SushiSwap cryptocurrency exchange was founded in 2020 as a platform for its users to carry out crypto token swaps, staking, and yield farming operations, as well as trade cryptocurrency in a truly decentralized manner. Over time, the project has been described as a fork of UniSwap, one of the biggest decentralized exchanges in the world. Initially, SushiSwap was launched on the Ethereum blockchain. However, it was also later incorporated into other chains including Arbitrum, BSC, FUSE, and, in this case, Harmony.
One of the interesting things about the platform is that it does not require KYC verification. All you need to do is to connect your existing crypto wallet and you are good to go. Supported wallets include MetaMask, Ledger, MathWallet, and more. Furthermore, there are no restricted countries on the platform.
There are over 170 SushiSwap Harmony trading pairs available on the platform. The decentralized exchange has four main markets which include 1USDT, 1WONE, 1WBTC, and 1BUSD. Other markets on the platform include UST, 1USDC, FIRA and 1DAI. Furthermore, the platform plays host to over 500 unverified tickers. These assortments of crypto tokens give its users a lot of options to trade with and make money from. Additionally, the platform is supported by over 16 blockchain networks.
Overall, the SushiSwap Harmony crypto exchange allows for a straightforward conversion between more than 100 ERC-20 tokens. It offers its users two primary exchange options – Instant Swapping via liquidity pools and the Limit Order V2 feature. The AMM uses the liquid assets in Liquidity Pools to enable people who use the platform to deposit one type of token and quickly receive a different kind of token. The protocol levies a 0.3% charge on the amount of any asset traded. Of this fee, 0.25% is given to those who supply liquidity in SushiSwap's Liquidity Pools and the remaining 0.05% goes into the Sushi Bar pool.
Limit Orders on the SushiSwap Harmony cryptocurrency exchange do not use the usual order-matching process to pair orders between users. Rather, it relies on the Automated Market Maker (AMM) feature of the DEX to instantly execute a swap in the liquidity pool when the desired price is achieved. Additionally, when you place a limit order, your funds are stored in BentoBox and thus can generate more income.
Those who deposit cryptocurrency to offer liquidity on SushiSwap are rewarded with its native token called SUSHI. This token can be used to help manage the protocol and reward the platform users. It was created to give prior users of the protocol a way to keep making money from SushiSwap's fees, even after they have withdrawn their liquidity from its pools. To find more info about the token and the current SushiSwap Harmony crypto price, take a look here.
There are no SushiSwap exchange fees paid for deposits and withdrawals. If a user wants to deposit and withdraw, they will have to pay the network fees charged by the blockchain. These fees are known as gas fees. Additionally, there is a SushiSwap crypto price paid for trading on the SushiSwap spot and for swapping tokens.
SushiSwap's Onsen Menu is a program that rewards suppliers of liquidity for relatively new tokens. The advantage of being included on the Onsen menu is that projects don't have to motivate their followers to supply liquidity for their tokens since Sushi takes care of it. Furthermore, liquidity providers are given SushiSwap Liquidity Pool tokens (SLP tokens) with the same characteristics as Uniswap's LP tokens. These SLP tokens can be locked up in the farm to acquire a yield expressed in SUSHI coins. Apart from just farming pure SUSHI, there is a wide range of farming opportunities available on SushiSwap that come with various levels of risk and APYs, including many types of asset pairings.
If you want to get more SUSHI tokens, Sushi Bar is where you can put your existing ones in. Where do these rewards come from? Think back on the 0.05% trading fee that was mentioned before – it turns out that 0.05% of all trading fees on the platform are diverted into a pool at the Sushi Bar, and these appear as SLP tokens. At least once a day, the rewards contract can be activated which sells all SLP tokens in the Sushi Bar pool to obtain SUSHI tokens from the SushiSwap Exchange. These newly acquired tokens are then given out to everyone who is staking their own SUSHI coins at the Sushi Bar and they receive xSUSHI tokens as compensation. This form of payment can be changed into regular SUSHI coins when at the bar.
SushiSwap's BentoBox is a token vault that allows users to store a variety of tokens or funds. This provides users with additional yields through flash lending, strategies, and low-gas transfers between integrated dApps such as Kashi markets. The BentoBox works like the fractional reserve system by tracking user deposits via artificial balance while simultaneously applying those funds to strategies. It is designed to be scalable and serves as the foundational layer for DeFi protocols on SushiSwap, including Kashi.
SushiSwap's Kashi is a lending and margin trading system based on BentoBox, allowing people to produce gas-efficient markets for loaning, borrowing, and backing up different DeFi tokens, stablecoins, and synthetic assets. Kashi makes it possible for people to establish individualized loan markets. Customers can borrow and lend with a pre-existing pair of tokens, or make their own pairing where one token serves as the asset and the other is used as collateral. Prior to Kashi's introduction, users were required to take out loans on one platform and then invest in another, which was a tedious process. But now, thanks to Kashi's setup of paired tokens, leveraging an asset through direct borrowing and lending can be done quickly with just one click.
The Minimal Initial SushiSwap Offering (MISO) is a suite of open-source smart contracts designed to make the process of introducing a new project on the SushiSwap exchange simpler. It functions as an IDO-like platform for launching tokens related to projects, offering both technical and non-technical token creators and their communities access to all the necessary resources for securely deploying their tokens onto the SushiSwap cryptocurrency exchange.
About the Company
Two anonymous developers, 0xMaki and Chef Nomi, created SushiSwap. On August 26, 2020, Chef Nomi put up a blog post on Medium about the SushiSwap protocol which drew in 0xMaki to the SushiSwap Discord channel. 0xMaki was among the earliest individuals to engage in conversation with Chef Nomi, ultimately becoming a co-founder of SushiSwap. Speculation is that there were about five developers collaborating on the project when it went live.
Despite having been created by two anonymous developers, Chef Nomi extended an invitation to some of the most prominent companies such as Quanstamp and Consensys to audit SushiSwap's code in their initial Medium post concerning the project. Within a week of its launch, it had amassed over $1 billion worth of locked funds and briefly surpassed Aave as the leading DeFi protocol. The interest rates on these locked funds even went beyond 2,500% APY.
Chef Nomi is no longer involved in running the platform. Sam Bankman-Fried took over the platform's management in September 2020, around the time of the SUSHI token release.
It's also important to note that Yearn and Sushi merged in December 2020. SushiSwap became a unique AMM feature for the Yearn.finance ecosystem. Following this partnership, the SUSHI token's price rose by 75% to its highest level, and the daily average trading volume on SushiSwap topped $50 million. This also reflected in the SushiSwap Harmony trade volume. Check out the current SushiSwap Harmony volume above.