I. What is Sushiswap?
SushiSwap or SUSHI is a decentralized exchange that allows you to trade digital tokens on the Ethereum blockchain. Like many similar DEX services, SushiSwap is powered by liquidity pools. Each pool has two assets i.e. LINK and ETH (Chainlink and Ethereum) is a standard market maker where the price depends on the ratio of digital assets in the pool. The main feature of SUSHI is that no personal identification is required to use its capabilities. Users simply need to link the wallet to the platform then credit the token and ether to pay the commission for the transaction.
II. Who founded Sushi Swap?
The original Sushi Swap project was rebranded as SuShi. It was founded in 2020 by a group or individual using the nickname Chef Nomi. The information about Chef Nomi and the motivation of the founder of the SUSHI coin project separated from Uniswap is very little, more precisely, almost none. Besides, the SUSHI coins project also has two other co-founders with the nicknames Sushiswap and 0xMaki (Maki). These two are in charge of handling the coding, product development, and business operations of SushiSwap.
Separated from the Uniswap Fork, the goal of the SUSHI coin project is to surpass Uniswap and possibly become the most popular Ethereum decentralized exchange. The project founders have come up with a plan to pull liquidity out of Uniswap by offering SUSHI tokens which can be exchanged for Uniswap LP tokens which will then be moved into special pools on Uniswap. However, before switching to SushiSwap, Chef Nomi took about 13 million dollars from the Sushi pool.
This controversy has led many to think that this is a “rug pull” scam. However, with concerns that Chef Nomi had fled with the same amount, the project’s legal representative gave control to Sam Bankman-Fried – the head of Almeda Research and the FTX exchange. And a few days later, Chef transferred the money back, sorry to the user. The coins in the pool were transferred as planned, Sam oversaw the whole process.
III. Striking Features of SushiSwap
The Sushi ecosystem currently has the following products:
- SushiSwap: A decentralized exchange with a similar AMM mechanism.
- Onsen: A program of liquidity incentives for projects in cooperation with Sushi.
- Bentobox: Vault containing the liquidity of Sushi.
- Kashi: Lending (lending) product.
- Miso: The IDO Platform helps new projects raise capital.
- Mirin: Connecting liquidity from centralized exchanges (CEX).
For a more detailed understanding of how the above products work and how they create value for the project token, read more about the SushiSwap model analysis.
In July 2021, Sushi has just launched a plan to upgrade its AMM to Trident Pool with 3 features:
1st point: Compatible with Bentobox.
2nd spike: Includes 4 different types of Pool:
- Constant Product Pool: Similar in structure to traditional AMMs with the formula x*y=k.
- Hybrid Pool: Users can add up to 32 different types of assets in the Pool, the same way as Curve.
- Concentrated Liquidity Pool: Liquidity providers can choose a price range to concentrate liquidity there, similar to Uniswap V3.
- Weigted Pool: Allows users to provide assets without the formula x*y=k, supporting 8 assets similar to Balancer.
3rd point: The new Routing Engine is Tine, which helps users have a good experience and more economical transactions on AMM by filtering out suitable Pools according to the criteria of gas fee, price impact, etc.
IV. Core Technology of SushiSwap
There are several features that set Ethereum apart from Bitcoin and other blockchains.
- Additional protocols for exchanging static files: They provide users with many opportunities to contract or communicate with one or more recipients.
- Large developer community: Support for an ether-based blockchain project is very convenient because experts can be easily found to work on such a project. The demand for Ethereum has made it famous among developers.
- Stability: Ether is actively developing so it can be seen as the guarantor of stability for a blockchain-based platform.
- The ETH programming language allows it to be used for almost any purpose. This makes it easy for you to use, for example, when developing and maintaining a decentralized exchange.
SushiSwap used the ERC-20 protocol to create its own SUSHI token. The SushiSwap protocol also has advantages that the exchange’s developers are actively using such as:
- save resources and time using the Ethereum structure;
- security due to the growing demand for ether;
- high liquidity due to demand for ERC-20.
V. What is SUSHI COIN?
1. Detailed Information about SUSHI COIN
SUSHI is the name Sushiswap token, which plays an important role in ensuring the maintenance of its network. The main use of SUSHI coin is on the SushiSwap exchange, the reward for staking coins to implement the decentralized trading function. In addition, Sushi holders – holders of SUSHI tokens have the right to vote on decisions related to functionality in the Sushi Swap exchange.
