SushiSwap (SUSHI), the Ethereum-based token, is designed to incentivise users to trade on SushiSwap, a decentralised cryptocurrency exchange platform. That means that the holders of SushiSwap’s native coin, SUSHI, make all the decisions regarding the SushiSwap software. With over 200 000 users globally, SUSHI is one of the more popular cryptocurrencies in the crypto exchange market today.
Briefly about SushiSwap
SushiSwap is an automated market maker (AMM), which means that the platform uses smart contracts to provide liquidity for traders on the exchange. The investor sends crypto assets to the liquidity pool by connecting their Ethereum wallets to SushiSwap. Anyone can become a liquidity provider on SUSHI. After linking an Ethereum wallet, the users pool their crypto assets into a smart contract on a 1:1 ratio. Users can also introduce new pools by introducing crypto pairs that do not exist on the platform. Even if the users set the price for the new pool, the price corrects over time as other users add similar tokens to the platform. The platform’s algorithm then calculates the value of each crypto asset for sale. When a buyer transacts, the platform takes tokens from the buyers and sends an equivalent amount of a different crypto asset to maintain the total pool price. The platform charges traders a transaction fee and rewards liquidity providers with a part of the fee. Each trader pays a 0.3% fee for the trade. 0.25% of the fee goes to liquidity traders, while 0.05% is converted into the native SUSHI token and distributed to SUSHI holders. Therefore, liquidity providers earn twice. SushiSwap gained prominence in August 2020 when traders realized they could increase their gains from liquidity. The platform’s rise to success is described as ‘vampire mining,’ in reference to its build-up from Uniswap. The platform is currently popular due to the broad selection of liquidity pools and innovative features.
Be a DeFi Chef with Sushi where you swap, earn, stack yield or borrow.CryptoLists.com
SushiSwap(SUSHI) is a cryptocurrency token as well as a decentralised crypto exchange platform launched in August 2020. It became very popular due to various controversies surrounding its launch. The launch of SushiSwap on August 26, 2020, generated quite a stir in the crypto world. That’s because the founder, Chef Nomi, decided to clone Uniswap source code, establish a new token and launch it under a new name, SushiSwap. Additionally, the founder used SushiSwap token to perform yield farming on the platform. That attracted many investors to the platform, making SushiSwap very famous within a few weeks of its launch. It is not precisely clear how the founder came up with the name ‘SushiSwap.’ However, the first half of the name ‘Sushi,’ presumably attributes to the founder’s, Chef Nomi, love for Sushi. In contrast, the second half (Swap) comes from how the platform works, an exchange platform where users can ‘Swap’ cryptocurrency.
Utility of SushiSwap?
Instead of operating on a centralized entity, SushiSwap runs on a decentralized platform and is based on one of the most successful decentralized platforms, Uniswap. Since it’s an AMM, it does away with order books, which slow down transactions.
Crypto traders can join SushiSwap to earn transaction fees from liquidity mining. SUSHI owners also enjoy the crypto’s value by gaining the power to submit proposals to improve the platform. The rest of the native SUSHI owners can also vote on the proposals. In addition, traders can join SushiSwap to access less liquid cryptocurrencies that may not be available in traditional exchanges.
Also, traders may join SushiSwap to diversify their portfolio and trade on a platform where they don’t have to transfer their assets to a third party. Lastly, SushiSwap is an attractive investment for traders interested in platforms based on Ethereum blockchain.
SushiSwap Price detailsERC20 Contract address: 0x6b3595068778dd592e39a122f4f5a5cf09c90fe2
›› SUSHI tokenomics and social media
Advantages at SushiSwap+ Sushi got many attractive yield farms.
+ Offers staking without impermanent loss.
+ Some use their coin and platform as an inflation hedge.
+ Max supply of 250 million coins.
Disadvantages- Developers are not in sync and some of the founders have quit Sushi.
- Higher fees than Uniswap and Biswap.
- The source code is more or less a copy of Uniswap.
Costs▪ Rated at 8/10
With a 0.3% trade fee, SushiSwap offers some of the best exchange rates for its users. 0.25% of the fee is directed to Liquidity pools for rewards. The remainder 0.5% of the fee is directed to a pool called SushiBar, a contract that collects fees from all other pools to reward xSushi pool users.
Reputation and Buzz▪ Reputation rated at 7/10
▪ Buzz rated at 7/10
With all the controversies surrounding its launch, SushiSwap had a pretty shaky foundation. Also, it had a few flaws, such as uncapped inflation and poor security, which made the platform a little untrustworthy. However, fixing the issues and introducing the CEO’s action makes the platform as good as any other in the market today. That’s why it has garnered a huge user base within a short period.
What blockchain does SushiSwap use?
SushiSwap runs on blockchain from Ethereum to enable cryptocurrency trading. The founding code is based on Uniswap.
Who created SushiSwap?
SushiSwap was founded in 2020 in Japan by Chef Nomi and co-founders sushiswap and 0xMaki. Notably, Chef Nomi is a pseudonymous individual or group.
How did SushiSwap launch?
Since people could already use Uniswap, SushiSwap founders provided tokens for liquidity providers on the app.
What is the highest value SushiSwap ever had?
SushiSwaps’s highest recorded value is 19.56 euro, the lowest recorded value is 0.41 euro.
How does SushiSwap token work?
As we already mentioned, SushiSwap is a crypto platform that allows users to make different kinds of exchanges. For instance, you can use the platform to trade one crypto for another directly. However, you cannot exchange crypto for fiat currency, or vice versa, through SushiSwap.
Since it employs an Automated Market Maker (AMM) concept, similar to Uniswap’s model, users on the platform can make exchanges without intermediaries. However, the liquidity of all exchanges on the platform is governed by a liquidity pool (LP) system. The liquidity pools allow users to lock their tokens and earn interest.
In addition, the platform generates SLP (SUSHI Liquidity Pool) and SUSHI tokens that can be distributed to each LP as a reward plan for each participant.