SushiSwap Review: What It Really Offers in 2025

When you hear SushiSwap, a decentralized exchange built on Ethereum that lets users trade crypto without a middleman. Also known as SushiSwap DEX, it started as a fork of Uniswap but quickly tried to stand out by rewarding users with its own token, SUSHI, a governance and reward token tied to trading volume and liquidity provision. Unlike centralized exchanges, SushiSwap runs on smart contracts—you hold your keys, you take the risk, and you earn a share of trading fees if you provide liquidity. But in 2025, is it still worth your time?

SushiSwap isn’t just a trading platform—it’s part of a bigger DeFi ecosystem. It competes directly with Uniswap, the dominant DEX on Ethereum with deeper liquidity and more token pairs, and PancakeSwap, a faster, cheaper alternative on BNB Chain. While Uniswap v3 offers concentrated liquidity for pros, SushiSwap stuck with v2-style pools and added features like Kashi lending and Miso launchpad. But here’s the catch: most of those features never gained real traction. Liquidity on SushiSwap is thin compared to its rivals, and trading slippage can be nasty on smaller pairs. The SUSHI token? It’s not worthless, but it’s not a gold mine either. Rewards are low, and the token’s price has flatlined for over a year. If you’re looking for yield, you’ll find better returns on other DEXs or even stablecoin farms.

So who still uses SushiSwap in 2025? Mostly people who already have SUSHI tokens and want to stake them, or traders hunting for obscure tokens that aren’t listed on bigger exchanges. It’s not dead—but it’s not thriving either. You won’t find the same level of innovation, support, or volume you’d get on newer platforms like Saros Finance or DeGate. The team behind it has gone quiet, updates are rare, and community engagement is fading. If you’re new to DeFi, start with Uniswap or PancakeSwap. If you’re holding SUSHI, keep it for the sake of holding it—not because you expect big gains. Below, you’ll find real reviews, comparisons, and breakdowns of what’s actually happening with SushiSwap today—not the hype from 2021.