SushiSwap Review 2023
SushiSwap is a popular decentralized exchange created by Chef Nomi in 2020.
It runs on 10 different chains including Ethereum, Moonriver, Polygon.
SushiSwap offers features such as liquidity mining, spot trading and more.
We rated SushiSwap 5/5, based on it's features, security, and future prospects.
SushiSwap Features
Liquidity Mining
SushiSwap allows you to earn passive income by providing liquidity. You're given LP tokens in return, which are interest bearing. The interest comes from trading fees generated by SushiSwap.
Spot Trading
This means you can buy and sell the real thing. Actual crypto. Not a futures contract or derivative.
SushiSwap Fees
Trading Fees
All DEXs charge trading fees. SushiSwap is no different.
Trading fees incentivise liquidity providers to provide liquidity to SushiSwap. This enables people like you to freely trade between tokens without incurring too much slippage.
Withdrawal Fees
SushiSwap does not charge withdrawal fees.
DEXs, generally, do not require you to deposit funds onto them. Therefore there is nothing to withdraw. This is one of the many great things about dencentralized exchanges. You get to be the sole custodian of your funds.
How to use SushiSwap?
- Get a crypto wallet that supports web3 on one SushiSwap's of supported chains.
- Deposit crypto into the wallet, ensuring you have tokens for gas
- Navigate to SushiSwap's homepage
- Connect your wallet to the website
- Goto Swap/Trade
- Choose a token that you'd like to swap to
- Finally, swap!
FAQ
Where can I buy SUSHI ?
You can by SUSHI direct from SushiSwap. It is the native token of SushiSwap, and they will therefore offer the most liquidity.
Is SushiSwap safe?
Yes, SushiSwap is safe to use. However, you should be aware that crypto trading carries inherent risk. dApps are vulnerable to exploits, so make sure to DYOR before investing.
What chains do SushiSwap support?
SushiSwap supports Ethereum, Moonriver, Polygon, Celo, BNB Chain, Arbitrum, Fantom, Avalanche, Harmony, Gnosis.