Basically, the purpose of using Sushi coin can be divided into:
- Administration
- Profit from expenses
- Rewards from liquid SUSHI pools.
As a note, suggestions as well as votes on Sushi Swap are not mandatory, so Sushi coin holders who wish to participate in voting will have to manually register the approved proposals before they are submitted. up protocol.
Here is a generalized tradafx background for traders to get a quick look at the coin. This information can be easily found on Sushi Coiningecko and Coinmarketcap:
- Symbol: SUSHI
- Token Standard: ERC20
- Blockchain: Ethereum
- Sushi coin price today: $1.94
- Sushi coin market cap: 245,872,466.12 USD
- Maximum supply: 250,000,000 SUSHI tokens
- Supply in circulation: 127,244,443 tokens SUSHI
- Sushi token contract address: 0x6b3595068778dd592e39a122f4f5a5cf09c90fe2 (Ethereum)
2. SUSHI COIN Allocation
Coin SUSHI is issued through Sushi coin mining for about 2 weeks, with Fair Launch model, no Pre-sale, no allocation to funds and open to everyone.
Since block #10,750,000 on Ethereum, SUSHI coins started minting starting with a zero supply:
- Liquidity mining phase: For the first 100,000 blocks (about 2 weeks), about 1,000 SUSHI coins will be mined per block. They are being distributed to anyone who stakes Uniswap tokens from certain approved pools.
- After launch: After the initial phase, around 100 SUSHI coins will be minted per block. They will be distributed among SUSHI holders i.e. users who hold SushiSwap tokens that provide liquidity for the protocol.
At that rate, an estimated 6,500 blocks are minted per day, the SUSHI coin supply will be at more than 300 million tokens after one year and around 600 million after two years.
3. SUSHI COIN Noticeable Milestones
Token sale
SUSHI does not have a Token Sale organization.
However, in July 2021, the project began to have a proposal to sell a large amount of tokens to large funds at a discount from the market price. This proposal is currently being discussed a lot by the community.
Token Release Schedule
There is no Token key, when you can dig SUSHI, you only need to spend a little Gas Fee to Unstake to be able to withdraw.
VI. How to earn & own SUSHI COIN?
Users can provide liquidity on Sushiswap to receive SUSHI. Alternatively, it is possible to buy on the exchange.
VII. Which Crypto Wallets are suitable for SUSHI COIN?
- Crypto Wallets List for (Project Token)
VIII. SUSHI COIN Recent Developments
Roadmap & Updates
- Sushi’s future plan is to develop Franchise Pool, promising to merge CEX and DEX for mutual benefit.
- The Franchise Pool will be differentiated from the main Trident AMM and will allow the inclusion of institutions in the Liquidity and Swap Whitelist.
- In addition, the implementation of Trident will allow the proof-of-storage presenter to produce two simultaneous snapshots of the cumulative price using TWAP.
- The project has also repositioned the Kashi implementation and is currently being deployed on Polygon, as well as working on a gas fee savings version on Ethereum. The benefit of TWAP is that it is a fully decentralized, trusted Oracle for assets.
IX. Teams, Funds & Partners of SUSHI COIN
1. Team
All members are anonymous except for Joseph Delong. However, SushiSwap has gone from zero to a force, also thanks to 0xMaki. So anonymity is not an important thing right now, because everyone can see the talent of 0xMaki.
2. Investment Funds
Currently, Sushi has no investors, but it is possible that after the discussion about the token sale I mentioned in the Token Sale section, the project will have support funds behind.
3. Partners
Updating…
X. Where can SUSHI COIN information be updated?
Currently, Crypto users can fully consult, research, and analyze information about SUSHI COIN through famous media newspapers such as Nasdaq, Bloomberg, Forbes, AP News, Yahoo!Finance, CoinTelegraph, Coindesk, etc.
These media are constantly updated with useful information, new activities, outstanding events of SUSHI COIN and all the topics surrounding it. Accordingly, Meta Lion Ventures continuously updates the topic of outstanding projects in Blockchain and hot events organized between Meta Lion & partners.
Conclusion
The SUSHI coin project is undeniably an interesting experiment from the wildly successful Uniswap folklore. Escaping from the “uniswap shadow”, SushiSwap has developed an ecosystem that no longer revolves around only the Sushi Swap exchange, but also supports other DeFi features.
The above is Meta Lion’s comment on the SUSHI Coin project which is our personal opinion, this is not investment advice at all. Investors should be responsible for their own decisions.
