What is Sushiswap?
What is SUSHI?
SUSHI is a governance token that enables community governance over SushiSwap and it offers SUSHI rewards to those who stake their tokens.
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.
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).
