About Sushi Coin
Sushi price today is $17.27 with a 24-hour trading volume of $1,119,988,948. SUSHI price is up 24.3% in the last 24 hours. It has a circulating supply of 130 Million SUSHI coins and a max supply of 202 Million. Sushiswap is the current most active market trading it.
What is SUSHI?
What is Sushiswap?
SushiSwap is a decentralized exchange that allows users to swap cryptocurrency for another cryptocurrency. It is considered decentralized because no single entity controls the protocol and it is operated by smart contracts.
Who created SushiSwap?
Chef Nomi, an anonymous figure, was the creator of SushiSwap. He wanted to build something similar to Uniswap but with a more community driven vision. Shortly after, another prominent and anonymous figure, known as 0xMaki joined along to build SushiSwap. Majority of the community acknowledge him as the co-founder of the protocol.
Because Uniswap's code was completely open sourced, Chef Nomi took the code and modified it by adding a governance token, SUSHI. Further popularizing the yield farming movement during the summer of 2020. For that reason, SushiSwap is widely acknowledged as a fork of Uniswap due to its identical functions.
Controversy around SushiSwap
The SushiSwap team boasted that it took them less than a month to build a DEX as powerful as Uniswap which took about 2 years to build. To make matters more complicated, SushiSwap “creatively” drained about $800M out of Uniswap and the process was given the name the “vampire attack”.
To top it up, Chef Nomi sold $14M of SUSHI for ETH, completely breaking the community’s trust towards his intention and the project itself. However, he did return the funds because he felt remorseful about it and completely removed himself from SushiSwap.
The situation started to stabilize when SushiSwap’s admin key was transferred to Sam Bankman-Fried, Founder of FTX. In order to regain the trust of the community, he decided to split the admin key via multisig and the SUSHI community gets to vote for the multisig addresses. There were 9 of them. These are the current multisig holders of SushiSwap.
When was SushiSwap created?
Sushiswap was officially launched on 28th August 2020 and it wasn’t taken seriously at first due to the food meme movement that was taking place in the crypto community.
How did SushiSwap become one of the top DEX in the Decentralized Finance space?
It was all about the incentives. The summer of 2020 was the genesis of yield farming where users could make money by staking their cryptocurrencies in different protocols to generate other cryptocurrencies that could be sold. SushiSwap took advantage of the trend and introduced an extensive list of farms for users to farm for SUSHI tokens.
What's the purpose of SushiSwap?
Allow users to frictionlessly swap tokens, offer opportunities for yield farming and governance over the SushiSwap
SushiSwap vs Uniswap
Generally, SushiSwap functions similarly to Uniswap. Both protocols rely on the Automated Market Maker (AMM) system. Each protocol allows users to swap tokens, provide liquidity and farm for yields via its native token (SUSHI-Sushiswap & UNI-Uniswap).
Uniswap is known for serving long tail tokens that wish to create a market for itself. SushiSwap meanwhile is more focused on building a community-centric decentralized exchange.
In response to the launch of Sushi, Uniswap quickly launched their UNI token weeks after Sushiswap went live.
Uniswap started its liquidity mining program on 17th September 2020 and ended it on 17th November 2020. Its community is discussing whether to make it available again.
Although anyone can create a market on SushiSwap and Uniswap, users tend to favor listing on Uniswap due to Uniswap’s first mover advantage. As a result, the number of tokens listed on Uniswap is higher than SushiSwap.