SushiSwap:
from an $8 billion vampire attack to a fraction of its former self, with a founding story unlike anything else in this series.
We tore apart SushiSwap, launched in August 2020 as a fork of Uniswap's own code, across the same seven-category scorecard we've used throughout this series. From a genuinely broad, historically ambitious product suite spanning classic and concentrated liquidity pools, margin trading, and cross-chain reach across 14-plus networks, to a founding history unlike any other DEX we've reviewed: pseudonymous founder "Chef Nomi" initially retained admin control and developer funds before facing backlash and handing control in September 2020 to a group that included Sam Bankman-Fried, later convicted of defrauding FTX customers, before the DAO eventually elected its current "head chef" in 2022. We also found a real, confirmed April 2023 exploit that drained $3.3 million through an approval bug, a genuinely dramatic decline from an $8 billion peak TVL to a small fraction of that today, and a wildly outlying TVL figure in one source that we're flagging rather than trusting at face value; and landed on a score the marketing page won't show you.
Our take, up front: SushiSwap launched in August-September 2020 as a fork of Uniswap's open-source AMM code, executing what became known as a "vampire attack" that migrated roughly $1 billion in liquidity away from Uniswap using aggressive token incentives. Real, genuinely dramatic, well-documented founding controversy unlike anything else in this series: pseudonymous founder "Chef Nomi" initially retained admin control and developer funds, and after facing community backlash, transferred control in September 2020 to a group that included Sam Bankman-Fried, who later became widely known for defrauding customers at FTX; Bankman-Fried managed a migration of nearly $1 billion in funds before eventually handing control back to the community. Under co-founder "0xMaki," SushiSwap became a leading community-governed DEX, and in October 2022 its DAO elected Jared Grey as "head chef," a role he still holds. Real, genuinely broad, historically ambitious product suite: BentoBox infrastructure, Kashi for margin trading and lending, Trident's advanced pool types, concentrated liquidity via V3, and the Onsen Program offering early exposure to new tokens. Real, genuinely broad multi-chain reach, spanning 14 or more networks. Real, genuinely extensive, regularly-conducted, multi-firm audits: CertiK, PeckShield, Zellic, and Halborn. Real, genuinely positive historical note: in 2021, a white-hat researcher discovered and disclosed a bidding-mechanism bug that could have been exploited for as much as $350 million had it gone unnoticed. What we can't set aside: a real, confirmed incident. On April 9, 2023, an approval-related bug in the RouteProcessor2 routing contract, introduced just four days earlier, allowed an attacker to steal roughly $3.3 million, primarily from a single prominent user; white-hat rescue efforts recovered a substantial portion within days, though at least one detailed source notes the rescue attempt itself was clumsy enough to trigger a series of copycat attacks, and SushiSwap fully compensated remaining affected users from its DAO treasury. Real, honest, dramatic decline from its peak: SushiSwap's TVL reached as much as $8 billion at its height, but has since fallen to a range our sources place between roughly $313 million and $400 million, with one notably higher, unverified figure ($3.99 billion) we're treating as an outlier given how far it diverges from every other source we found. We weighted all of it below.
Real, genuinely extensive, regularly-conducted, multi-firm audits: CertiK, PeckShield, Zellic, and Halborn. Real, confirmed incident: on April 9, 2023, an approval-related bug in the RouteProcessor2 routing contract, introduced just four days earlier, allowed an attacker to steal roughly $3.3 million, primarily from a single prominent user; white-hat rescue efforts recovered a substantial portion of the funds within days, though at least one detailed source notes the rescue attempt itself was clumsy enough to trigger a series of copycat attacks. Real, genuinely positive: SushiSwap fully compensated remaining affected users from its DAO treasury. Real, genuinely positive historical note: in 2021, a white-hat researcher discovered and disclosed a bidding-mechanism bug that could have been exploited for as much as $350 million had it gone unnoticed, a real example of responsible disclosure working as intended.
Pros
- Regularly-conducted, multi-firm audits (CertiK, PeckShield, Zellic, Halborn)
- Full DAO-treasury compensation for remaining affected users after the 2023 incident
- Genuine 2021 near-miss: a $350M-scale bug was caught and disclosed before exploitation
Cons
- Confirmed April 2023 exploit: $3.3M via an approval bug in a contract launched four days earlier
- Rescue attempt itself was clumsy enough to trigger copycat attacks, per one detailed source
Real, honest, dramatic decline from its peak: SushiSwap's TVL reached as much as $8 billion at its height during its "vampire attack" migration from Uniswap, but has since fallen to a range our sources place between roughly $313 million and $400 million, with one notably higher, unverified figure ($3.99 billion) we treat as an outlier given how far it diverges from every other source we found. Real, genuinely modest current standing: one detailed source ranked SushiSwap 6th among all DEXs by TVL, with daily volume more than 100 times smaller than Uniswap's.
