. What is SushiSwap (SUSHI)? Here is the Crypto Money SUSHI Token in All Details – In this article, What is SushiSwap (SUSHI)? We will answer the question and provide detailed information about the project.
What is SushiSwap (SUSHI)?
The SushiSwap protocol is a hard fork of Uniswap, one of the most popular peer-to-peer trading applications for Ethereum coins in the decentralized finance (DeFi) industry. With an average daily trading volume of over $ 575 million, Uniswap was and still is Ethereum’s prevalent crypto-swap dApp.
SushiSwap was founded by an anonymous developer named Chef Nomi. The idea that fueled the hard fork was to further enhance Uniswap’s basic design while adding community-focused features and benefits to the users and developers involved in the creation of the platform.
SushiSwap’s management token is called “SUSHI”, this idea continues the tradition of another meme cryptocurrency, Dogecoin.
Advantages of SUSHI
Broad support from major exchanges. Since the launch of SushiSwap, its token has been widely approved by some major DeFi names: Binance and Huobi listed the token within days of launch;
There are privileges for loyal users. SUSHI supporters are paid a share of SushiSwap’s transaction fees. The platform’s liquidity providers (LPs) are rewarded with free SUSHI for their support;
Fair playground. The decentralized, community-managed and anonymous platform offers a potentially fair playground for yield farmers and traders.
Disadvantages of SUSHI
Questionable ethics. SushiSwap’s move to cloning Uniswap and making its project a solid contender for the original platform has understandably disappointed its former teammates. The decision to copy Uniswap in its entirety was by no means illegal, but it affected SushiSwap’s reputation in more than one way;
There is no control yet. As of September 2020, SushiSwap will remain unchecked. The team wrote an open invitation to Trail of Bits, PeckShield, OpenZeppelin, Consensys, Certik, and Quantstamp to audit contracts, but received no response;
Anonymous development team. With SushiSwap run by anonymous developers while unchecked, depositing money into their smart contracts can be a significant risk;
How does SushiSwap work?
The main difference between SushiSwap and its predecessor is that the former sends all of their profits back to the community that protects and serves it, while the latter sends its revenues to an elite group of investors instead.
The proposed goal of SushiSwap is to be fully community regulated, with all the powers held by SUSHI holders who contribute to the liquidity of the various SUSHI pools.
As mentioned earlier, SUSHI liquidity providers are paid a portion of the platform’s fees from trading. Tokens are given to SushiSwap’s LPs as payment for their support of the initiative. LPs are paid larger shares from SUSHI in the hope of driving them away from Uniswap while providing enough liquidity to deal with the original project.
An additional portion of the newly released SUSHI was reserved for the growth of the project. The community then votes on the grants they want to approve and the amounts they want to pass on to volunteer developers. However, SushiSwap’s leadership still makes most of the final decisions and is responsible for the largest share of the business.
How to Store SUSHI?
SUSHI is an ERC-20 token and can be stored in any wallet compatible with these tokens.
Consider using a hardware wallet to store your SUSHI: a hardware wallet is a cryptocurrency wallet that will store your private keys (a critical part for authorizing outbound transactions) on a secure hardware device. These are considered more secure and reliable than online or app wallets.
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