SushiSwap V2 is a prominent and well-established decentralized exchange built on the Automated Market Maker (AMM) model. It allows traders to execute spot trades, provide liquidity, and benefit from yield programs like Onsen. While V2 doesn’t natively support perpetuals in its core design and its lending unit (Kashi) has been deprecated, understanding its trading mechanics and liquidity depth is essential for DeFi users. In this guide, you'll learn how SushiSwap V2 offers faster swaps, deeper pools, and why it remains a preferred choice for traders.
At its core, SushiSwap V2 enables token swaps via its AMM architecture (x·y = k). Traders choose token pairs to swap, and the protocol uses liquidity pools to execute trades without order books. V2 improves routing and slippage over older versions, making swaps more efficient. The standard fee is 0.30%, with 0.25% going to liquidity providers and 0.05% directed towards SUSHI stakers or protocol incentives. :contentReference[oaicite:0]{index=0}
One of the strengths of SushiSwap V2 is its deep liquidity across many token pairs, especially on major chains like Ethereum, Polygon, and BNB Chain. The Onsen program boosts yield for liquidity providers by distributing extra SUSHI in approved pools, making it more attractive to supply liquidity. :contentReference[oaicite:1]{index=1}
V2 does not natively support perpetual contracts (perps). However, Sushi’s roadmap includes plans and related derivative protocols (like Susa) to introduce derivatives in future versions. Traders interested in leveraged exposure should monitor Sushi’s official development updates. :contentReference[oaicite:2]{index=2}
Previously, SushiSwap included a lending/borrowing unit called Kashi, built on BentoBox. However, the team has officially deprecated Kashi and closed active development due to design and operational challenges. :contentReference[oaicite:3]{index=3}
SushiSwap V2 has extended beyond Ethereum, operating on chains like BNB Chain, Polygon, Arbitrum, and more. Its newer variant, SushiXSwap, introduces cross-chain swap capability using protocols like CCTP to move native USDC across chains without bridging. :contentReference[oaicite:4]{index=4}
SushiSwap V2 continues to be a robust platform for traders seeking fast, efficient swaps and deep liquidity across multiple chains. Its core remains in spot trading and liquidity provision, with strong incentives via Onsen and multi-chain expansion. While it currently does not offer perpetuals or active lending, its roadmap suggests these may appear in future versions. As always, stay updated with official announcements, understand risks, and use verified interfaces to interact with the protocol safely.