What is SUSHI?

Modified on Fri, 17 Feb 2023 at 02:14 AM

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SUSHI is the main token of SushiSwap, a Decentralized Exchange (DEX) on Ethereum. SUSHI is given as a reward for the participants of the platform. It is also the governance token that gives the voting right to the holders when SushiSwap wants to change any condition or to upgrade.

What is SushiSwap?

SushiSwap is a Decentralized Exchange (DEX), an exchange that doesn’t need a middleman or central authority to operate. It uses AMM (Automated Market Maker) to pair buy and sell orders, and provide liquidity to the DEX automatically.

SushiSwap was forked from Uniswap, or in other words, it is a copy of Uniswap. That’s why most of their fundamentals are identical. But SushiSwap has improved some aspects of the original with a plan to dethrone Uniswap and become the No.1 DEX.

Strength of SushiSwap?

SushiSwap’s strength is tied to its Multi-chain function allowing SushiSwap to operate on other blockchains and not be limited to Ethereum only.

In addition, holders of SUSHI can stake the token to receive xSushi token as the reward by using xSUSHI staking.

The Creator of SushiSwap?

SushiSwap was created by a person called Chef Nomi. Nomi has copied the code of Uniswap and adjusted some aspects in order to create SushiSwap. There are other co-founders as well which are users called Sushiswap and 0xMaki.

Currently, there is not much information regarding Chef Nomi and other co-founders, but the popularity of SushiSwap is very strong, resulting in the Total Locked Value in SushiSwap exceeding 3.8 billion dollars.

Moreover, on 6 September 2020, Chef Nomi has transferred the ownership of SushiSwap to Sam Bankman-Fried, who is the CEO of FTX, one of the top cryptocurrency exchanges.

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Interesting Facts about SUSHI

The value of SUSHI is directly related to the popularity of SushiSwap if the platform is well received by the community. Nevertheless, the situation of the entire crypto market may affect SUSHI’s value as well.

At the time of writing, SUSHI’s total market cap is about 42 billion, which is the top 78th cryptocurrency with the highest market cap.

SUSHI was created to have the max supply of 250,000,000 SUSHI, and at the time of writing, there are 127,244,443 SUSHI or 51% of the max supply circulating in the market.