Exchange de Sushi – a project that emerged in the context of a popular decentralized exchange Uniswap, essentially its improved version with expanded functionality. The user can add liquidity to the pool and receive a reward in the form of SUSHI tokens. This process is similar to what happens on Uniswap, but the main difference is that SUSHI tokens allow you to continue earning a portion of the protocol’s profits even if you no longer provide liquidity.
Criptomais experts have studied the project's features and offer an overview of SushiSwap, containing the main aspects of its use: goals and objectives, functionality, the role of the SUSHI token, opportunities for its purchase and storage, and much more.
Briefly about the main thing
- SushiSwap is a project similar in functionality to a decentralized exchange Uniswap but with expanded capabilities.
- To earn money, users can contribute liquidity to the pool and receive SUSHI tokens.
- The liquidity incentive scheme for early adopters of SushiSwap included rewards for trading fees and passive income.
- On SushiSwap, 0.25% of trading fees go to active liquidity providers, the remaining 0.05% is converted into SUSHI and distributed to token holders.
- SUSHI tokens can be purchased at major centralized and decentralized exchanges and stored in any wallets that support ERC-20, such as Metamask.
There are plans to transfer liquidity from Uniswap to SushiSwap. After the first 2000 blocks of the protocol creation (which will take approximately two weeks), the creators will transfer all liquidity tokens to SushiSwap contracts. The transfer will include redeeming all Uniswap LP tokens on SushiSwap and initializing new liquidity pools. The new pools will be virtually identical to the standard Uniswap pool, but with additional features, and any fees accrued will be distributed to SUSHI token holders.
SushiSwap (SUSHI) added to Binance Exchange, available for trading and deposits. Traded mainly in pairs SUSHI/USDT. Other exchanges: OK, Currency.com, Bybit, cooperative, MEX, BingX.
SushiSwap (SUSHI) Token Exchange Fee Chart
SUSHI/USDT Rate Chart at Binance Trading Platform:
general information
| Designation | sushiswap |
|---|---|
| Clock | SUSHI |
| Blockchain | Ethereum |
| Current edition (as of 09/03/2020) | 39 213 742 SUSHI |
| Price (as of September 3, 2020) | 8,15$ |
| Market capitalization (as of 09/03/2020) | 341 930 204 $ |
| Official website | https://sushiswap.org/ |
| Exchange DEX | https://exchange.sushi.com/#/swap |
| https://twitter.com/sushiswap | |
| Nativity | https://github.com/sushiswap |
| Exchanges | Binance Uniswap, Gate.io |
Ways to Boost Liquidity on SushiSwap
An incentive scheme has been developed to encourage users to create liquidity on SushiSwap instead of Uniswap.
In the case of Uniswap, providers only receive trading fees from the pool while their funds are in the pool. But as soon as they withdraw it, the passive income stops. In fact, as the protocol develops and trading volumes increase, revenue becomes increasingly diluted as large investors join the project, mining pool mining pool venture funds, etc.
You can also add liquidity to the SushiSwap pool and receive rewards (SUSHI tokens). However, unlike Uniswap, early adopters are considered the most significant participants in the protocol, so even if they withdraw funds, they will continue to receive rewards. But, it should be understood that this reward will also be gradually diluted unless liquidity continues to be provided.
Those who already use Uniswap and have funds there can transfer them to any of the SushiSwap pools and start earning SUSHI tokens. The reward will start with set number 10,750,000. Each set gives 100 SUSHI, which are distributed among participants at each of the supported brokers. Although in the first few weeks (100,000 blocks) the reward will be given in 10x to encourage the first participants.
Pools initially available:
- DAI-ETH, sUSD-ETH (DeFi stablecoins)
- USDT-ETH, USDC-ETH (stablecoins centralizadas)
- SNX-ETH, UMA-ETH (synthetic assets)
- COMP-ETH, LEND-ETH (lending protocols)
- AMPL-ETH, YFI-ETH (poncinomia)
- LINK-ETH, BAND-ETH (oráculos)
- very much like SUSHI-ETH
This last one offers a double reward for users who try to invest first. In the future, if the project develops successfully, the community will be able to vote to launch new pools or change the meaning of any of them.
How are rewards distributed?
On SushiSwap, 0.25% of trading fees currently go directly to active liquidity providers, and the remaining 0.05% is converted to SUSHI (via SushiSwap, of course) and distributed to SUSHI token holders. In comparison, on Uniswap, 0.3% of all trading fees from any given pool are distributed among that pool’s current liquidity providers.
The integration of SushiSwap and Uniswap should be relatively simple thanks to the full compatibility of the protocols. In fact, it is planned to work with other DeFi tools and ecosystems.
To make the project more stable and viable, 10% of each SUSHI distribution is deposited into the fund. Funds from the fund are used to pay developers, perform security audits, and future innovations.
SushiSwap DeFi Project Security
Before launch, SushiSwap was tested on a testnet. Currently, developers are inviting large auditing companies (Quantstamp, OpenZeppelin, Trail of Bits, Certik, etc.) to audit open source code. The first company to do so will receive 5 ETH from the creators' personal reserves.
WT WTFPL licensed contracts are available at https://github.com/sushiswap/sushiswap. Code is often borrowed from other projects: Compound, OpenZeppelin, Yam, and of course Uniswap. These sections of code are subject to the licenses of the listed projects.
Where to store SushiSwap (SUSHI)
Currently, the SUSHI token is supported by decentralized wallets such as Metamask and WalletConnect. It is more convenient in this case to use Metamask, as it is installed directly in the browser in a few seconds, allows you to log in to SushiSwap, and also instantly transfer funds to the pool or withdraw them.
For short-term token storage, you can use trading platforms, for example, Binance.
Where to Buy, Sell and Trade SUSHI Token
Since the asset has been listed on Binance since September 1, 2020, you can use this specific cryptocurrency exchange to purchase.
Create an account on the website Binance. and go to the “Spot Wallet” section. If necessary, top up your account with cryptocurrency or fiat currency (the latter requires identity verification).
Find the required token through search. Click “Trade”.
Select a currency pair from the following:
- SUSHI/BNB,
- SUSHI/BTC,
- SUSHI/BUSD,
- SUSHI/USDT
Going to the trading terminal, you will need to select the order type – market (then the asset will be purchased at the current market rate) or limit (you can specify the desired rate, and if it reaches this level, the order will be automatically executed immediately).
Advantages and disadvantages
Forecast
Like all DeFi projects, SushiSwap has attracted interest from users. Literally five days after the launch, the token’s capitalization has already exceeded $250 million. The Uniswap fork is good primarily because it does not attract third-party resources for development, but relies entirely on the community, which meets the principles of decentralization.