United States Dollar

<h2>What is SushiSwap? </h2>
<p>SushiSwap is a fork of Uniswap and an Ethereum-based decentralised exchange (DEX) that uses an Automated Market Maker (AMM) system rather than a traditional order book. Developers aimed to improve upon Uniswap’s system, notably with a different fee structure and providing additional SUSHI to users when they stake, which Uniswap does not offer.</p>
<p>As an AMM, SushiSwap automates trading liquidity set up between any two cryptocurrency assets. Transactions occur peer-to-peer, directly between crypto traders; instead of matching individual buy-and-sell orders, the system allows users to pool two assets that are then traded, with the price determined by the ratio of the two.</p>
<p>Its token, SUSHI, is an Ethereum cryptocurrency tied to the SushiSwap decentralised exchange. SUSHI owners can participate in community governance and stake their tokens to earn a portion of SushiSwap’s transaction fees (also known as ‘gas fees’). It is created at a rate of 100 tokens per block. The first 100,000 blocks had a block reward of 1,000 SUSHI.</p>
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<h2>A brief history of SushiSwap </h2>
<p>SushiSwap was founded in 2020 by Chef Nomi and Maki. It originated as a basic fork of Uniswap, with both a <a target="_blank" rel="noopener noreferrer" href="https://crypto.com/university/what-are-governance-tokens">governance token</a> (SUSHI) and liquidity mining, with users able to stake Uniswap LP tokens on the platform in order to acquire SUSHI governance tokens.</p>
<p>However, on 5 September 2020, Chef Nomi emptied the development money, swapping it for 37,400 Ether, which was valued around US$14 million at the time. SUSHI's price dropped by more than 70% in less than a day. Faced with community pressure, Chef Nomi handed over the private key to the SushiSwap smart contract to FTX CEO Sam Bankman-Fried the next day.</p>
<p>Bankman-Fried transferred US$830 million in liquidity from Uniswap, and on 11 September 2020, in response to community pressure, Chef Nomi willingly returned the Ether and apologised to the community. Following Chef Nomi's questionable actions and eventual departure, the community swiftly developed explicit guidelines for ownership and management of the protocol in order to move ahead in a sustainable manner.</p>
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<h2>How SushiSwap works </h2>
<p>Using SushiSwap's DEX platform allows users to browse a large range of tokens and exchange their digital assets in seconds. The SUSHI token runs on the <a target="_blank" rel="noopener noreferrer" href="https://crypto.com/university/what-are-token-standards">ERC-20 protocol</a> and is used to compensate users for a percentage of their exchange fees. It fulfils many functions inside the SushiSwap ecosystem, including governance rights.</p>
<p>Liquidity pools are one of SushiSwap's key mechanisms. They are smart contracts in which SushiSwap users may lock their crypto in exchange for rewards. When users supply liquidity to SushiSwap pools, they are rewarded with SLP tokens. As liquidity providers, they receive trading fees, which may increase by farming the SLP tokens. Users are responsible for their individual cryptocurrency wallets, since the exchange is non-custodial.</p>
<p>SushiSwap’s unique feature is the SushiBar, which enables users to stake their SUSHI in exchange for its passive yield-bearing xSUSHI token. All xSushi investors earn extra rewards (e.g., a percentage of the exchange’s fees) by cultivating in the xSushi pool.</p>
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<h2>What is SushiSwap used for? </h2>
<p>Built on the Ethereum blockchain, SushiSwap caters to a <a target="_blank" rel="noopener noreferrer" href="https://crypto.com/university/decentralised-finance-defi-intro">decentralised finance (DeFi)</a> world and offers consumers a variety of options to generate a passive income with limited risk. Anyone may use the platform to trade tokens and offer liquidity to pools. SushiSwap's community governance mechanism allows users to vote on all critical upgrades, protocol modifications, and which projects get a financial boost.</p>
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.css-13hqrwd{font-weight:var(--chakra-fontWeights-medium);will-change:transform;transition-property:color;transition-duration:1.5s;}$1.49 USD

SushiSwap Price Chart (USD)

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1 SUSHI = 1.49 USD

Buy SUSHI

General Information

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About SushiSwap

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More about SushiSwap

Where can you buy SushiSwap?

Buy on Crypto.com App

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Relevant resources

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General Information

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Contract Address

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Company

Resources

Support

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