Hello Publish0x community and welcome back in this new article of my “Easy & Short Cryptocurrencies Made Accessible” area.
With this article we are going to introduce the 22nd cryptocurrency of this section with the 46th “E&S” article.
Today we will talk about: SushiSwap (SUSHI)!
In last 3 token review we talked about some different DeFi projects. I’m referring to 0x, PancakeSwap and BakerySwap. If you missed last 3 crypto analysis you can recover them below.
Last two times we started the day with some yummy maple syrup pancakes and we had a lunch with a delicious sandwich. Let’s finish the day with a nice dinner full of sushiii! So, let’s start! :D
What is SushiSwap?
SushiSwap is a decentralized cryptocurrency exchange built on the Ethereum blockchain. It aims to be the evolution of the most popular Ethereum-based DEX in the cryptocurrency market, UniSwap. It is almost the same as Uniswap in appearance and function. SushiSwap rewards those who deposit cryptocurrency to provide liquidity to the protocol through SUSHI. SUSHI is an ERC-20 token that is provided to liquidity providers on SushiSwap and can be used for the governance of the protocol.
I’ve already talked about UniSwap in this article
Sushi is a community-driven organization that aims to solve the so-called "liquidity problem". One can define this problem as the inability of different forms of liquidity to be connected to the market in a decentralized way, and vice versa.
While other solutions provide incremental advancements in solving liquidity issues, Sushi's advancement aims to create a wider network effect. Sushi does not limit itself to a single solution but weaves many scattered markets and tools together.
In August 2020, anonymous developer "Chef Nomi" and two other developers "OxMaki" and "SushiSwap" became the founders of SushiSwap. Apart from their Twitter username, little information is available about them. The founding team created the foundation of SushiSwap by copying the UniSwap open-source code. What is impressive is that the project has gained many users after its launch. By September 2020, Binance added the token to its platform. In the same month, Chef Nomi, the creator of SushiSwap, cashed out a quarter of the developer's pool of the project without notifying anyone. This was worth more than 13 million U.S. dollars at the time. His actions caused some minor hysteria and fraud allegations, but then he returned the fund to the fund pool and apologized to investors.
The SUSHI Token
SUSHI is an ERC-20 token issued to liquidity providers on the SushiSwap decentralized exchange. It is earned by providing liquidity to pools on SushiSwap and be staked in exchange for SLP tokens which are used to govern the protocol. SUSHI had no premine and began to be minted at Ethereum block number 10,750,000, beginning with a supply of zero tokens.
Now SUSHI has a circulating supply of 127 million tokens. The price is set around 10.60$ while I am writing this article.
Since SUSHI is an ERC-20 token, it can be stored in almost any cryptocurrency wallet that supports Ethereum-based assets. Where you should put the sushi depends on what you plan to use it for. If you are interested in using SushiSwap to provide liquidity or participate in governance, then your best choice is a Web 3.0 wallet, such as Metamask.
After briefly introducing what SushiSwap is and what is the SUSHI token, I invite you to follow me so you don't miss the second part of the article that will be released next Sunday.
We'll go more specifically into SushiSwap benefits, how to use it and others features of this project!