SushiSwap is one of the oldest decentralized exchanges, the development of which was the rise of the DEFI sector in 2020.
Sushi integrates new networks quite quickly due to the DEX smart contract flexibility. As of October 2022, Avalanche, Moonriver, Polygon blockchains and 20 Ethereum-based EVM networks are available to users.
Based on the data of the exchange, the total volume of circulating funds on the exchange exceeds $1.3 billion, and the number of trading pairs exceeds 15,000.
The swap section is similar to other DEXs, with the exception of one feature: a regular exchange is available under the Swap tag, and xSwap allows you to quickly move tokens from one network to another using a cross-chain bridge.
Cross-Swap Section on SushiSwap
Earn includes all the earning opportunities on the platform, including liquidity farming. A variety of currency pairs makes it possible to farm any token based on any network. This is quite convenient if the user holds some token and is looking for an opportunity to place it at a good % per annum.
Earn section at SushiSwap
Interestingly, the new DEX functionality does not yet fully support all the functions of the platform. There are also tabs for analytics, a blog, and a streaming product, which is an opportunity to deposit funds under strategies created by traders or create your own.
Extended features of Sushi are presented in the old version of the application, which can be accessed by clicking "Sushi 1.0"
Limit orders are available on trading pairs, which makes trading on the DEX quite comfortable. The “Kashi” section is in fact a credit protocol. Users can borrow stablecoins or desired coins, leaving their own crypt as collateral. We wrote in detail about the work of credit protocols, as well as a list of the best of them, in one of our previous articles.
Lending Section at SushiSwap
Sushi also has its own launchpad called Miso. Tokensales take place in the auction format, and any user can create their own presale.
The native SushiSwap token is Sushi. The current value is $1.6. With a market cap of $318 million, it’s in 128th place in the crypto projects ranking according to Coingecko.
The Sushi token itself has been traded on most cryptocurrency exchanges for 2 years now, including Coinbase, FTX, WhiteBIT and others.
Interestingly, the project could well have ceased to exist in 2020. In the midst of the DEFI sector development, Sushi was in the same place in terms of performance and trading volume with the largest DEX on Ethereum - Uniswap. The community was concerned that 70% of the coins were in the hands of an anonymous creator who had the nickname Sushi Chief on Twitter. And the concerns were justified: at the beginning of September 2020, the founder sold all his coins, which brought down the token rate from $15 to $1.
After this act, the crypto community on Twitter began actively bullying the creator, constantly demanding a return of funds and continuing to work on the project. Oddly enough, a few weeks later, Sushi Chief accepted the offer and returned most of the Sushi coins to liquidity. Since then, the token has managed to show growth by 4000%, having risen in price from $0.5 to $22. The value record was set on March 13, 2021 at $23.43.
Sushi token price dynamics for the entire trading time (Coingecko)
SushiSwap is actively developing and introducing new networks to work in order to improve the conditions for trading. Due to its simple and convenient functionality, DEX is a good platform for both experienced traders and those who are just getting acquainted with the DEFI sphere.
