SushiSwap V2: Spot, Perps & Lending Deep Dive

Getting Started

SushiSwap v2 is a foundational automated market maker (AMM) protocol. It enables decentralized token swaps and liquidity provision. While newer versions exist, v2 still supports many active pools and integrations.

Official resources:

Why Use SushiSwap V2?

Spot Trading: Swap tokens with low fees and high liquidity.
Perpetuals: Supported through integrations with partner protocols.
Lending (Kashi): Offers isolated lending markets for safer borrowing/lending.
Yield Opportunities: Earn SUSHI rewards through Onsen farms and LP incentives.
Simple LP Experience: No need to manage active positions like in v3.

Step-by-Step Guide

Step 1: Connect Your Wallet

Use MetaMask, WalletConnect, or another Web3 wallet and connect to Sushi at app.sushi.com.

Step 2: Swap Tokens (Spot)

Select your tokens and enter an amount. Confirm the transaction in your wallet.

Step 3: Provide Liquidity

Add equal values of two tokens to a pool and receive SLP tokens.

Step 4: Earn with Onsen Farms

Stake your SLP tokens in eligible pools to earn additional SUSHI rewards.

Step 5: Borrow or Lend via Kashi

Pick a market, deposit collateral, and borrow or lend tokens with isolated risk.

Security Best Practices

Always verify you are on the official site: https://app.sushi.com
Use small test transactions before committing large funds.
Revoke token approvals for unused apps (via Revoke.cash).
Monitor liquidity depth to avoid high slippage.
Check if the pool or project is audited before interacting.

Advanced Features

Zap Mode

Deposit a single token and Sushi automatically splits and converts it into the proper pair for LPing.

Isolated Lending (Kashi)

Risk in one lending pair doesn’t affect others — making it safer than global lending markets.

Perpetual Integrations

Some partner platforms integrate Sushi’s liquidity into their perpetual trading features.

Cross-Chain Support

Sushi supports multiple blockchains including Ethereum, Arbitrum, Polygon, and more.

Conclusion

SushiSwap V2 offers a robust and accessible way to participate in DeFi through spot swaps, lending, and yield farming. Despite newer models, v2 remains relevant due to its simplicity and broad support. Always follow best practices and use official tools to stay safe.

Visit SushiSwap Docs to learn more.

FAQs

Q1: Is SushiSwap V2 still usable?: Yes, many users and pools still use v2. It's active and supported across chains.
Q2: What is Kashi Lending?: Kashi is Sushi’s lending product offering isolated lending pairs for reduced risk.
Q3: Can I earn rewards on SushiSwap V2?: Yes. You can earn fees as an LP and additional SUSHI rewards via Onsen pools.
Q4: Does SushiSwap offer derivatives?: Not natively in v2, but Sushi is exploring integrations with partner protocols for perps.
Q5: What’s the difference between v2 and v3?: V3 introduces concentrated liquidity for better efficiency but is more complex to manage.

SushiSwap V2 — Spot, Perps & Lending Explained