SushiSwap is a decentralized cryptocurrency exchange (DEX). Launched in 2020, it uses the Automated Market Maker (AMM) mechanism to enable token swapping. While the SushiSwap crypto exchange was initially built on Ethereum, it’s available on other blockchains, including Arbitrum, Polygon, and BSC.
SushiSwap started off as a fork of the Uniswap exchange. As a decentralized platform, SushiSwap does not require users to comply with any KYC regulations. The SushiSwap cryptocurrency exchange is operated as a decentralized autonomous organization (DAO).
SushiSwap is similar to other decentralized exchanges. Its automatic market makers generate new markets using smart contracts. Token swapping acts as an alternative to conventional SushiSwap spot trading. As an Ethereum-based platform, it supports ERC-20 tokens. Margin trading is enabled via the Kashi isolated market framework.
The entire Sushi ecosystem relies on the native asset SUSHI. It’s primarily used for network governance and improvements. You can learn more about the SushiSwap crypto price and volume here.
Users can access the swap platform on several blockchains aside from Ethereum. Some of the SushiSwap versions are available on Harmony, AVAX, and Fantom. Bear in mind that the SushiSwap crypto fees may vary based on your selected platform due to network congestion.
Each platform may also have different trading pairs and assets available in the market. Users can select which asset they want to back with liquidity, thus directly contributing to the blockchain. In total, the Ethereum-based platform lists over 300 crypto assets, accounting for more than 350 SushiSwap trading pairs.
Since the platform is decentralized, liquidity must be provided by the traders themselves. In return for their contributions, liquidity providers earn 0.25% of the SushiSwap exchange fees for the trading pair which they back with their funds. Users can remove their liquidity at any time.
Aside from the SushiSwap cryptocurrency exchange, the Sushi ecosystem provides a broad range of DeFi tools and services across different blockchains. These include NFT trading, token launchpads, and open-source developer tools.
BentoBox, or Bento, is a token vault for SushiSwap “spot” traders. It can also be used to generate yield. Kashi is a multi-purpose tool for lending and margin trading. MasterChef V1 and V2 contracts have been developed for SUSHI mining. MISO is a token marketplace. At the time of writing, the Shoyu NFT Marketplace is under development.
About the Company
The SushiSwap crypto exchange was launched in August 2020. The exact identities of the people behind the project are unknown, and the company doesn’t have headquarters. The founder, who goes by the pseudonym Chef Nomi, sold all of his SUSHI tokens, giving complete control of the platform to the SushiSwap community.
Soon after its launch, SushiSwap garnered a large amount of liquidity and ended up forking from Uniswap. The event is referred to as a vampire attack, as the total SushiSwap crypto price value at the time of the migration was valued at over $1 billion, and these funds were drained from Uniswap’s liquidity as a result.
The SUSHI token was launched in September 2020, days after the swap became available to the public. It was used to garner the majority of the SushiSwap volume prior to and after the migration. Around the same time, the platform was taken over by Sam “SBF” Bankman-Fried, the CEO of the FTX crypto exchange and Alameda Research.
In December, Sushi merged with Yearn, making it the fifth merger for the latter company in 2020. SushiSwap became a custom AMM feature on the Yearn.finance ecosystem. Following this partnership, the price of the SUSHI token surged by 75% at its peak, and the daily SushiSwap trade volume averaged more than $50 million.
Six months after its launch, in March 2021, it was announced that the SushiSwap crypto exchange would go live on five other blockchains, including the Binance Smart Chain, Polygon, and Fantom. The expansion continued throughout the year, as the platform became available on Polygon and Avalanche.
In September 2021, the MISO launchpad was hit by a supply chain. The party at fault hit an auction for non-fungible tokens by injecting malicious code into the platform’s front end. The estimated stolen SushiSwap crypto price was $3 million. The company went on to file a complaint with the FBI.
In October 2022, the SushiSwap cryptocurrency exchange community voted in Jared Grey to act as the “Head Chef” of the company. The election followed nearly a year of internal conflicts within the SushiSwap organizational structure.