In 2020, SushiSwap was forked from Unsiwap as a decentralized exchange (DEX) based on the AMM model. Its genesis is uncertain because it was created by unidentified individuals. SushiSwap is one of the first exchanges to adopt an AMM model.
A community-driven initiative, the SushiSwap cryptocurrency exchange seeks to address the lack of liquidity in the sector. SushiSwap does not require users to go through the KYC process. Besides, SushiSwap is compatible with desktop and mobile devices (iOS and Android).
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, Polygon. SushiSwap was launched on Polygon in May 2021. Polygon is a scaling solution for Ethereum. It was previously known as Matic. The main feature that the collaboration of SushiSwap and Polygon brought to the market is the $30-million-worth Liquidity Mining Program.
SushiSwap Polygon crypto exchange allows margin trading. Besides that, even though there might not be a such thing as the SushiSwap Polygon spot market, in a traditional sense, the platform allows users to exchange various cryptocurrencies with one another. This process is referred to as swapping.
The SushiSwap Polygon crypto fees may be different from the SushiSwap fees based on other chains. On each platform, the market might also provide a selection of different trading pairs and assets. There are more than 90 crypto assets available on the SushiSwap Polygon crypto exchange, with more than 170 SushiSwap Polygon trading pairs.
The native token on the SushiSwap platform is called SUSHI. It is a governance token that entitles owners to voting privileges. Holders of SUSHI are also qualified for additional benefits and incentives, such as a decrease in exchange costs for transactions made on the platform. View the current SushiSwap Polygon crypto price here.
Talking about SushiSwap Polygon exchange fees, there's a 0.3% fee that is required for the facilitation of each exchange. Out of this fee, 0.25% is paid to liquidity providers and 0.05% is converted to SUSHI and dispersed to users who are in possession of the SUSHI token.
If you want to see the current SushiSwap Polygon trade volume, check out the chart above.
SushiSwap Polygon cryptocurrency exchange is based on an automated market maker (AMM) technology that utilizes smart contracts to perform trades.
Users have the option of creating new pools of cryptocurrencies and so providing liquidity for SushiSwap trading pairs that were not on the platform before. The liquidity providers are subsequently compensated with a tiny portion of transaction fees.
To become a liquidity provider, a user is required to contribute an equal proportion of two distinct tokens. In exchange, they get SushiSwap liquidity provider (SLP) tokens. These tokens reflect a portion of the total pooled liquidity for the token pair a user contributed to. It is possible to stake SLP tokens, however, this depends on the pool that a liquidity provider is linked to.
In addition to the liquidity provision and swapping, the Sushi ecosystem provides a wide range of DeFi tools and services across different blockchains. These include token launchpads, NFT trading, and open-source developer tools.
For instance, the exchange has a token vault called BentoBox (or Bento). There is also Kashi, a versatile instrument for lending and margin trading. The MasterChef V1 and V2 contracts for SUSHI token mining are also available. Besides, there's a token market called MISO. In addition to all that, as of the time of writing, the platform is creating the Shoyu NFT Marketplace.
About the Company
The SushiSwap crypto exchange was introduced in August 2020. The pseudonymous developer Chef Nomi and his colleagues replicated (or forked) the open-source code from Uniswap, but introduced a significant modification: the inclusion of a governance token, SUSHI, which users could purchase and earn to influence the future of the DEX.
Along with this significant development, SushiSwap aimed to dethrone Uniswap as the most popular Ethereum-based DEX. The authors created an incentive-based "vampire mining" plan to drain liquidity from Uniswap by delivering SUSHI in return for users' LP tokens. The total SushiSwap crypto price worth at the time of the migration was valued at over $1 billion.
After some time, Chef Nomi passed the platform's management to another anonymous developer – 0xMaki. Then, at around the time of the SUSHI token release (September 2020), Sam Bankman-Fried took control of the platform's management.
It's also worth noting that Sushi and Yearn merged in December 2020, making it the fifth merger for Yearn in that year. SushiSwap became a specialized AMM function for the Yearn.finance ecosystem. Following this collaboration, the price of the SUSHI token increased to its greatest level by 75%, while the daily average SushiSwap trading volume surpassed $50 million.
Besides, as SushiSwap decided to employ a multi-chain approach, it started to spread into other chains, including Polygon, Avalanche, FUSE, and so on.