Pros
- Still functions as a real, active, multi-billion-dollar-history DEX
Cons
- Peak TVL of $8B has fallen to roughly $313-400M today
- Daily volume reported as more than 100x smaller than Uniswap's
Real, genuinely non-custodial; SushiSwap never holds private keys or user funds, with all trades executing directly through public smart contracts. Real, genuinely dramatic, well-documented governance history: founded by pseudonymous developers "Chef Nomi" and "0xMaki," Chef Nomi initially retained admin control and developer funds before facing community backlash and transferring control in September 2020 to a group including Sam Bankman-Fried, who later became widely known for defrauding customers at FTX; control was eventually handed to the community, and the DAO elected Jared Grey as its "head chef" in October 2022, a role he still holds. Real, genuinely functioning DAO governance and revenue-sharing model: xSUSHI holders receive a disclosed share of trading fees.
Pros
- Genuinely non-custodial; no platform custody of funds or private keys
- Functioning DAO governance with disclosed, transparent fee revenue-sharing
Cons
- Founder initially retained admin control and developer funds before facing backlash
- Control briefly passed to Sam Bankman-Fried, later convicted of defrauding FTX customers
Real, genuinely broad multi-chain reach, with the 2023 incident alone affecting contracts across 14 different chains, illustrating the platform's real breadth. Real, a genuinely broad product suite beyond simple swaps, including BentoBox infrastructure, the Kashi margin and lending product, and concentrated liquidity via V3.
Pros
- Genuinely broad multi-chain reach across 14+ networks
- Historically ambitious product suite: Kashi, Trident, V3 concentrated liquidity
Cons
- Several product lines (Kashi, Trident) now described as legacy rather than growing
Real, genuinely functional on mobile browsers with standard wallet connections. Real, honest, notable limitation: at least one detailed source describes the interface as dense, prioritizing information over simplicity, genuinely more intimidating for newcomers than some competitors. Real, honest, disclosed limitation: no demo or practice-money mode, meaning new users must transact with real funds from the start.
Pros
- Fully functional on mobile browsers with standard wallet connections
- Dense information display genuinely benefits experienced traders
Cons
- Honestly dense, potentially intimidating interface for newcomers
- No demo or practice-money mode before committing real funds
Real, standard AMM fee structure consistent with V2/V3 conventions, with xSUSHI holders receiving a disclosed 0.05% share of trading fees for staking. Real, no meaningfully distinctive fee advantage or disadvantage relative to comparable general-purpose AMMs in this series.
Pros
- Standard, transparent V2/V3 fee tiers
- Disclosed 0.05% revenue share for xSUSHI stakers
Cons
- No meaningfully distinctive fee advantage relative to comparable AMMs
Real, genuinely distinctive, historically ambitious product suite: Kashi for margin trading and lending, Trident for advanced pool types, and the Onsen Program offering early exposure to new tokens with boosted rewards. Real, built-in analytics dashboards for tracking TVL, volume, farm APRs, and individual LP positions.
Pros
- Historically ambitious product suite (Kashi, Trident, Onsen Program)
- Built-in analytics dashboards for LP positions and platform metrics
Cons
- Several flagship extras are now legacy rather than actively developed
Access only through SushiSwap's official app, and revoke unused contract approvals periodically.
Given the 2023 incident's specific mechanism, check and revoke old token approvals regularly using a tool like Etherscan or Revoke.cash, rather than leaving standing permissions active on contracts you no longer use.
A genuinely important piece of DeFi history, honestly diminished from where it once stood.
SushiSwap deserves real, historical credit: forking Uniswap and executing a genuinely audacious liquidity migration helped shape how the entire DEX category thinks about incentives and community ownership, and its DAO has functioned through a genuinely turbulent founding story to reach a stable, disclosed leadership structure today. We want to be factual and fair about that history rather than either sensationalizing or softening it: a founder who initially kept control and developer funds, and a temporary leader who later became one of the most notorious figures in crypto's history, are real, documented facts about how this specific platform came to be governed, not editorializing on our part. Layered on top of that history is a real, confirmed 2023 exploit and an honest, dramatic decline from a genuinely massive peak to a fraction of that scale today. None of this means SushiSwap is unsafe to use carefully; it does mean the platform's story is more complicated, and less currently dominant, than its early reputation might suggest.
The scorecard above is deliberately general. Whether SushiSwap is right for you depends heavily on which of these you already are.
The experienced multi-chain DeFi user who wants broad reach and is comfortable managing token approvals
The platform's genuine breadth serves this profile well, provided the security practices are followed carefully.
The trader interested in SushiSwap's historically ambitious extras, like Kashi or the Onsen Program
These remain real, functioning features, even if development focus has shifted since their introduction.
The user willing to research the platform's governance history and current leadership directly
Given the genuinely unusual founding story, this due diligence step is a reasonable one here specifically.
Complete beginners without a practice mode, or traders seeking the deepest current liquidity in the category
The honestly dense interface and the platform's dramatic decline from its peak make this a real consideration.
