NFT Marketplaces: General · Review
ActiveSudoswap V1 Review 2026: Bonding-Curve NFT AMM
Sudoswap V1 is an Ethereum NFT automated market maker that swaps ERC721 NFTs for ETH or ERC20 tokens using bonding curves. It is an early, influential design, but its tracked TVL is now modest.
By the DappsAtlas editorial team · Updated
DappsAtlas score
6.6/10
Good
Our verdict on Sudoswap V1
6.6/10Sudoswap V1 suits NFT traders and liquidity providers who want instant, pool-based swaps and are comfortable with bonding curves. Its main strength is the design: a gas-efficient AMM that lets pool creators set their own pricing. The main caveat is size, since TVL of roughly $460,000 suggests limited liquidity, and fee levels are not stated publicly. Newcomers should read pool pricing carefully and check current protocol versions before trading.
Score breakdown
How Sudoswap V1 scores
- Security
- 6.8/10
- Ease of use
- 6.5/10
- Fees
- n/a
- Features
- 6.5/10
Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.
What is Sudoswap V1?
Sudoswap V1 is an automated market maker for NFTs on Ethereum. According to the protocol description, it is a minimal, gas-efficient AMM for swapping ERC721 NFTs for ETH or ERC20 tokens using customizable bonding curves. One search result describes sudoswap as crypto's first NFT automated market maker, and it works in a way similar to Uniswap.
DefiLlama lists it under NFT marketplaces, on Ethereum only, with about $460,412 in TVL and a listing date of July 2022. It has two audits listed and a governance token, SUDO, which was airdropped in early 2023 according to a search result. The homepage describes sudoswap as the decentralized NFT marketplace.
The project does not give trading volume, fee rates or the current state of newer protocol versions, so this review stays at the level of design and risk.
How Sudoswap V1 works
Sudoswap V1 replaces the order book with liquidity pools. A pool holds NFTs, tokens, or both, and a bonding curve decides the price. Each purchase or sale moves the price along the curve.
A buyer can swap ETH or an ERC20 token for an NFT in a pool, and a seller can swap an NFT for tokens from a pool. Because a pool quotes prices on its own, trades can settle immediately without another user accepting an offer.
Pool creators pick the curve and its parameters, so different pools for the same collection can quote different prices. This gives traders choice but takes more attention than a simple fixed-price listing.
6 features
Key features
01
NFT automated market maker
Pools hold NFTs and tokens and quote prices from a formula instead of one-off listings. This allows instant swaps without a matching counterparty.
02
Customizable bonding curves
Pool creators can choose the bonding curve that sets how price changes with each trade. This gives liquidity providers control over their strategy.
03
Gas-efficient design
The protocol describes itself as minimal and gas-efficient, which matters for on-chain trading on Ethereum.
04
ETH and ERC20 pairs
Pools can be priced in ETH or in ERC20 tokens, per the protocol description.
05
Liquidity provision for NFTs
Users can provide NFTs and tokens to a pool and earn from trades against it, based on the AMM model.
06
Listed audits
DefiLlama lists two audits for the protocol. Details are not public.
Pros and cons
What we like
- Pioneered the NFT AMM model, which allows instant swaps without waiting for a buyer
- Customizable bonding curves give liquidity providers control over pricing
- Gas-efficient, minimal design per the protocol description
- Two audits listed on DefiLlama
- Decentralized, non-custodial approach with pools on Ethereum
- Has a governance token, SUDO, for protocol decisions
Watch out for
- TVL is small, about $460,000 per DefiLlama, so liquidity in many pools may be thin
- Ethereum-only in the listed data, so gas costs apply to every swap and pool action
- Supports ERC721 only per the protocol description, so ERC1155 collections are not covered
- Pricing through bonding curves can be confusing for people used to simple listings and offers
- The SUDO token allocation drew controversy, according to a search result headline
- This V1 listing may have been superseded by newer versions of the protocol; the project does not say
Sudoswap V1 fees
Specific fee figures for Sudoswap V1 are not stated publicly. Fees in a pool-based NFT AMM typically include a protocol fee and a pool-level fee set by the liquidity provider, but exact rates should be checked on the official site or in the pool details before trading.
Users also pay Ethereum gas for each transaction. Gas varies with network congestion and is shown in the wallet before confirming.
Is Sudoswap V1 safe?
DefiLlama lists two audits, but the project does not name the auditors or findings. Users interact through their own wallets with smart contracts, so the main risks are contract bugs, wallet security and phishing sites. Check you are on the official domain, since public reporting also show an unrelated sudoswap.com page that says it is coming soon.
Public sources mention a controversy over the SUDO token allocation but give no details, and no hacks or incidents are listed. Public sources say nothing on regulatory status.
