[Crypto projects](https://revain.org/projects/) › Sushi

# Sushi (SUSHI): how it works, supply and reviews

## In short

- **Type**: Decentralised exchange (AMM) and swap aggregator made of smart contracts, not a separate blockchain
- **Issuance**: Launched with 1,000 SUSHI per Ethereum block for about two weeks, then 100 SUSHI per block
- **Risks and caveats**: SUSHI has no hard-capped supply; emissions continue unless governance changes them
- **Checked**: 31 October 2026

## Key facts

- **Ticker**: SUSHI
- **Official site**: [sushi.com](https://www.sushi.com/)

Key facts checked on 31 October 2026 against official sources.

## What is Sushi

Sushi, often called SushiSwap, is a decentralised exchange built around an automated market maker (AMM), launched in August 2020 as a community fork of Uniswap. It also runs a swap aggregator that routes trades across other DEXes, and SUSHI is its governance token, which can be staked as xSUSHI for a share of protocol fees.

## Network and consensus

| Parameter | Details |
|---|---|
| Type | Decentralised exchange (AMM) and swap aggregator made of smart contracts, not a separate blockchain |
| Pricing | Swaps use liquidity pools rather than order books; LPs earn a share of trading fees |
| Aggregator | The aggregator routes trades across multiple DEXes to reduce slippage |
| Fees | Typical swap fee 0.30%, of which 0.05% goes to SUSHI buybacks for xSUSHI stakers |

## Supply and issuance

| Parameter | Details |
|---|---|
| Issuance | Launched with 1,000 SUSHI per Ethereum block for about two weeks, then 100 SUSHI per block |
| Maximum supply | The docs state there is no hard cap and governance can change reward rates; the same page lists a total supply of 280 million |
| Initial distribution | New SUSHI goes to liquidity providers; historically 10% went to a developer fund, adjusted later by governance |

## What SUSHI is used for

- Governance: SUSHI holders vote on proposals about fees, rewards and treasury use
- Staking: SUSHI staked in the SushiBar becomes xSUSHI, which receives fee-funded SUSHI buybacks
- Liquidity incentives: LPs in selected pools earn newly minted SUSHI

## Who develops and governs Sushi

- **Founders**: Launched by an anonymous developer known as Chef Nomi, who withdrew development funds early on and later returned them
- **Governance**: Forum discussion and Snapshot votes weighted by SUSHIPOWAH; only proposals posted by the core team are binding, with a 5 million SUSHIPOWAH quorum
- **Treasury**: Dev fund spending needs 4 of 6 signatures from a community-elected Treasury Council multisig
- **Company**: The web app is operated by Sushi Labs, named in the site's cookie notice

## History

| Date | Event |
|---|---|
| August 2020 | SushiSwap launched as a fork of Uniswap, led by the anonymous developer Chef Nomi |
| August 2020 | The SUSHI token was introduced with the fork to reward liquidity providers and enable governance |
| 15 October 2025 | Sushi announced Blade, an AMM design aimed at removing impermanent loss |
| 10 February 2026 | Sushi went live on the Stellar network |

## Security and audits

- Bug bounty on Immunefi; security contact security@sushi.com
- The docs say Sushi engages auditors but list no dated reports

## Security incidents

| Date | What happened | Source |
|---|---|---|
| 8 April 2023 | Exploit: An approval bug in the new RouteProcessor2 router (soft-launched on 14 networks on 8 April 2023) let attackers drain tokens approved to it; MEV bots replayed a white-hat attempt and drained about 1,800 WETH from one user. HYDN's white-hat rescue saved over $750k of user funds. Funds returned: As of the post-mortem (18 Apr 2023): 885 ETH returned (about 685 ETH to Sushi's multisig, 190 ETH to the affected user, 10 ETH to the rescue contract), about 795 ETH sat in Lido's execution-layer rewards vault, and a claim process was set up for affected users. | [sushi.com](https://www.sushi.com/blog/routeprocessor2-post-mortem) |

Further incidents are reported by third parties (press, incident databases) but are not confirmed in the company’s own channels, so they are not listed here.

## Official SUSHI contracts

| Network | Contract address |
|---|---|
| Ethereum | [0x6B3595068778DD592e39A122f4f5a5cF09C90fE2](https://etherscan.io/token/0x6B3595068778DD592e39A122f4f5a5cF09C90fE2) |

SUSHI token contract on Ethereum, as listed in the Sushi docs.

## Risks and caveats

- SUSHI has no hard-capped supply; emissions continue unless governance changes them
- Only proposals posted by the core team are binding, and operational changes sit with a core-team multisig
- The founder is anonymous and withdrew development funds in 2020 before returning them

## Official links

- Website: [www.sushi.com](https://www.sushi.com/)
- Docs: [docs.sushi.com](https://docs.sushi.com/)
- Source code: [github.com/sushiswap](https://github.com/sushiswap)
- Blog: [www.sushi.com/blog](https://www.sushi.com/blog)
- Governance forum: [forum.sushi.com](https://forum.sushi.com)
- Governance votes: [snapshot.org/#/sushigov.eth](https://snapshot.org/#/sushigov.eth)

## Questions and answers

**What is SushiSwap?**

A decentralised exchange built on an AMM, launched in August 2020 as a fork of Uniswap, which also offers a swap aggregator and SUSHI staking.

**Who created SushiSwap?**

An anonymous developer known as Chef Nomi launched it in August 2020.

**Does SUSHI have a maximum supply?**

The docs state SUSHI has no hard-capped maximum supply; emissions continue and governance can change the rate.

**What is xSUSHI?**

Staked SUSHI from the SushiBar contract; it receives SUSHI bought back with 0.05% of swap fees.

## Sources

- [Sushi docs - What is Sushi](https://docs.sushi.com/what-is-sushi)
- [Sushi docs - Tokenomics](https://docs.sushi.com/dao/tokenomics)
- [Sushi docs - Governance](https://docs.sushi.com/dao/governance)
- [Sushi docs - Security](https://docs.sushi.com/security)
- [Sushi docs - Resources](https://docs.sushi.com/resources)
- [Sushi - Web app](https://www.sushi.com/)
- [Sushi - Blog](https://www.sushi.com/blog)

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Page updated: 2026-10-31

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Source: https://revain.org/projects/sushiswap/