A comprehensive and leading DeFi ecosystem with AMM, leverage and margin trading platform, token Launchpad and NFT artist platform
Sushiswap, a fork of the Ethereum based AMM protocol Uniswap, is an innovative DeFi leader that offers various offerings. It allows users to swap their assets in a decentralized and permissionless way.
It adopts an Automated market maker (AMM) model where buying and selling of crypto are facilitated by smart contracts and the price is determined by the algorithm. The protocol incentivize a network of users through the concept of liquidity pools.
It goes back to 28th August, 2020 when Sushiswap came into existence. It was created by a pseudonymous individual or a group called Chef Nomi, along with co-founders sushiswap and 0xMaki. Sushiswap is the fork of Uniswap as the founding team copied the open-source code and altered it a little bit.
The Controversies have surrounded its history. On September 5th, 2020, SUSHI’s price crashed by 70% as Chef Nomi stole $14 mil worth of SUSHI out of the development fund and sold it for eth and ran away with the money. A huge uproar and loss of trust by the community made Chef Naomi returned the stolen ether on September 11th 2020. He apologized and also transferred the private keys of Sushiswap smart contract over to FTX CEO Sam Bankman-Fried who made migration worth $830 million of liquidity from Uniswap possible.
On November 30th 2020, a big merger happened in DeFi space between Yearn and Sushiswap
Decentralized Exchange
A decentralized Exchange for swapping assets. Traders come to trade their cryptocurrencies to trade another pair of cryptocurrencies. Investors or liquidity providers are incentivized by the fees that the traders pay to trade.
Trident
It’s called as next generation AMM which is focussed on capital efficiency and composability between other Sushi offerings. The focus and vision is to create a framework for building and deploying AMMs anyone would ever need.
Sushibar
When sushi holders stake their SUSHI tokens in Sushibar smart contract, they receive xSushi. xSUSHI is the combination of original SUSHI plus additional SUSHI tokens which comes from swap fees which is 0.05% and is distributed as SUSHI proportionally to the user’s share of the SushiBar. The xSUSHI tokens helps in maintaining voting rights in the Sushi governance and are fully composable.