6 steps
How to get started with Sudoswap V1
- 1
Check that you are on the official sudoswap site and not a lookalike.
- 2
Connect an Ethereum wallet that holds ETH and, if you want to sell, the ERC721 NFT.
- 3
Browse a collection and review the pools, including the price and the bonding curve behavior.
- 4
Check fees and the gas estimate in your wallet before confirming a swap.
- 5
To provide liquidity, create a pool, choose the curve and parameters, and deposit NFTs or tokens.
- 6
Review the audits and contract details before committing larger amounts.
Who Sudoswap V1 is for
Sudoswap V1 is for Ethereum users who trade ERC721 NFTs and want instant swaps or want to earn from providing NFT liquidity. It suits people who understand AMM pricing. Casual collectors who prefer simple listings and offers may find it harder to use.
Sudoswap V1 FAQs
What is Sudoswap V1?
Sudoswap V1 is an automated market maker for NFTs on Ethereum. It lets users swap ERC721 NFTs for ETH or ERC20 tokens against pools that price assets with customizable bonding curves.
How is Sudoswap different from a regular NFT marketplace?
A marketplace like OpenSea matches individual listings with buyers. Sudoswap uses pools with bonding curves, so price is set by a formula and moves as NFTs are bought or sold. Pool owners choose the curve and parameters.
Does Sudoswap have a token?
Public sources list the SUDO token as the governance token of the sudoAMM protocol. It was distributed by airdrop in early 2023, according to a search result. Check current transferability and governance details on official channels.
Which blockchain does Sudoswap V1 use?
DefiLlama lists Ethereum only for this V1 entry. Swaps and pool actions therefore require ETH for gas.
Has Sudoswap been audited?
DefiLlama lists two audits for the protocol, but the project does not name the auditors or the findings. As with any smart contract protocol, audits reduce risk but do not remove it.
How much value is locked in Sudoswap V1?
DefiLlama shows about $460,412 in TVL, down 0.3% over seven days. The listing dates from July 2022.
Compare
Sudoswap V1 alternatives
NFTX turns NFT collections into vault-backed ERC20 tokens so users can buy and sell NFTs instantly at floor price against a pool.
Magic Eden is a multi-chain marketplace for users buying, selling and discovering NFTs, Bitcoin Ordinals and Runes.
Sudoswap V2 is a decentralized NFT marketplace on Ethereum, Base, Berachain and Arbitrum with on-chain royalties and ERC-1155 support, for NFT traders.
NFT20 offers NFT liquidity pools for trading, swapping, and selling NFTs on Ethereum and Polygon.
Tensor is a Solana NFT marketplace for buyers, sellers, and market makers using collection trading and AMM tools.
Caviar V1 is an Ethereum NFT automated market maker for swapping ERC20 tokens and NFTs through pools, aimed at NFT traders and liquidity providers.
Same category
More General NFT Marketplaces
OpenSea is a peer-to-peer NFT marketplace for buying, selling and minting digital collectibles, aimed at collectors, creators and developers.
SentX is a non-custodial NFT marketplace and creator launchpad on the Hedera network, with a $SENTX rewards token and a free developer API.
OKX NFT Marketplace is a multi-chain NFT trading platform in OKX Wallet that aggregates listings and supports minting, for collectors and OKX users.
Objkt is a non-custodial NFT marketplace on Tezos where creators mint, collectors trade and anyone can make offers on tokens.
Getgems is a TON-based NFT marketplace where users mint, buy, sell and collect NFTs and other assets after connecting a wallet.
Rarible is a multichain NFT marketplace whose RARI token governs the protocol, RARI Chain and Foundation treasury, for creators, collectors and token holders.
Same chain
More on Ethereum
Lido is a liquid staking protocol where users stake ETH and receive stETH, a reward-earning token usable across DeFi, governed by LDO holders.
Aave V3 is a non-custodial DeFi lending protocol on 21 chains where users earn interest on deposits or borrow against collateral.
Uniswap V4 is the latest Uniswap DEX version with hooks and concentrated liquidity, running on 22 chains for self-custody token swaps and liquidity provision.
Uniswap V3 is a non-custodial decentralized exchange protocol for token swaps and concentrated liquidity provision across 40+ chains.
DeFi Saver is a non-custodial tool for managing and automating leveraged lending positions across major DeFi protocols on Ethereum and layer-2 networks.
OKX is a major centralized crypto exchange for spot and derivatives trading, earn products and a Web3 wallet, with its own OKB token.
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How we checked
Sources
- 1.defillama.com/protocol/sudoswap-v1
- 2.cryptobriefing.com/how-trade-nfts-on-sudoswap-jpeg-markets-answer-uniswap/
- 3.dune.com/gm365/sudoswap
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