SushiSwap (SUSHI) — a fork of Uniswap with several key differences, the main one being its own SUSHI token.
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General information about SushiSwap (SUSHI)
The project is an example of an automated market maker (AMM). An increasingly popular tool among cryptocurrency users, AMMs are decentralized exchanges that use smart contracts to create markets for any given pair of tokens. SushiSwap aims to diversify the AMM market as well as add additional features, not previously featured in Uniswap, such as higher rewards for network members with the native SUSHI token.
The owner of the project is Sam Bankman-Fried. DeFi traders and related organizations are among the bulk of the audience, looking to capitalize on the project token boom and create liquidity. AMMs get rid of order books entirely, while avoiding issues such as liquidity issues that plague traditional decentralized exchanges.
System features
SushiSwap basically exists as an AMM, which establishes automatic trading liquidity between any two cryptocurrency assets.
The main properties of the system:
| Fee | A fee of 0.3% on transactions, occurring in its liquidity pools |
| Control | The SUSHI token provides users with management rights. The coin is also used to reward users for part of the commissions from transactions. |
The protocol aims to improve the offering of its parent company, Uniswap, by increasing the influence of users on its operations and future.
Tokenomics
SUSHI will depend on the speed of the block. The internal SushiSwap token is created at the rate of 100 tokens per block. The reward for the first 100 thousand blocks was 1000 SUSHI. SUSHI did not have a premine and started to be minted on Ethereum block number 10 million, starting with a zero supply of tokens. The project is trying to reduce the traditional risks of depositing funds into smart contracts by expanding the power of its users to manage.
This is a freely traded token, a significant part of the volume turns on the main exchanges:
- Huobi Global;
- OKEx;
- Binance;
To incentivize the provision of liquidity to the SUSHI token, the SUSHI-ETH pool pays a double reward. Almost immediately after the launch, token holders voted to add additional pools. This is an example of community management of an organization. Currently, almost $1.2 billion has already been contributed to SushiSwap, making it one of the largest DeFi projects in the industry.