Sushi

Sushi is the governance and utility token of SushiSwap, a decentralized exchange that lets users swap digital assets across more than 40 blockchain networks without relying on a traditional intermediary. SushiSwap uses an automated market maker model, meaning liquidity is supplied by other users rather than a central order book. The protocol is aimed at anyone who wants to trade tokens or earn a share of trading fees by contributing liquidity.

SushiSwap pools assets deposited by liquidity providers and uses a mathematical formula to set prices and execute trades automatically, a design known as an AMM. SUSHI is not a blockchain in its own right and has no consensus algorithm; it exists as a token across multiple chains, including Ethereum, BNB Chain, and Solana. Token holders can participate in governance of Sushi DAO and, through the holder revenue mechanism, receive a portion of the fees the protocol collects.

Fees are paid by traders each time they swap assets on the platform. Over the trailing 30 days, the protocol collected 562,064.56 USD in total fees, of which it retained 303,506.96 USD as protocol revenue, implying a take rate of roughly 54.0 percent over that same period. Liquidity providers received the remainder, recorded as 258,557.60 USD in supply-side revenue over the trailing 30 days. Of the protocol revenue, only 9,754.00 USD reached token holders over the trailing 30 days, meaning the share flowing directly to SUSHI holders is a small fraction of total fee generation. Both fees and revenue declined by approximately 62.5 percent over the last 30 days.