SushiSwap (HAQQ) Crypto Exchange Review: Features, Fees, and Real-World Performance in 2025

SushiSwap isn’t just another crypto exchange. It’s a community-run platform that lets you trade tokens without a middleman - and it’s been doing it since 2020. But here’s the twist: it didn’t start as a polished product. It was a fork of Uniswap, built by someone who vanished after taking a big payout. Today, it’s one of the top 5 decentralized exchanges in the world, with over $1.5 billion locked in liquidity. And now, it supports HAQQ, the blockchain built for Web3 in Asia. If you’re looking to trade crypto without relying on centralized exchanges like Binance or Coinbase, SushiSwap is worth your time - but only if you understand how it really works.

How SushiSwap Works (No Order Books, No Middlemen)

SushiSwap doesn’t use order books like traditional exchanges. Instead, it uses something called an Automated Market Maker (AMM). Think of it like a vending machine for crypto. You put in one token - say, ETH - and get back another - like USDC - based on a simple math formula. The price adjusts automatically based on supply and demand inside the pool. No one sets the price. No broker. No human intervention.

This system runs on smart contracts, mostly on Ethereum, but now also on over 30 other blockchains including HAQQ, Polygon, Binance Smart Chain, and Avalanche. HAQQ integration means users in Southeast Asia and the Middle East can trade with lower fees and faster speeds. You don’t need to sign up. You don’t need to verify your ID. Just connect your wallet - MetaMask, WalletConnect, or any EVM-compatible one - and start swapping.

The SUSHI Token and How You Earn From It

The heart of SushiSwap isn’t the trading interface. It’s the SUSHI token. You don’t just trade with it - you earn from it. When you swap tokens on SushiSwap, you pay a 0.3% fee. Here’s how it breaks down:

• 0.25% goes to liquidity providers (people who deposit tokens into pools)
• 0.05% goes to people who stake their SUSHI tokens in the SushiBar

That’s the key difference from Uniswap. Uniswap doesn’t give you a cut of trading fees unless you’re a liquidity provider. SushiSwap gives you a second way to earn - just by holding and staking SUSHI. As of November 2025, the circulating supply is 262 million SUSHI tokens. The total supply was burned down from 250 million to 215 million in 2023, making it scarcer over time.

Staking SUSHI turns it into xSUSHI, which accrues those 0.05% fee shares. Some users report earning 8-14% APY on their staked SUSHI, depending on trading volume. It’s not guaranteed, but it’s real. And with the Onsen program - which rewards liquidity providers with extra tokens from new projects - you can stack earnings on top of earnings.

HAQQ Integration: Why It Matters

HAQQ isn’t just another blockchain. It’s designed for mass adoption in regions where Ethereum fees are too high and speeds too slow. By integrating HAQQ, SushiSwap now offers users in Indonesia, the Philippines, and the Middle East access to DeFi with gas fees under $0.10 per transaction. That’s a game-changer.

HAQQ’s EVM compatibility means you can use the same wallet, the same interface, and the same SUSHI tokens - but with way lower costs. If you’ve ever paid $40 in gas to swap $200 worth of ETH, you know how big this is. SushiSwap’s HAQQ pool now holds over $180 million in TVL as of November 2025, making it the second-largest chain after Ethereum itself.

Fees, Slippage, and Real Trading Costs

Yes, SushiSwap charges 0.3% per trade. But that’s not the full cost. The real expense? Gas fees. On Ethereum, gas averages $1.50-$5 during normal times. But during spikes - like when Bitcoin hits a new high - it can jump to $45. That’s not a typo. One user on Trustpilot paid $38 in gas to swap $200. That’s a 19% fee. Ouch.

Slippage - the difference between the price you see and the price you get - is another hidden cost. For $10,000 trades, SushiSwap averages 0.85% slippage. Uniswap? 0.62%. Why? Liquidity. Uniswap has more money in its pools. For small trades under $500, SushiSwap’s aggregator often finds better rates by splitting the trade across multiple DEXs. For big trades? Stick with Uniswap.

