. Sushi’s Product FAQ includes topics such as slippage, price impact, cross-chain costs, and revoking approvals.
What does a Sushi swap cost?
Sushi’s undated documentation, accessed October 8, 2026, states a 0.3% swap fee, allocated as 0.25% to liquidity providers and 0.05% to SUSHI holders who have staked to receive xSUSHI. Sushi’s mechanics page and fee-distribution page describe this split. Treat it as the documented arrangement, not a guarantee that every pool, network, or transaction currently uses those exact parameters; verify the selected pool and transaction details in the live app.
A displayed swap may also involve network transaction costs, and a cross-chain transaction may involve additional fees. Price impact and slippage affect the amount received in different ways: price impact reflects the trade’s effect on the available pool price, while slippage tolerance is a setting for how much the execution price may move before the transaction fails. Review the quote and settings for the specific trade rather than assuming a universal cost.
How liquidity pools and liquidity provision work
Liquidity providers deposit tokens into pools so traders can swap against that liquidity. Sushi’s Quick Start Guide says providers receive Sushi Liquidity Provider (SLP) tokens representing their share of a pool.
V2 pools
Sushi describes V2 liquidity provision as using equal values of two tokens in a pair. This is a simpler model than choosing a custom price range, but pool participation still exposes a provider to changes in token prices and pool conditions.
V3 concentrated liquidity
Sushi’s V3 model lets providers select a price range in which their liquidity is active. This gives providers more control, but it also adds complexity: the selected range and its management matter to whether liquidity is available for trading across prices.
Fees paid by traders may be distributed to liquidity providers according to their share of a pool, as Sushi’s fee documentation describes. That is not a guaranteed yield. Actual fees depend on trading activity and pool terms, while the value of deposited tokens can change; fee earnings do not ensure that a position will be profitable.
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What is the SUSHI token?
SUSHI is Sushi’s primary platform token, according to its token overview. Sushi’s Quick Start Guide also describes staking SUSHI in the Sushi Bar to receive xSUSHI, which Sushi links to a share of fees in its documentation. Token mechanics and fee arrangements can change, so check the current tokenomics and product information before relying on them.
SUSHI is not the same thing as a deposit in a bank or a claim to a fixed return. Its use in Sushi’s ecosystem does not make its market price stable, and the sources cited here do not establish a future value or a guaranteed return.
How Sushi governance works
Sushi describes the project as community governed. Its governance page outlines a process in which proposals are discussed on the forum and may proceed to Snapshot voting. It also says the working team handles day-to-day operations, pool rebalancing, business strategy, and development, while treasury transactions use multisig signers.
That division matters: SUSHI holders may participate in governance, but it would be inaccurate to say that token holders directly or automatically make every operational decision or execute every treasury transaction.
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What to check before using Sushi
- For a swap: Confirm the network, tokens, estimated output, price impact, slippage tolerance, and any network or cross-chain fees.
- For an approval: Check which token and contract the wallet is asking you to authorize. Sushi’s Product FAQ includes guidance on revoking approvals.
- For liquidity provision: Understand the pool’s assets and fee arrangement. For V3, consider how the chosen price range affects when your liquidity is active.
- For governance: Distinguish community proposal discussion and Snapshot voting from operational work and multisig treasury execution.
These checks help you understand the transaction you are authorizing; they are not a substitute for an independent security assessment. The cited Sushi materials do not establish a current independent audit status or provide a quantitative assessment of protocol risk.
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