What is SushiSwap?

By PhoenixDev | CryptoWorld - CW | 5 Sep 2020


The beginning

UniSwap probably sounds like you, a decentralized exchange protocol that works without an order book. It was born at the end of 2018 and has established itself as one of the most powerful DeFi protocols in the world.

The function of UniSwap is to allow its users to exchange ('swap') their tokens generated in the Ethereum network, that is, without having to go through a centralized exchange and pay the corresponding commissions.

What is SushiSwap?

SushiSwap is a fork of UniSwap, but unlike UniSwap, it includes a token, SUSHI, which gives its holders governance rights over the protocol, and a portion of the fees that are paid to the protocol. In this way, the development and evolution of SushiSwap is in the hands of users who have SUSHI tokens, since any user with these tokens can present a proposal to improve the protocol to be voted on by the rest.

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The evolution of SushiSwap has been spectacular, in a matter of a week it has come to represent 77% of UniSwap. However, it has also raised some suspicions, such as the fact that it has an anonymous project manager ('Chef Nomi'), who controls $27,000,000 of the development fund.

Its rapid development also carries risks, such as security flaws found in a review by blockchain security company Quantstamp, although they are not considered fatal.


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With this news, Chef Nomi published on twitter that the migration code has now been ready to be executed, since the audit proposal and its conclusion have been successfully voted on by the community.

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PhoenixDev
PhoenixDev

Interested on Blockchain and Cryptocurrencies.


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