Sushi is an organization that strives to solve liquidity problems, and SushiSwap is a DeFi Protocol. SushiSwap was launched mainly to overpower Uniswap, a decentralized trading protocol, and also acts as a decentralized exchange operating on the Ethereum Network. Although it is a new entrant, it is worth 1 billion locked into its protocol, making it obvious that people are actually seeing potential in the project. The latter is the reason why SUSHI crypto has taken the cryptocurrency world by storm.
SushiSwap was created in 2020 either by a group enthusiasts or by an individual named Chef Nomi, in association with co-founders sushiswap and 0xMaki, or simply OxMaki. The pioneer, however, was Chef Nomi, who first announced the launch of the protocol on Medium. Later on, OxMaki joined the project, being very much impressed with the concept of an open-source code available for everyone and anyone, similar to its predecessor Uniswap.
To understand how to exchange SushiSwap (SUSHI), it is necessary to know what it is and how it works.
SushiSwap is a fork of Uniswap with a similar open-source protocol. It is a community-owned and community-run DeFi protocol on Ethereum Blockchain that has the main goal of incentivizing a network of users to exchange cryptocurrency.
It operates without an order book and exists as an Automated Market Maker (AMM) that uses smart contracts to create markets or a collection of liquidity pools.
There are various characteristics of SushiSwap that set it apart from its predecessor and other protocols. Decentralized exchanges such as SushiSwap have become a fundamental part of the financial ecosystem because they provide equal opportunities for trading. Some key features of SushiSwap are:
SushiSwap has an ERC20 token. It is issued to the liquidity providers of SushiSwap. These tokens can be earned by contributing to the liquidity pools and can be exchanged with SLP tokens that are received from being a Liquidity Provider. The SLP tokens are then used to govern the protocol. It is designed to reward users and encourage earning from SushiSwap's transaction fees even when they have stopped contributing to the liquidity pool.
SushiSwap's main goal is to become the best decentralized exchange platform, providing much more than a traditional exchange but at the same time mimicking it in terms of its ease of use. As mentioned earlier it uses smart contracts allowing users to lock their assets on the platform for traders to access them later, creating a liquidity pool. Let’s take a closer look at its system.
Users connect their wallets to the SushiSwap farming software and then lock a pair into a smart contract. So you can exchange the tokens within the protocol by remaining inside the boundary of the smart contract and then an equal amount is generated back by the smart contracts. This makes sure that the price of the token does not change. As the users contributed to maintaining the liquidity they are rewarded a portion of the daily mined SUSHI.
SushiSwap also allows its users to stake their tokens to earn from the fluctuating Sushiswap prices. You can do it at the Sushi stake “bar” where you come in with some SUSHI tokens and leave with more. This money is collected from a 0.05% trading fee on Sushiswap, which is added to the Sushi bar.
Its permissionless trading landscape and the scope of numerous opportunities provided to its users to earn tokens is what makes the project so lucrative. Sushi along with its partners aims at providing the best experience to traders as well as other users, and its native token is proudly listed on Swapzone.
Users can easily find the best rates for SushiSwap and exchange any crypto to SUSHI tokens on Swapzone. Follow the below-mentioned steps to convert your coins to SUSHI tokens: