SushiSwap is a Decentralized Exchange (DEX) that allows users to swap tokens, yield farm, and more.
What is SushiSwap?
- SushiSwap (SUSHI) is software that runs on top of the Ethereum blockchain with the goal to be a platform that can facilitate the purchasing and sales of different cryptocurrency assets.
- SushiSwap uses a collection of liquidity pools. Within these pools, users first need to lock up their assets into smart contracts.
- Traders can buy as well as sell the cryptocurrencies in these pools and swap out one token for another when they want to.
- One of the main reasons why SushiSwap was introduced was to allow users to execute trades without relying on a central operator or administrator to do this work for them.
|Total Token Supply||250,000,000|
|Current Circulating Supply||See Coinmarketcap|
|Market Capitalisation||See Coinmarketcap|
|Token Creation Date||August 2020|
|Can it be mined?||No|
Who is behind SushiSwap?
SushiSwap was created in 2020 through a pseudonymous individual or group of people known as Chef Nomi. The co-founders are “SushiSwap” and “0xMaki”. The founding team used Uniswap’s open-source code which was used as the foundation behind SushiSwap.
What is the purpose of SushiSwap?
SushiSwap is used to facilitate the buy and sell orders for cryptocurrency tokens through liquidity pools. The native cryptocurrency token that powers SushiSwap is known as SUSHI. This token plays a key role when it comes to the maintenance of the network, where any user that holds SUSHI tokens can help with the governance of the protocol. This is a process conducted through voting on proposals. Anyone can submit a proposal for SushiSwap, where users can, later on, vote on the proposal and decide if they approve it or not. SushiSwap users have made plans going forward to turn this governance program into a decentralized autonomous organization (DAO), where voting is binding and where decisions can be automatically executed just by using the code itself.
- Liquidity Providers contribute to SushiSwap pools by connecting their Ethereum wallets to SushiSwap farming software and locking two assets into a smart contract.
- Buyers can swap tokens within the pool based on the protocol’s rules, and Smart contracts running SushiSwap take the number of tokens from the buyers and send an equivalent number of tokens back while keeping the total pool price consistent.
- In exchange for providing liquidity in these pools, providers are rewarded with the protocol fees and a portion of the newly minted SUSHI tokens on a daily basis.
- Users that want to earn more crypto after harvesting SUSHI tokens can even take advantage of the “SushiBar” and stake their SUSHI to earn the xSUSHI token.
- xSUSHI is created through SUSHI tokens that are bought on an open market with a portion of all of the fees generated on the exchange.
- Numerous security flaws were previously found on SushiSwap, which put over $350 million at risk before developers patched it.
- SushiSwap has remained unaudited which might be risky for users to encounter the hack in the pool.
News and Updates:
- MARS4, a metaverse with dual-Tokenomics, has announced that it will launch on SushiSwap. This is a project which is highly liquid and boasts a revenue-generating Mars Terrain NFT model. It essentially allows users to create and experience Red Planet while earning income through revenue-generating NFT land plots.
- SushiSwap, as a DEX platform, has lately branched out to more blockchains than its peers and is generating a lot more value as a result.
- SushiSwap also announced the deployment of Arbitrum, which is a Layer-2 Solution for Ethereum-powered decentralized applications (dApps).
- $3 million in Ether was stolen from SushiSwap’s MISO launchpad. MISO is a token launchpad built on SushiSwap, and Etherscan has identified the address as part of an exploit.
Community & Whitepaper Links:
*As cryptocurrency and digital tokens involve high risks, investors may lose all their investment money and should study information carefully, making investments according to their own risk profile.
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