SushiSwap v2 – Exchange Review

Snapshot – At a Glance

SushiSwap v2 (Base) is not here to dominate charts – it’s quiet, niche and mostly idle. No flashy traffic, no hype streaks, just a tucked-away DEX for curious Base users.

Backstory and Mechanism

SushiSwap v2 (Base) showed up in 2023 as part of Sushi’s push onto emerging networks. Built using the same AMM model – buckets of liquidity, token swaps without order books – it was meant to bring decentralized trading to Coinbase’s L2.

But unlike its Ethereum or Polygon siblings, this version went light. No aggressive listing rollouts, no developer fanfare – just passive presence where Base users could swap if they wanted.

Where It Shines

• Lightweight AMM interface – familiar to Sushi users, easy to use
  
• Low fees, simple swaps, and no entry friction beyond wallet
  
• Experimental space for Base – early mover advantage if Base grows
  
• AMM without custody, fully non-custodial swaps and liquidity
  

Weaknesses and Risks

1. Very thin liquidity – expect slippage if you try serious trades
   
2. Almost no volume – most pairs sit idle, some silent for hours
   
3. Limited awareness – hardly any coverage or buzz around the product
   
4. No farming, staking, or token incentives active on this chain – minimal rewards
   
5. Functionally feels abandoned unless Base takes off fast
   

User Feel – What It’s Like

You connect your wallet, open the swap UI, pick a token pair – any. Some swap, most sit. No confirmations of farming or yield. It’s an arcade test, not a launchpad. For a few, it’s a playground; for most, a quiet corner.

Final Takeaways

Why it matters

• SushiSwap presence on Base shows early-chain experimental outreach
  
• AMM works, UI is familiar, no fuss for those already in the Base ecosystem
  

Why to be cautious

• Liquidity is minimal – swaps are theoretical for serious volume
  
• No native incentives – token utility or rewards aren’t flowing here
  
• Activity rests almost entirely on Base adoption – otherwise, it’s ghost town status
  

SushiSwap v2 (Base) is less of a bustling DEX and more of a soft landing earlier in an experimental zone. For Base die-hards, it’s a tidy tool in your belt. For everyone else, it’s a dormant promise that may or may not wake up soon.