SushiSwap

Description sourced from DeFiLlama's protocol metadata; teams submit their own copy when listing.

SushiSwap's governance or utility token carries a market capitalisation of $59.6M based on circulating supply at the latest DeFiLlama snapshot. Token market cap ($59.6M) and TVL ($46.2M) trade close together, giving a mcap/TVL multiple of 1.29× — broadly the range market participants treat as "fair" for an established DeFi protocol. A further $4.1M sits in the protocol's native staking modules — these deposits are typically locked, vote-bonded, or earning a share of fees, and they reduce the freely circulating float that can hit the market.

Market cap and supply figures are sourced from DeFiLlama's price feed (which reconciles CoinGecko, CoinMarketCap, and on-chain DEX prices). Treasury and staking values reflect on-chain balances controlled by the protocol at last sync.

SushiSwap is published as a versioned release inside the Sushi protocol family. Releases inside the same family typically share governance, brand, and large parts of the audit history, but each version can run materially different contract logic — a release labelled v2 or v3 is not just a UI refresh. Newer versions inside a family typically launch with their own audit cycle and parameter set, so do not assume the previous release's safety record carries over without checking the linked audit reports.

Fork lineage and parent-protocol relationships are tracked by DeFiLlama for security and audit-history attribution; a fork inherits the upstream design but not necessarily the upstream audits or governance.

SushiSwap is a versioned release inside a larger protocol family. View the parent for combined TVL and all sibling versions.

SushiSwap is a DEX — a decentralised exchange where users swap assets against on-chain liquidity pools rather than a central order book. It is deployed across 38 chains, including Ethereum, Arbitrum, Polygon, Base and 34 other chains. The codebase has been independently audited (1 report on file).

SushiSwap runs a multi-chain deployment, with smart contracts live on 38 networks. Only one audit report is currently listed; users should weigh that against the protocol's TVL before depositing significant amounts. Token market cap ($59.6M) and TVL ($46.2M) trade at a ratio of 1.29, in the range generally considered normal for an established DeFi protocol.

Verified external resources for SushiSwap — use these to read the source code, follow governance discussions, or cross-check on-chain data against the original team's channels.

SushiSwap is one of 7 DEX protocols Mantapex tracks in this category. Direct peers ranked by total value locked include Curve DEX, Uniswap V3, PancakeSwap AMM, and 3 more. These peer protocols collectively secure $8B in deposits, giving you a frame of reference for whether SushiSwap's own TVL is at the top, middle, or tail of the category.

Curve DEX

TVL $1.9B · 24h +0.39%

Uniswap V3

TVL $1.8B · 24h -0.67%

PancakeSwap AMM

TVL $1.7B · 24h +0.14%

Raydium AMM

TVL $1.1B · 24h +0.66%

Uniswap V2

TVL $872.4M · 24h -0.17%

Uniswap V4

TVL $670.6M · 24h -0.47%