SushiSwap (Polygon) – Exchange Review

Origin

SushiSwap emerged in 2020 as a fork of Uniswap, adding community governance and liquidity rewards with SUSHI tokens. It expanded aggressively across dozens of chains, arriving on Polygon with low-cost swaps, multi-chain aggregation, and AMM flexibility baked in.

Expansion

By 2023, SushiSwap on Polygon launched via SushiSwap V3, offering concentrated liquidity, multi-fee tiers, and cross-chain swap routing. Polygon’s low gas fees and fast confirmations made Sushi’s tools accessible without Ethereum’s cost barriers – luring users into farming, staking SUSHI, and using SushiBar to earn trading fees as xSUSHI.

Activity

Currently, SushiSwap (Polygon) shows a 24-hour trading volume around 163,960 USD (≈2 BTC). Liquidity varies by pool – but for example, one V2 WETH/nDEFI pool shows about 35k USD in TVL and negligible daily volume, just a few dollars. Overall, Polygon volumes are pocket-sized for a DEX, serving niche users rather than mass trading activity.

Risks & Strengths

Strengths

Low-fee Polygon swaps make AMM access efficient and cheap
Concentrated liquidity and tiered fees offer capital efficiency for LPs
SUSHI token used for governance, staking, and fee rebates extends DAO mechanics
Multi-chain support with smart routing improves rate execution

Risks

Very low volume limits trade depth and increases slippage risk
Thin liquidity leaves pools vulnerable to large trades or front-running
Protocol complexities (V3, SUSHI incentives) may overwhelm new users
Polygon dependency means network congestion or outages impact usability
Limited visibility – few active pairs and sparse usage data raise caution

Final Verdict

SushiSwap on Polygon is functional, efficient, and aligned with DeFi enthusiasts and Polygon devotees. It brings core Sushi mechanics – liquidity rewards, governance, multi-chain reach – into a low-cost environment. That said, it’s tiny compared to main DEX traffic. If you’re in the Sushi ecosystem already, enjoy farming or governance, or need low-gas swaps, it works well. For serious traders or liquidity seekers, it’s too quiet, too small, and yet to prove itself as a scalable DeFi hub.