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About SushiSwap
Key Points
- SushiSwap (SUSHI) is an automated market maker (AMM) launched in September 2020 as a fork of Uniswap.
- Founders: Chef Nomi, sushiswap, and 0xMaki (pseudonymous).
- SushiSwap aims to diversify the AMM market and add features like increased rewards for network participants via its in-house token, SUSHI.
- Main audience: DeFi traders and entities looking to capitalize on the boom in project tokens and create liquidity.
- SushiSwap takes a 0.3% cut from transactions in its liquidity pools, with SUSHI token used to reward users and grant governance
About SushiSwap: A Decentralized Exchange Pioneer
Introducing SushiSwap (SUSHI): A Revolutionary Decentralized Exchange
SushiSwap (SUSHI) exemplifies the concept of an automated market maker (AMM), a decentralized exchange paradigm that has gained significant traction among cryptocurrency enthusiasts. By leveraging smart contracts, AMMs facilitate the creation of markets for any given pair of tokens, thereby fostering a seamless trading experience.
SushiSwap debuted in September 2020 as a fork of Uniswap, the pioneering automated market maker (AMM) that has become inextricably linked with the decentralized finance (DeFi) revolution and the subsequent trading frenzy surrounding DeFi tokens.
SushiSwap seeks to inject diversity into the Automated Market Maker (AMM) landscape, while introducing novel features that set it apart from Uniswap, including enhanced incentives for network participants through its native token, SUSHI.
The Visionaries Behind SushiSwap: Unveiling the Founders
SushiSwap was founded by the enigmatic Chef Nomi, a pseudonymous entity shrouded in mystery. Despite the veil of anonymity, Chef Nomi’s motivations for forking away from Uniswap remain unclear, leaving much to speculation.
The project boasts two additional pseudonymous co-founders, SushiSwap and 0xMaki, also referred to as simply Maki. Collectively, they oversee SushiSwap’s coding, product development, and business operations, ensuring a seamless synergy between these critical aspects.
Sam Bankman-Fried, a prominent figure in the cryptocurrency sphere, frequently lends his expertise to media outlets, offering insightful commentary on the market.
Unveiling the Unparalleled Attributes of SushiSwap
SushiSwap primarily operates as an Automated Market Maker (AMM), facilitating the establishment of automated trading liquidity between any two cryptocurrency assets.
Its primary demographic comprises DeFi traders and affiliated entities seeking to capitalize on the burgeoning project token market and establish liquidity.
By eschewing order books altogether, Automated Market Makers (AMMs) circumvent the pitfalls of traditional decentralized exchanges, including the perennial issue of liquidity constraints.
SushiSwap seeks to surpass its parent, Uniswap, by amplifying user influence over its operational dynamics and future trajectory.
The platform levies a 0.3% commission on transactions executed within its liquidity pools, with a portion of these fees being redistributed to users in the form of SUSHI tokens, which also confer governance privileges.
The Circulating Supply of SushiSwap (SUSHI) Coins: A Closer Look
SushiSwap’s native token, SUSHI, is minted at a rate of 100 tokens per block. Notably, the inaugural 100,000 blocks boasted a generous block reward of 1,000 SUSHI.
The supply of SUSHI is directly tied to the block rate, with approximately 6,500 tokens being minted daily, resulting in a daily influx of 650,000 newly-minted tokens. By September 2021, roughly a year after SushiSwap’s inaugural launch, the total tokens in circulation are projected to reach approximately 326 million.
SUSHI debuted without a premine, with its minting process commencing at Ethereum block number 10,750,000, initiating from a zero-token supply.
The Security Architecture of SushiSwap Network: A Robust Framework
SushiSwap endeavours to alleviate the conventional risks associated with depositing funds in smart contracts by empowering its users with augmented governance capabilities.
The anonymity of its developers raises concerns that extend beyond the technical realm.
In September 2020, for instance, a controversy erupted when Chef Nomi was embroiled in a dispute with users after withdrawing 38,000 in Ethereum (ETH) from SushiSwap. The funds were subsequently restored, with Chef Nomi issuing a public apology for the action, attributing it to an error in judgment.
Acquiring SushiSwap (SUSHI): A Comprehensive Guide to Exchanges and Platforms
SushiSwap (SUSHI) is a highly liquid token, with the lion’s share of trading volume concentrated on prominent exchanges, notably Binance, Huobi Global, and OKEx.
Trading pairs against other cryptocurrencies and stablecoins are currently active, in addition to those paired with fiat currencies, including on Bankman-Fried’s FTX exchange.
Embark on your cryptocurrency journey: discover how to acquire Bitcoin and other digital assets with ease.
Associated Resources:
Delve into the intricacies of Uniswap’s distribution on the CMC blog, available
here
.
Unfamiliar with the realm of Decentralized Finance? Discover the intricacies of DeFi and explore its vast potential here.
New to the world of cryptocurrency? Explore Alexandria, CoinMarketCap’s comprehensive educational platform, designed to enlighten and empower.