The scorecard covers the headline judgment calls. These four tables cover the specifics we didn't want to bury in prose; the founding and governance saga timelined precisely, the April 2023 hack explained step by step, TVL's trajectory with the outlier figure flagged, and SushiSwap against the full field.
A founding story unlike any other DEX in this series
| When | What happened |
|---|---|
| August-September 2020 | "Chef Nomi" and "0xMaki" fork Uniswap's code and launch SushiSwap, migrating ~$1B in liquidity from Uniswap via aggressive incentives |
| Early September 2020 | Chef Nomi retains admin control and developer funds; faces community backlash |
| September 2020 | Chef Nomi transfers control to a group including Sam Bankman-Fried, who later became widely known for defrauding FTX customers |
| 2021 onward | Control passed back to the community; 0xMaki leads as a visible community figure |
| October 2022 | DAO elects Jared Grey as "head chef," a role he still holds |
We're presenting this history factually because it's genuinely relevant to evaluating a platform's governance, not to sensationalize a well-documented, widely reported sequence of events.
The April 2023 hack, step by step
| Step | What happened |
|---|---|
| Setup | RouteProcessor2 contract deployed just four days before the exploit |
| Exploit | An approval-related bug let the attacker direct a swap route to a malicious, attacker-controlled pool |
| Loss | ~$3.3 million, primarily one user (~1,800 ETH) |
| Response | Users urged to revoke approvals immediately; white-hat rescues recovered a substantial portion within days |
| Complication | The rescue attempt itself was clumsy enough to trigger a series of copycat attacks, per one detailed source |
| Resolution | Remaining affected users compensated from the DAO treasury |
The exploited contract had existed for only four days before the attack, underscoring how quickly newly deployed code needs scrutiny, even at an established, previously-audited protocol.
TVL trajectory, with an outlier flagged
| Period | TVL |
|---|---|
| Peak (2020-2021) | ~$8 billion |
| Early 2024 | ~$400 million |
| January 2026 | ~$313 million |
| One July 2026 source (outlier) | $3.99 billion, wildly inconsistent with every other source found |
We're treating the $3.99 billion figure as an outlier given how sharply it diverges from every other source across a two-year span; we'd recommend verifying current TVL directly on DefiLlama rather than relying on any single cited figure.
SushiSwap against the full field
| SushiSwap | Uniswap | PancakeSwap | Curve | |
|---|---|---|---|---|
| Since | 2020 | 2018 | 2020 | 2020 |
| Origin | Uniswap fork | Original | Independent | Independent |
| Peak-to-current TVL decline | ~$8B → ~$313-400M | Sustained growth | Sustained growth | ~$3B → ~$1.7-2B (post-2023) |
| Confirmed security incidents | One (2023) | One (2020) | None found | Three (2023, 2025, 2026) |
SushiSwap's decline from peak to current TVL is proportionally the steepest we've found among the general-purpose AMMs in this series.
We don't just want to hand you our number; we want to show you how it sits next to what other review desks and comparison sites have published. We've flagged one source's TVL figure as a likely outlier and did not let it influence our own research conclusions.
Our score lands substantially below the aggregated industry average, one of the largest gaps we've found in this series; most sources treat SushiSwap's turbulent history and decline as background narrative rather than a direct scoring factor, while our methodology weights both Liquidity and Decentralization heavily enough that these real, documented facts move the number substantially.
| Source | Score | Type |
|---|
Scores compiled by our editorial team from publicly available reviews as of August 2026. "Editorial estimate" means the outlet didn't publish a single numeric score, so we converted their published verdict and sentiment into a comparable 100-point figure. Verify current figures directly with each source before citing them elsewhere.
Yes. After founder "Chef Nomi" faced backlash for retaining admin control and developer funds, he transferred control in September 2020 to a group including Sam Bankman-Fried, who later became widely known for defrauding customers at FTX. Control eventually passed to the community.
Yes, once confirmed: on April 9, 2023, an approval bug in a newly deployed routing contract led to roughly $3.3 million in losses. White-hat efforts recovered a substantial portion, and remaining affected users were compensated from the DAO treasury.
Substantially. TVL peaked around $8 billion during its 2020-2021 "vampire attack" era against Uniswap, and has since settled around $313-400 million based on the most consistent sources we found, a decline of roughly 95%.
Jared Grey, elected by the SushiSwap DAO as "head chef" in October 2022, a role he still holds as of our research.
The token received by staking SUSHI in SushiBar. xSUSHI holders receive a disclosed 0.05% share of all trading fees on the platform.
Most sources we found place it around $313-400 million; one source cites a dramatically higher $3.99 billion figure that we're treating as an outlier given how far it diverges from everything else we found. Check DefiLlama directly for the current figure.
Yes, its original code was forked from Uniswap's open-source AMM in 2020, then extended with its own governance token and incentive structure.
No. It's a fully non-custodial DEX; connecting a compatible wallet is all that's required.
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