SUSHI token: What it is, how it works, and why it matters in DeFi

When you hear SUSHI token, the native governance and incentive token of the SushiSwap decentralized exchange. Also known as SUSHI, it was created in 2020 as a fork of Uniswap—but quickly became its own movement in DeFi. Unlike most tokens that just trade, SUSHI gives holders real power: they vote on protocol changes, earn fees from trades, and help shape the future of one of the biggest decentralized exchanges on Ethereum.

SUSHI isn’t just a coin—it’s tied to a whole system. SushiSwap, a decentralized exchange where users trade crypto without intermediaries lets people swap tokens, add liquidity, and earn rewards. The more you stake SUSHI, the more you earn from trading fees. It’s not magic—it’s code. And that code is open for anyone to check, which is why early adopters trusted it even when the market was wild.

What makes SUSHI different from other DeFi tokens? It started as a community experiment. In 2020, someone took Uniswap’s code, added a token reward system, and called it SushiSwap. Within days, billions flowed in. The original team even gave up control, letting users vote on what to do next. That’s rare. Most projects stay centralized. SUSHI didn’t. It became a symbol of true decentralization.

But it’s not just about trading. governance token, a type of cryptocurrency that lets holders vote on protocol upgrades and treasury spending like SUSHI lets you decide if the platform should expand to new chains, change fee structures, or fund new tools. You don’t need to be a millionaire to vote—just hold a few tokens. That’s the whole point.

Today, SUSHI still runs on Ethereum, but it’s also on BSC, Polygon, and others. You’ll find it in yield farms, staking pools, and even NFT marketplaces built on its ecosystem. Some call it outdated. Others say it’s proven. Either way, if you’ve ever earned crypto just for swapping tokens, you’ve felt the impact of SUSHI.

Below, you’ll find real stories about how SUSHI worked in practice—what users actually earned, how the rewards changed over time, and why some people walked away while others doubled down. No fluff. No hype. Just what happened.