On HAQQ, gas is under $0.10 and slippage is consistently below 0.3%. If you’re trading smaller amounts or live in a region with limited access to Ethereum, HAQQ is your best bet.

Security: Audited, But Not Foolproof

SushiSwap’s smart contracts have been audited by PeckShield, CertiK, and others. The latest audit in September 2025 found zero critical bugs. That’s good. But audits don’t stop user mistakes.

The biggest risk isn’t the platform. It’s you. New users often approve unlimited token allowances - meaning a hacker could drain your entire wallet if they get access to one small transaction. YouTube creators like CryptoCasey warn that this has led to losses of up to $50,000. Always check the approved amount before confirming a swap. Use tools like Etherscan to revoke unnecessary approvals.

Also, SushiSwap doesn’t have customer support. No phone number. No live chat. If something goes wrong, you’re on your own. The Discord community has 142,000 members and answers most questions in under 30 minutes. GitHub is where bugs are reported - and fixed. The team resolves 78% of medium issues within two weeks.

SushiSwap vs Uniswap: The Real Battle

Uniswap still dominates. It has $4.8 billion in TVL. SushiSwap has $1.5 billion. Uniswap handles $3.2 billion in daily volume. SushiSwap handles $470 million. But Uniswap doesn’t pay you for holding its token. SushiSwap does.

Uniswap V4 is coming - and it might copy SushiSwap’s fee-sharing model. If it does, SushiSwap’s biggest advantage disappears. But SushiSwap has something Uniswap doesn’t: multi-chain depth. With 30+ chains and HAQQ as a strategic partner, it’s not just surviving - it’s expanding into markets Uniswap ignores.

For beginners, SushiSwap’s interface is cleaner. For traders who want to earn while they trade, SushiSwap wins. For big traders who need deep liquidity, Uniswap still wins.

Who Should Use SushiSwap?

Use SushiSwap if:

• You want to earn passive income from trading fees
• You’re in a region where Ethereum fees are too high (HAQQ fixes this)
• You trade small amounts ($50-$1,000) and want better rates
• You believe in community-governed DeFi

Avoid SushiSwap if:

• You’re trading over $10,000 and need low slippage
• You hate managing gas fees and wallet approvals
• You expect customer service when things go wrong
• You’re in the U.S. and worried about SEC regulation

For U.S. users, the risk is real. After the SEC targeted Uniswap in September 2025, SushiSwap’s CEO said their decentralized governance protects them - but regulators could still classify SUSHI as a security. That could block U.S. access, just like it did with Uniswap.

Getting Started in 2025

Here’s how to start in under 20 minutes:

1. Download MetaMask or Trust Wallet
2. Buy ETH or HAQQ on a centralized exchange like Coinbase or Binance
3. Send it to your wallet
4. Go to sushi.com and connect your wallet
5. Choose your token pair (ETH/USDC, HAQQ/USDT, etc.)
6. Set slippage to 0.5-1% for small trades
7. Check gas fees - if over $10, wait or switch to HAQQ
8. Confirm the swap

Once you’ve swapped, go to the SushiBar and stake your SUSHI for xSUSHI. You’ll start earning fees automatically. For HAQQ, just switch networks in your wallet - no extra steps.

What’s Next for SushiSwap?

SushiSwap’s roadmap is aggressive:

• Integration with zkSync Layer 2 (Q1 2026) - will slash Ethereum gas fees by 90%
• Expansion of Kashi lending protocol - lets you borrow crypto without collateral
• $5 million treasury allocation to support DeFi growth in Southeast Asia
• Improved Miso 2.0 for launching new tokens with 47% lower gas costs

They’re not just keeping up. They’re building the next layer of DeFi.

Final Verdict

SushiSwap isn’t perfect. It’s messy. It’s unpredictable. It’s not for everyone. But if you want to be part of a decentralized finance ecosystem that actually pays you to participate - and if you’re tired of paying $40 in fees to swap $200 - then SushiSwap, especially with HAQQ, is one of the best options in 2025.

It’s not the biggest. It’s not the fastest. But it’s the only major DEX that gives you a cut of the action just for holding its token. That’s not just innovation. That’s incentive design done right.