• Average rating of 77% based on 7 reviews.
• Founded 3 years ago in 2020.
• Decentralised exchange.
• Open source code can be publicly reviewed.
SushiSwap is one of the pioneering decentralized protocols that has been forked from Uniswap. A group of crypto enthusiasts founded Uniswap, and they made it open-source for public benefit. Another group of pseudonymous crypto lovers used that open-source code to create a protocol to swap Ethereum-based tokens in 2020. Sushiswap is a cryptocurrency exchange which uses the Automated market maker (AMM) model. Sushi’s AMM model requires users to pool two assets to be traded. The distinguishing difference between Uniswap and Sushiswap is Sushi tokens and their function.
The creation of SushiSwap was very chaotic because of one of the founders who used Chef Nomi as a pseudonymous name. Chef Nomi claimed ownership of Uni tokens and drained the pools. Chef Nomi had to transfer the private keys to Sam Bankman Fried, the FTX Founder and owner. Chef Nomi returned the assets to the platform later. You can read about what happened in those early days on The Sushi Chronicles. The Sushi community decided to set rules for a more sustainable organization after a chaotic start. The governance got shaped with the multi-sig solution.
SushiSwap was initially created on the Ethereum blockchain network but later on, became available on almost all other major EVM-compatible layer-1 blockchain and layer-2 solution networks. Sushiswap has shown great growth in a short time and has become a major player in the market. Sushiswap also stands out with a large variety of tokens and supports almost all ERC-20 tokens. SushiSwap is completely permissionless and non-custodial. SushiSwap is a great place for new crypto projects to create a market for their tokens. SushiSwap has fair ground for a token launch.
SushiSwap uses the AMM model for its swaps and trades, that it means the protocol doesn’t use an order book to match orders from buyers and sellers. AMM model works on a smart contract and creates a market for trading pairs by using liquidity pools. Kashi lending is SushiSwap’s lending and margin trading platform. Anyone can create a trading crypto pair on the platform.
Sushi is the governance token on the platform. Sushi token holders and liquidity providers can benefit from the platform’s revenue. Sushi token holders can vote on governing proposals. The maximum supply of Sushi tokens is 250 Million, and supply depends on the block creation.
Sushi Swap supports over 6 currencies including Tether, USD Coin, Polygon and Binance USD.
|BUSD Binance USD||Binance USD|
|FXS Frax Share||Frax Share|
|MASK Mask Network||Mask Network|
|1INCH 1inch Network||1inch Network|
|Automatic market maker||Yes|
|Crypto to crypto exchange||Yes|
|Crypto withdrawals to private wallet||Yes|
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