Uniswap vs SushiSwap vs Curve
The three largest decentralized exchanges by TVL. Uniswap dominates general trading with concentrated liquidity (V3/V4). Curve specializes in stablecoins. SushiSwap offers token rewards. This guide covers AMM models, fees, governance, and multi-chain presence.
Quick Verdict
Uniswap: Best general-purpose DEX, 99% of volume, multi-chain, most liquidity.
Curve: Dominant for stablecoin swaps, 10x lower slippage, best token incentives (veCRV).
SushiSwap: Best LP rewards, multi-chain, but declining TVL. Choose Uniswap for general trading, Curve for stables, SushiSwap for LP incentives.
1. DEX Overview
Uniswap (2018): Largest DEX by volume (99% of DEX trading). Founded by Hayden Adams. Pioneered constant-product AMM; evolved to concentrated liquidity (V3, 2021). Governance via UNI token (1B supply). Multi-chain deployment (8+ chains).
We've tested all of these extensively. The differences matter less than you'd think for casual users, but they compound for power users.
Curve (2020): Specialized for stablecoin/low-volatility swaps. StableSwap formula (not constant-product). veCRV governance model (lock-to-vote). ~$8-10B TVL, dominated stablecoin market. Protocol revenue to veCRV lockers (fees + bribes).
SushiSwap (2020): Forked Uniswap, added token rewards (SUSHI). Xsushi staking generates protocol fee share. ~$1.5B TVL (declining). Multi-chain but fragmented liquidity. Governance via SUSHI (smaller community).
2. AMM Models & Formulas
Uniswap (Constant Product x*y=k): Works for all token pairs. Simple formula but inefficient for stablecoins (large slippage). V3 introduced concentrated liquidity: LPs pick price ranges to earn more. V4 (2024) allows customizable pool logic (hooks).
Curve (StableSwap): Formula assumes stablecoin pairs stay near $1. Dramatically lower slippage for USDC/USDT/DAI swaps (0.04% vs 0.3% on Uniswap). Also handles non-stable pairs (Ethereum, wrapped assets) via metapools. Capital-efficient for stablecoins.
SushiSwap (Constant Product, same as original Uniswap): No innovation on AMM design. Competes via SUSHI rewards (incentive layer, not core tech).
3. Head-to-Head Comparison
| Metric | Uniswap | Curve | SushiSwap |
|---|---|---|---|
| TVL | ~$4-5B | ~$8-10B | ~$1.5B |
| Avg Daily Volume | $1.5B+ | $300-500M | $50-100M |
| Best For | General trading | Stablecoin swaps | LP rewards |
| Fee Tiers | 0.01%, 0.05%, 0.3%, 1% | 0.04% (stables) | 0.25%, 0.5%, 1% |
| Slippage (stables) | 0.1-0.3% (V3) | 0.01% (optimized) | 0.1-0.3% |
| Governance Token | UNI | CRV (veCRV) | SUSHI |
| Token Utility | Governance only | Vote-escrow + fees | xSUSHI staking (9% APY) |
4. Governance & Token Economics
Uniswap (UNI): Pure governance token (no fees). Holders vote on protocol upgrades, grants. Limited real income; UNI mostly votes. No direct earning mechanism for holders. Focus on decentralization rather than capital efficiency.
Curve (CRV/veCRV): Vote-escrow model: lock CRV for veCRV (voting power). veCRV holders earn trading fees (revenue share) + can vote on gauge rewards. Bribes: projects pay veCRV holders to direct rewards. Creates flywheel: valuable voting power attracts bribes, generating yield.
SushiSwap (SUSHI/xSUSHI): Stake SUSHI for xSUSHI. xSUSHI earns 9-10% APY from protocol fees. Simpler than Curve; decent yield but smaller fee pool. SUSHI governance less active than UNI/CRV.
5. Multi-Chain Presence
Uniswap: Ethereum (flagship), Polygon, Arbitrum, Optimism, Base, BNB Chain, Avalanche. Dominant on each chain. Unified liquidity pools across chains via Uniswap V4 hooks (planned). Best multi-chain liquidity.
Curve: Ethereum (largest), Arbitrum, Optimism, BNB Chain, Avalanche, Polygon. Strong on stablecoins across all chains. Liquidity fragmented (separate TVL per chain). ~$8B total but spread across 6 chains (~$1.3B per chain average).
SushiSwap: 15+ chains but tiny TVL per chain. Liquidity too spread; worse slippage on non-main chains. Multi-chain strategy hurt by over-expansion.
6. Frequently Asked Questions
Which DEX should I use: Uniswap, SushiSwap, or Curve?
Uniswap: Best general-purpose (99% of trades), most liquidity, multi-chain. SushiSwap: Better LP rewards (xSUSHI staking). Curve: Best for stablecoin swaps (lowest slippage). For most users: Uniswap.
How do AMM models differ?
Uniswap V3: Concentrated liquidity (LPs specify price ranges). Curve: StableSwap formula (optimized for stable pairs like USDC/USDT). Uniswap more flexible, Curve more efficient for stablecoins.
What are DEX fees and LP rewards?
Uniswap: 0.01%, 0.05%, 0.3%, 1% (volatility tiers). SushiSwap: 0.25%, 0.5%, 1%. Curve: 0.04% (stablecoins). Fees go to LPs. Additional rewards: SushiSwap pays SUSHI to LPs; Curve veCRV token aligns incentives.
Which has highest TVL and liquidity?
Uniswap: ~$4-5B TVL (dominates general trading). Curve: ~$8-10B TVL (stablecoins + incentives). SushiSwap: ~$1.5B TVL (declining). Liquidity determines slippage; Uniswap best for altcoins, Curve for stablecoins.
Does UNI, SUSHI, or CRV token have utility?
UNI: Governance only (limited real income). SUSHI: Staking (xSUSHI) generates protocol fee sharing (~10% APY). CRV: Vote-escrow (veCRV) model: lock CRV to vote on gauge rewards, earn trading fees + bribe incentives. CRV token most valuable (flywheel).
Which DEX is on most chains?
Uniswap: Ethereum, Polygon, Arbitrum, Optimism, Base, Avalanche, BNB Chain (8+ chains). Curve: Ethereum, Arbitrum, Optimism, BNB Chain, Avalanche, Polygon (7+ chains). Uniswap dominates multi-chain presence and liquidity depth.
Methodology note: Our comparisons analyze on-chain data, fee structures, and feature sets as of the publication date. Market conditions change rapidly — always verify current rates before acting. Read our full methodology.
Methodology note: Our comparisons analyze on-chain data, fee structures, and feature sets as of the publication date. Market conditions change rapidly — always verify current rates before acting. Read our full methodology.